Verve International, Africa’s pioneering and largest domestic payments scheme, has announced a significant new milestone, further solidifying its market dominance in Nigeria.
The company has now issued over 70 million payment cards in Nigeria, Africa’s largest consumer market.
This achievement comes just 15 months after Verve celebrated issuing 50 million cards, marking a remarkable 40% year-on-year growth in issuance volumes.
In recent years, Verve has become the preferred payment card across various banking services, especially within Nigeria’s burgeoning fintech and neobank sectors.
This success is attributed to Verve’s continuous innovation, deep understanding of local market needs, and strategic partnerships with commercial banks, microfinance institutions, fintech companies, other financial institutions (OFIs), and the public sector.
As Africa’s leading domestic payment card scheme, Verve is dedicated to addressing unique market challenges by offering secure and cost-effective payment solutions for individuals and businesses.
Verve provides both virtual and physical cards, enabling payments for a growing number of international services in local currency.
Over the past three years, Verve has achieved significant progress, securing merchant acceptance with global platforms such as Google, Spotify, Netflix, Showmax, Amazon Prime, Facebook, Microsoft, Uber, and Flywire.
These partnerships underscore Verve’s commitment to providing African users with convenient access to global services in local denominations.
Beyond Nigeria, Verve cardholders can use their cards in over 21 other African countries, ensuring seamless transactions across the continent.
Verve’s expanding partnerships in East Africa, including major financial institutions like KCB Group and Equity Bank, as well as a growing network of savings and credit societies (SACCOs) in Kenya and Uganda, highlight the company’s dedication to driving value and efficiency for African financial institutions.
Vincent Ogbunude, CEO of Verve International, expressed his excitement about this latest milestone, stating, “At Verve International, we continue to deliver global-standard payment solutions tailored to the economic and operational realities of African markets.
“We are delighted to celebrate this phenomenal achievement of adding 20 million new payment cards in Nigeria.
“We are grateful to our issuing partners and loyal cardholders for their support.”
Recently, Verve launched the fifth edition of its Goodlife National Consumer Promo, a reward program designed to engage and reward its millions of cardholders.
Running from August 15 to December 31, 2024, the promo offers instant discounts and rewards at selected merchants and retail outlets across Nigeria, including NNPC Retail Limited, Addide, The Place, Sweet Sensation, and Chowdeck.
As a subsidiary of the Interswitch Group, Africa’s leading integrated digital payments and commerce enabler, Verve International remains committed to pushing the boundaries of customer experience and payment possibilities.
Verve cards are trusted for their safety, convenience, and reliability, and can be used across a wide range of payment channels, including Point of Sale (POS) terminals, Automated Teller Machines (ATMs), agency banking channels, web/e-commerce, and mobile apps.
