- Delivers 15 million Cards in 2023 Alone
Domestic payments scheme, Verve International, is gradually consolidating market leadership in Nigeria after crossing 50 million payment cards issuance in the country.
The development comes barely a year after the scheme announced it had issued 35 million cards in Nigeria.
In March 2022, the payment scheme said it attained 42 percent growth in issuance volumes year on year, YoY.
The milestone apparently makes it the payment card of choice across various tiers of banking service and particularly within the burgeoning fintech space in Nigeria.
Recall that in October 2022, Verve and Opay signed partnership agreement in Nigeria, rolling out the OPay Verve Instant Debit Card.
The card directly links to OPay user wallets, giving users the convenience to make payments for goods and services.
It appears the agreement is returning dividends faster than expected. Verve says it is focused on addressing peculiar market challenges in Africa by providing secure and cost-effective payment options for individuals and businesses to exchange value.
The card scheme offers both virtual and physical cards that facilitate payment for an increasing number of international services in local currency, and has made significant progress in this regard, having achieved merchant acceptance with platforms such as Netflix, Showmax, Amazon Prime, Facebook, Microsoft, Uber and Flywire, among others.
On the African front, Verve cardholders are provided with the benefit of using the Verve card in Nigeria and over 21 other African countries, underscoring the company’s resolve to ensure the seamlessness of transactions across the continent, particularly for the critical mass of consumer demographics, whilst driving value and efficiency for African financial institutions.
On a global perspective, through strategic partnerships with Discover Financial Services, Verve cardholders are able to perform transactions and make payments while outside Africa, using their Verve Global Cards. The Verve Global Card from the Discover partnership is accepted in 185 countries that include the USA, UK, South Africa and the UAE.
Speaking on this latest growth, CEO of Verve International, Vincent Ogbunude said: “As the progressive shift towards cashless payments accelerates, and in view of the peculiarities of the markets in which we do business, it has become important that we continue to consolidate in delivering global-standard payment solutions tailored to economic and operational realities of the environment, whilst doubling-down on value-adding partnerships that ensure we scale our impact and turbo-charge financial inclusion on the African continent.
“13 years ago, we defied daunting odds and set out to chart a course for a brave new world of payments in Africa. Today, we are delighted and proud to celebrate this phenomenal milestone of 50m cards and counting.