Verve International, Africa’s first and largest domestic payment scheme, has achieved a new milestone, cementing its position in Nigeria ’s rapidly growing card payment ecosystem. The company announced that it has now issued over 70 million payment cards in Nigeria, marking a significant 40% growth in issuance since reaching 50 million cards just 15 months ago. This milestone highlights Verve’s growing market share and influence in the region’s payments industry.
Nigeria, Africa’s largest consumer market, serves as Verve’s key operational base, and the company’s rapid expansion reflects its ability to meet the local demand for secure and affordable payment solutions. Over the past few years, Verve has become the preferred payment card for consumers across different banking tiers, including fintech platforms, neobanks, and public-sector entities. The company’s expansion is largely driven by strategic partnerships with commercial banks, microfinance institutions, and fintech operators, positioning Verve as a leader in digital payments in the region.
Verve’s ability to adapt to local market needs has been central to its growth. Its offering includes both virtual and physical cards that enable payments for an increasing number of international services in local currency. Over the last three years, Verve has established partnerships with global platforms like Google, YouTube, Spotify, Netflix, Showmax, Prime Video, Facebook, Microsoft, Uber, and Flywire, allowing its cardholders access to these services without needing foreign currency. This international reach, combined with local accessibility, has reinforced Verve’s presence in the digital payments landscape.
Beyond Nigeria, Verve ’s footprint spans over 21 African countries, where card-holders enjoy seamless transactions, underscoring the company’s commitment to enhancing cross-border payments. In East Africa, Verve has forged partnerships with leading financial institutions such as KCB Group and Equity Bank, expanding its issuing and acceptance networks. The company is also deepening its presence in Kenya and Uganda through partnerships with savings and credit cooperatives (SACCOs), further increasing financial inclusion.
Vincent Ogbunude, CEO of Verve International, emphasized the company’s focus on delivering secure and innovative payment solutions tailored to the specific needs of African markets. “At Verve International, we continue to consolidate our delivery of global-standard payment solutions, essentially tailored to the economic and operational realities of the markets we operate in. We are delighted to celebrate this phenomenal milestone, having added 20 million new payment cards to our base in Nigeria.”
Verve’s rapid growth aligns with its broader mission of boosting financial inclusion across Africa. By offering secure, cost-effective payment solutions, the company aims to make transactions more accessible for both individuals and businesses. This is part of a broader strategy to extend digital financial services to underserved communities in Africa, where cash transactions still dominate.
Verve’s cards can be used across various channels, including point-of-sale (POS) terminals, automated teller machines (ATMs), web and e-commerce platforms, agency banking networks, and mobile apps. This versatility has helped to solidify the brand’s reputation as a reliable payment solution in both urban and rural areas.
In addition to its expansion, Verve has launched initiatives aimed at increasing consumer engagement. One of its latest initiatives is the fifth edition of the Goodlife National Consumer Promo, a rewards program that runs from August to December 2024. This promotion offers discounts and rewards to Verve cardholders at selected retail outlets across Nigeria, including NNPC Retail Limited, Addide, The Place, Sweet Sensation, and Chowdeck. Such initiatives have helped Verve maintain a strong connection with its growing base of loyal customers.
A Subsidiary of Interswitch Group
As a subsidiary of Interswitch Group, one of Africa’s leading digital payments and commerce companies, Verve continues to benefit from the resources and expertise of its parent company. Interswitch’s EMV-certified platform allows Verve to offer secure and efficient payment solutions, further bolstering its appeal in the digital payments market.
Verve’s achievements come at a time when African countries are increasingly focusing on the development of their own domestic payment systems, as a way of reducing dependence on international schemes. The rise of Verve International could serve as a model for other African nations looking to build and expand their own payment infrastructures.
With 70 million card issuances now made in Nigeria and an expanding presence across the continent, Verve International is set to continue playing a leading role in Africa’s payments revolution, providing solutions that meet the unique challenges of the region’s financial landscape.