Verve International, Africa’s largest domestic payment scheme, has achieved another remarkable milestone, further solidifying its growing market share in Nigeria. The company has now surpassed 70 million issued payment cards in Nigeria, Africa’s largest consumer market. This announcement comes just 15 months after Verve celebrated issuing 50 million cards in July 2023, marking an impressive 40% growth in card issuance year-on-year.
This growth highlights Verve’s rising dominance in Nigeria’s payment ecosystem, driven by strategic partnerships and an unwavering commitment to providing secure and convenient payment solutions for consumers and businesses alike.
Driving Growth Through Strategic Partnerships
Verve’s success in Nigeria is largely attributed to its ability to build strategic alliances across various sectors, including commercial and microfinance banks, fintechs, Other Financial Institutions (OFIs), and the public sector. These partnerships have allowed Verve to become the preferred payment card across diverse banking services and within Nigeria’s fast-growing fintech and neobank industries.
By understanding the unique needs of its local markets, Verve has continued to innovate, offering both physical and virtual cards that enable seamless transactions for domestic and international services.
Expanding International Reach and Merchant Acceptance
Verve’s influence extends beyond Nigeria, offering cardholders the ability to transact across 21 other African countries. This initiative aligns with Verve’s goal of facilitating seamless cross-border transactions for consumers and businesses, ensuring value and efficiency for African financial institutions.
In the last three years, Verve has made significant progress in expanding its merchant acceptance network, securing partnerships with global platforms such as Google, Netflix, Spotify, Amazon Prime, Microsoft, Facebook, Uber, and Showmax. These partnerships allow Verve cardholders to access global services in local currency, providing a convenient payment solution for millions of Africans.
Expanding Partnerships Across East Africa
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Verve’s rapid growth is also evident in East Africa, where the company has formed partnerships with leading financial institutions such as KCB Group and Equity Bank, two of the largest banks in the region. Additionally, Verve is expanding its network among Savings and Credit Societies (SACCOs) in Kenya and Uganda, further driving financial inclusion and providing more Africans with secure and efficient payment options.
Verve’s Commitment to Innovation and Financial Inclusion
Speaking on this recent milestone, Vincent Ogbunude, CEO of Verve International, highlighted the company’s commitment to providing innovative and secure payment solutions across Africa. He noted that Verve’s success lies in its ability to tailor global-standard payment solutions to the specific economic and operational realities of the African markets in which it operates.
“At Verve International, we continue to consolidate our delivery of global-standard payment solutions, tailored to the economic and operational realities of the markets where we operate across Africa. We are delighted to celebrate this phenomenal milestone, having added 20 million new cards to our base in Nigeria,” Ogbunude stated.
Promoting Financial Inclusion and Consumer Engagement
In addition to its rapid growth, Verve continues to champion financial inclusion across Africa. The company is leveraging value-adding partnerships to scale its impact and drive greater financial inclusion, particularly in underserved regions. Verve’s commitment to delivering convenient and reliable payment solutions has earned it the trust of millions of consumers, who use Verve cards for a wide range of transactions across various payment channels, including Point of Sale (POS) terminals, Automated Teller Machines (ATMs), agency banking, eCommerce platforms, and mobile apps.
Verve Goodlife National Consumer Promo: Rewarding Loyal Cardholders
Verve’s commitment to customer engagement is further demonstrated through its Goodlife National Consumer Promo, now in its fifth edition. Launched in August 2024, this reward program offers Verve cardholders instant discounts and rewards at selected merchants and retail outlets across Nigeria. Participating merchants include NNPC Retail Limited, Addide, The Place, Sweet Sensation, and Chowdeck, among others.
The promo, which runs until December 31, 2024, is designed to reward Verve’s millions of loyal cardholders while encouraging the use of Verve cards for everyday transactions.
A Vision for the Future of Payments in Africa
As a subsidiary of the Interswitch Group, Africa’s leading integrated digital payments and commerce enabler, Verve remains committed to pushing the boundaries of payment solutions across the continent. It was the first EMV-certified pan-African domestic payment card scheme, and since its inception, Verve has provided secure, cost-effective, and accessible payment solutions for individuals, businesses, and financial institutions.
Verve’s growing acceptance across Africa and its focus on innovation positions it as a key player in driving financial inclusion and transforming the payment landscape on the continent. With 70 million cards issued in Nigeria and counting, Verve is poised to continue its upward trajectory, offering consumers and businesses the secure, reliable, and convenient payment solutions they need to thrive in the digital economy..
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