Verve International, the first domestic payments scheme in Africa, has achieved a significant milestone with over 50 million issued payment cards. This milestone highlights Verve's growing market share in Nigeria in terms of both card issuance and transactions.
Within just one year, Verve has seen remarkable growth, with card issuance increasing from 35 million to over 50 million. This represents a 42% year-on-year growth in issuance volumes.
Verve has emerged as the preferred payment card across various tiers of banking services, particularly within Nigeria's flourishing fintech space. In October 2022, Verve partnered with Opay to launch the OPay Verve Instant Debit Card, which is directly linked to Opay user wallets. This collaboration allows millions of Opay users to easily and conveniently make payments for goods and services using Verve cards directly from their wallets.
As Africa's premier domestic payment card scheme, Verve focuses on addressing specific market challenges in Africa by providing secure and cost-effective payment options for individuals and businesses. Verve offers both virtual and physical cards that facilitate payment for a growing number of international services in local currency. The scheme has achieved merchant acceptance with major platforms such as Netflix, Showmax, Amazon Prime, Facebook, Microsoft, Uber, and Flywire. Additionally, Verve is actively pursuing major partnerships to further enhance users' access to global services in local denominations.
Verve cardholders can use their cards not only in Nigeria but also in over 21 other African countries, demonstrating the company's commitment to seamless transactions across the continent. This focus on convenience and efficiency aims to provide value and enhance financial inclusion for African financial institutions.
Vincent Ogbunude, CEO of Verve International, stated that Verve will continue to innovate and provide secure and convenient payment solutions for customers across Africa and beyond. As the shift towards cashless payments accelerates, Verve is dedicated to delivering global-standard payment solutions tailored to the specific economic and operational realities of the markets it operates in. The company aims to strengthen partnerships and drive financial inclusion in Africa.
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