Verve hits 70 million payment cards in Nigeria, consolidates market leadership

Verve hits 70 million payment cards in Nigeria, consolidates market leadership

ALIMOTU SHADIAT

Verve International, Africa’s 1st and largest domestic payments scheme, and an emerging reference-point in the burgeoning realm of domestic payment schemes globally, has again announced another remarkable new growth milestone, further consolidating its growing market share in Nigeria, in terms of payment card issuance and transactions.Verve Payment Cards in Nigeria, Africa’s largest consumer market and its pioneer country of issuance have now surpassed 70 million issued payment cards to date.

This development comes 15 months after the scheme announced it had issued 50 million payment cards in Nigeria in July last year, translating to+40% growth in issuance volumes YoY.Over the last few years, Verve has grown to become the payment card of choice across various tiers of banking service and particularly within the burgeoning fintech/neobank space in Nigeria, on the back of significant strategic partnerships across commercial and microfinance banking spheres, as well as fintechs, OFIs and public sector due to sustained innovation and demonstrated understanding of the requirements of its local markets.

As Africa’s premier and leading domestic payment cards scheme, Verve remains focused on addressing peculiar market challenges in Africa by providing secure and cost-effective payment options for individuals and businesses to exchange value, offering both virtual and physical cards that facilitate payment for an increasing number of international services in local currency.

In the last 3 years, Verve has made significant progress in this regard, having achieved merchant acceptance with platforms such as Google, Spotify,