Verve, a top payment company in Africa, recently made the announcement that it has issued more than 50 million payment cards in Nigeria.
This is a significant number that suggests Verve has a dominant position in the market in Nigeria. Following the successful issuance of 35 million cards by the brand in 2022, this announcement is a milestone.
Reportedly the largest domestic card system in Africa, the payment card brand gives issuers, consumers, and organizations access to a high-quality, unique suite of physical payment card solutions.
According to research, there was a 42% increase in the number of card issuances that were reported at the beginning of 2022. Because of this company’s high level of productivity and competence, consumers all around the country and the world consider it to be among their top options when it comes to fintech institutions.
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Collaboration Between Verve and Opay
Verge entered into a relationship with Opay, a mobile-based platform for payments and other forms of transactions, towards the end of the previous year, and one could argue that the partnership is producing favourable outcomes. The “Opay verve instant Debit card” was the product of this partnership with the internet platform that resulted in its formation. This card is directly linked to the wallets of Opay customers in order to provide a technique that is more reliable for transactions involving payment and service.
In addition, Verve asserts that one of its goals is to address the particular challenges that are presented by the market in Africa by providing people and businesses with ways of payment that are both secure and reasonable for the purpose of exchanging value. The company provides both physical and virtual credit and debit cards, including prepaid cards, contactless cards, worldwide cards, and debit cards.
According to a report, one of the functions of these cards is to make it possible to pay in the country’s native currency for a growing number of overseas services. This function was validated. It has made major headway by getting approval from merchants on platforms such as Netflix, Amazon Prime, Facebook, Microsoft, and Uber, amongst others.
In reference to payments made in the local currency, Verve provides its cards with the highest possible utilization benefits in Nigeria and up to 21 other African nations.
About Verve
The Central Bank of Nigeria (CBN) issued a directive in 2005 requiring the Nigerian payment industry to switch from using magnetic strips to using EMV chips and PIN platforms by he year 2009. Verve was established in 2009 as a subsidiary of Interswitch, and its global card was introduced in the latter half of that same year. In 2013, over the course of the restructuring process, it transitioned into an independent business entity.
The business has plans to broaden the range of unique payment products and solutions it offers to its customers now that its services are accepted in more than 190 countries and territories.
The fact that Verve places such great emphasis on cutting-edge security is one of the primary reasons for its success. Chip and PIN technology, both of which are considered to be among the most advanced in the world, is one of the world-class security measures that guard the card against unauthorised use and fraud. When using their Verve cards to make payments, cardholders now get the necessary assurance that they require due to this. Reassurance in the form of biometric capabilities, such as fingerprint, face, and voice recognition, which are intended to bolster the security of the system.
