Verve has celebrated 10 years of transforming the payment system in Nigeria and is now accepted in 185 countries around the world, including 22 nations in Africa.
Mr. Mitchell Elegbe, the Founder/Group Managing Director of Interswitch, owners of Verve, said the future target of Verve is to reach every country in Africa. He lamented that despite the existence of 42 million card holders in Nigeria, cards account for only 10 percent of transactions while the use of cash is still dominant in day-to-day transactions to the tune of 90 percent.
Mr. Mike Ogbalu 111, the CEO of Verve International described Verve as a unique solution from Nigeria transforming payment across the world.
He said: “Verve is a story of victory for Nigeria and Africa. It is a story of resilience and it is growing more than the competition. We see a brighter future for the next 10 years as Verve continues to serve the unserved in Nigeria, Africa and the world. The ultimate dream of Verve is to process payment and ensure better lives across Africa and the world. It is also to solve customer needs and become an international brand.”
The Verve CEO expressed satisfaction that Nigerian banks have embraced and issued the payment card to millions of their customers across the country.
During a panel discussion, stakeholders identified digital identity, access, affordability and competition as some of the challenges facing card business in Nigeria.
