Verve International, owners and promoters of the payment card brand, Verve; has announced its partnership with First Registrars on the launch of FirstDividend Plus Prepaid Card.
The FirstDividend Plus Prepaid Card is a ‘first of its kind’ prepaid card issued to shareholders into which dividend amounts due to them are automatically credited.
Unclaimed dividend (especially amongst retail shareholders) has been a challenge in the capital market and the FirstDividend Plus Prepaid Card enables First Registrars address this.
The Verve branded FirstDividend Plus Prepaid Card was designed to support the financial inclusion drive of the Central Bank of Nigeria (CBN) as part of the cashless policy.
It addresses a local challenge with an innovative solution, which is critical to the adoption and acceptance of e-payment services. Hence, all shareholders, whether with bank accounts or not, are able to receive their unpaid dividends.
Once the shareholder receives the card, the shareholder is ready to receive dividends, which is credited to the card immediately the payment is authorized.
The beneficiary of the dividend can then withdraw the funds at an ATM, transfer it to his/her preferred bank account, or spend the funds at any of the 130,000 POS terminals and 1,000 websites where Verve is accepted in Nigeria.
Mr. Bayo Olugbemi, managing director/chief executive officer of First Registrars Limited, said: “Our organisation has committed tremendous human and financial resources to the creation of strategic IT enabled products and services that are geared towards making share registration management and procedures seamless for all stakeholders in the business.”
Mr. Charles Ifedi, chief executive officer, Verve International, said: “Verve is proud to have been selected to support this new product which is the first of its kind. Verve and First Registrars are both market leaders and provide innovative homegrown solutions to address Nigeria’s e-banking needs. This revolutionary new product will ensure all shareholders, including the unbanked, do not suffer lost income.”