Verve International, Africa’s pioneering and largest domestic payments scheme, has announced a significant new milestone, further solidifying its market dominance in Nigeria.

The company has now issued over 70 million payment cards in Nigeria, Africa’s largest consumer market.

This achievement comes just 15 months after Verve celebrated issuing 50 million cards, marking a remarkable 40% year-on-year growth in issuance volumes.

In recent years, Verve has become the preferred payment card across various banking services, especially within Nigeria’s burgeoning fintech and neobank sectors.

This success is attributed to Verve’s continuous innovation, deep understanding of local market needs, and strategic partnerships with commercial banks, microfinance institutions, fintech companies, other financial institutions (OFIs), and the public sector.

As Africa’s leading domestic payment card scheme, Verve is dedicated to addressing unique market challenges by offering secure and cost-effective payment solutions for individuals and businesses.

Verve provides both virtual and physical cards, enabling payments for a growing number of international services in local currency.

Over the past three years, Verve has achieved significant progress, securing merchant acceptance with global platforms such as Google, Spotify, Netflix, Showmax, Amazon Prime, Facebook, Microsoft, Uber, and Flywire.

These partnerships underscore Verve’s commitment to providing African users with convenient access to global services in local denominations.

Beyond Nigeria, Verve cardholders can use their cards in over 21 other African countries, ensuring seamless transactions across the continent.

Verve’s expanding partnerships in East Africa, including major financial institutions like KCB Group and Equity Bank, as well as a growing network of savings and credit societies (SACCOs) in Kenya and Uganda, highlight the company’s dedication to driving value and efficiency for African financial institutions.

Vincent Ogbunude, CEO of Verve International, expressed his excitement about this latest milestone, stating, “At Verve International, we continue to deliver global-standard payment solutions tailored to the economic and operational realities of African markets.

“We are delighted to celebrate this phenomenal achievement of adding 20 million new payment cards in Nigeria.

“We are grateful to our issuing partners and loyal cardholders for their support.”

Recently, Verve launched the fifth edition of its Goodlife National Consumer Promo, a reward program designed to engage and reward its millions of cardholders.

Running from August 15 to December 31, 2024, the promo offers instant discounts and rewards at selected merchants and retail outlets across Nigeria, including NNPC Retail Limited, Addide, The Place, Sweet Sensation, and Chowdeck.

As a subsidiary of the Interswitch Group, Africa’s leading integrated digital payments and commerce enabler, Verve International remains committed to pushing the boundaries of customer experience and payment possibilities.

Verve cards are trusted for their safety, convenience, and reliability, and can be used across a wide range of payment channels, including Point of Sale (POS) terminals, Automated Teller Machines (ATMs), agency banking channels, web/e-commerce, and mobile apps.

African Development Bank (AfDB) is set to start releasing a $2.2bn fund for the development of Special Agro-Industrial Process Zones in Nigeria (SAPZ).

Abdul Kamara, director general, AfDB Nigeria office, made this known during Channels Television’s 2024 End-Of-Year Review with the theme, ‘Focus on the Agriculture Sector, Food Security, Research and AfDB Investments’.

“Specifically, from next year (2025), we will see contracts signed and mobilization and construction on site will start in some states. Of course, not all the states will start together,” he said.

He said the money would be used for the development of agro-industrial hubs where processing will happen, aggregation centres and agricultural transformation programmes.

The developmental economist said though the Special Agro-Industrial Process Zones was approved by the AfDB Board in 2021, the project is picking up after startup delays attributed to several factors.

“When you approve a programme, you have to have it signed with the Federal Government, especially of that magnitude. You also have to have it signed with the co-financiers. The Bank had to bring in IFAD (International Fund for Agricultural Development) and Islamic Development Bank as co-financiers,” he said.

Kamara said when the Bank met with some state governors, months back, they agreed on certain actions to accelerate SAPZ.

“In all the seven states including the FCT, Cross River, Ogun, Oyo, Kaduna, Kano and Kwara, in each of the states, we are now in conversation with and are publishing the bidding document so that we’ll shorten the process. So, it’s picking up and that is not strange. Projects that are very complex

“That is even why at the African Investment Forum just concluded early this month, we had a pledge from different financiers to the tune of $2.2bn.

“So, the SAPZ is going to happen and it’s going to deliver as much as we have elsewhere.

“The value, give or take, what the Bank is putting in is about one billion dollars. Of course, if you add what others are bringing in, it will be more than that because we are a convener; we bring in others,” he said.

NGX Regulation Limited, a subsidiary of the Nigerian Exchange Group (NGX Group) has fined N255.53 million on 20 listed companies for failing to file their financial statements after the regulatory due date in 2023 and 2024.

The companies were sanctioned during the audited financial year 2023 and first and second quarter of 2024 for their inability to meet the regulatory requirements in the period under review.

As part of the post-listing rules of the NGX, companies quoted on the Exchange are required to file their respective unaudited quarterly and audited yearly financial statements with the NGX a month after the end of each quarter and three months after the end of a financial reporting year.

Companies experiencing any form of challenge that would hinder the submission within the stipulated time frame are required by the post-listing rule to communicate the challenge with the NGX.

Compliance with the rule, according to the NGX, promotes transparency, helps orderliness in the market and ultimately helps investors in making informed decisions regarding the companies’ securities.

Companies that defaulted for audited financial statements, 2023 include; Oando, which got a total fine of N41 million.

Lasaco Assurance was fined N8.7 million, while Regency Alliance Insurance was fined N7.8 million.

Others include Guinea Insurance (N3.4 million), C& I Leasing (N3.2 million), Universal Insurance (N2.8 million), Secure Electronic Technology (N11.2 million), Conoil (N9.6 million), Caverton Offshore Group (N7.7 million), VFD Group (N5.6 million), FBN Holdings (N5.4 million), Sterling Financial Holdings Company (N6 million), UPDC (N3.9 million) ABC Transport (N3.2 million), Presco (N3.2 million), eTranzact International (N700,000), NCR Nigeria (N200,000), and African Alliance Insurance (N48.6 million).

For default filings of interim accounts for Q1 and Q2, 2024; Oando (N40.6 million), Briclinks Africa (N30,000), Caverton Offshore Support Group (N9.4 million), Universal Insurance (N3 million), C& I Leasing (N3.2 million), Secure Electronic Technology (N7.9 million), Conoil (N6.3 million), VFD Group (N2.5 million), FBN Holdings (N2.7 million), Sterling Financial Holdings Company (N2.9 million), UPDC (N800,000), and PZ Cussons Nigeria (N4 million).