General News
Verve Carters for Card Needs of Nigerians – Ifedi

Charles Ifedi is the managing director of Verve International an offshoot of InterSwitch. He is a thorough breed information Technology professional with over 15 year experience in the industry.
Ifedi has worked for America Express, Accenture, Pricewaterhouse Coopers and SystemSpecs before joining InterSwitch in 2001.
He spoke to chike onwuegbuchi on operations of Verve International towards becoming a global brand and other e-payment issues.
Nigeria’s e-Payment Space
e-Payment in Nigeria has improved considerably over the years. Flashing back to the time we introduced e-payment that is point of sales terminal (PoS) in Nigeria in 2004.
The biggest challenges then were based on merchants’ acceptance and networks. Presently, with the Central Bank of Nigeria (CBN’s) cashless policy, people are now embracing the platform; merchants are now more enlightened.
In 2007 and 2008, we were basically selling the idea of PoS adoption for the economy. But in 2013, people are spreading the news themselves.
Even the telecommunication companies have mapped out resources that will make it better. More importantly, the Code Division Multiple Access (CDMA) operators have also come in making it possible for us to have data on PoS and increasing stability.
Although, we have not gotten there, but, compared to where we were back in 2004, Nigeria as a country has recorded significant improvements.
Soon we will get to the point where people on reaching to a merchant’s centre the first thing they will think is card not cash.
On estimation, presently 60% of customers who patronize merchants still think cash; but we foresee the time people can remember cash only when they do not have cards on them.
Adoption of Foreign Brands by Companies
I believe in value to the bank and value to the customer. Where I have an issue is a situation where a customer asks for a particular brand and you decline to present that brand.
However, as more brands deliver expected values, they shall continue to be accepted by the banks and expands customers’ choice.
Meanwhile, it is the prerogative of the regulator which is CBN to determine who contravene its directive on providing customers the opportunity to choose.
But if the deployment companies keep pushing more values into the market, like we are currently doing, the banks would not have option than to accept.
Also, from the banks’ point of view, they would prefer to increase their international visibility or rating.
They believe that one way to achieve that is to partner a particular global brand; they rarely talk about value to the customer hence they have to deliver on that goal.
Good as that may be I think banks should open it and allow customers to choose. They have to create more values to customers.
At the same time, if a particular bank fails to satisfy the customer’s wish he is free to seek other bank’s attention. That is the essence of competition.
I do not believe it is ideal. But the CBN is in the best position to enforce its directive. For emphasis sake, when a customer is not satisfied with the system of a bank, he is free to approach other bank.
To me, I prefer to focus on delivering values and allow CBN worry about that. It is as good as asking a bank for a loan.
When you discover a particular bank offers loans with little interest, of course, it makes better sense to approach them. Nobody will force you to take a loan at interest rate not convenient for you.
International Outlook of Verve
For us, our foremost target is to meet the needs of Nigerians. And Verve had two divisions-Verve Nigeria and Verve International.
The Verve Nigeria is concentrated on meeting the local needs of Nigerians. If we look at it, what is the percentage of Nigerians that travel abroad? We have less than 20%. In other words, the rest 80% Nigerians does not go anywhere.
Thus, our primary objective is to meet their needs; meet all they require. For the numbers that travel, we have various projects on-going targeted at them.
For instance, we want to make sure that our cards are accepted in all ATMs in US, UK and across Africa. However, until we get there we are not communicating more than we have.
We are not following way of companies that broadcast about what they are yet to achieve. When customers try it they get disappointed.
For instance, we are going to be live on all ATMs in US soonest.
We understand that the realities of Nigerians occur in several African countries as well.
The way we have brought financial inclusion that Microfinance banks can even issue cards, SMEs and multinationals could have cards; we have been able to replicate that in other countries. It took a lot of efforts for us to create our EMV card, after that we have been able to transfer the knowledge to other African countries.
That was why we created Verve International. The core objective is to go to Ghana, for instance, and tell the banks to issue Verve Cards to domestic users.
Because we know that 80% of Africans do not travel outside their countries, so why giving them international card.
The local card satisfies their local needs and International card can be issued on request as well. So the Discover agreement was signed under Verve International to ensure the Cards are acceptable in any part of the world.
Global Partnership
Since the separation of Verve and InterSwitch in April this year we have entered into partnership with Discover Financial Services brand, Diners Club International and others. But InterSwitch has what is called third party processing plan. It is a processor for MasterCard, Verve and Visa.
Verve as a company is separate and running its fortune. To expatiate on this, if bank “A” issues a MasterCard’s card and it is used in Bank “B’s ATM, it will pass through InterSwitch before getting to that Bank “B”. If it is a Verve Card, it will do the same thing.
That means bank “A” would have appointed InterSwitch as the processor, while Bank “B” would have accepted InterSwitch as Acquire Processor.
InterSwitch offers such services to Union pay of a country like China. It provides switching to any card brand that does not have local infrastructure, while Verve is a brand like those other clients of InterSwitch.
Rejection of Selected Cards by Some ATMs
Well, I am certain that every ATM in Nigeria accepts Verve cards. Before a bank can issue or accept a card it must be a member of that scheme.
So, a bank that wants to issue a MasterCard must be a member of MasterCard scheme. Like-wise, if the bank want to issue Verve Card. So, each bank has to go through screening process before they can be granted an issuing or acquiring member.
In the case of Nigeria, Verve does not discriminate, while others may discriminate. But the real reason is about being a member of the scheme.
They have players like InterSwitch that can do a co-acquiring service for them and basically enable their ATM to accept such card. In terms of acceptance, there is no ATM that cannot accept Verve, Visa and MasterCard because InterSwitch provides them with co-acquiring service, but on the issuing side they may not be able to issue if they are not on the scheme.
For example, when a Microfinance bank buys an ATM, it does not have money to join a MasterCard or Visa, so it cannot issue. When you put an ATM there, the machine by design cannot accept a MasterCard or Visa, so it needs another bank to sponsor it.
On the other hand, it will appear as though the commercial bank owns the ATM. It takes a company like InterSwitch to implement that for the bank.
So, there is a kind of discrimination by those big players. If not for competition monopoly would have even made it worse.
Resolving ATM Related Cases
With Verve cards as long as the issuing bank logs it completely we can resolve any issue within three days.
If it were Verve, the holder needs to complain to his bank (the issuer). The bank logs it into our Arbiter platform, which enables us to resolve the case within 72 hours, unfailingly.
I cannot give account about other cards anyway, but in Verve we take things like this very seriously. The challenge will typically occur because if I go to the ATM next door and my card gets trapped, definitely, the cash will be in the cassette; there are four cassettes.
Money is parked in each of the cassettes, but there is the fifth one, where rejected money is parked. The money that could not be dispensed is parked in the fifth which functions like a dust-bin.
So, the bank would clear the ATM daily and could easily see, either from the bin or at the journals of the ATM where the cash not dispensed is stored.
As long you have logged your claim, they should be able to resolve it swiftly. The challenge may be for customers at the remote locations.
Encouraging Use of e-Payment
It is on record that Verve Card first introduced reward on Cards in Nigeria. The reward was meant for both the user and the merchants.
They were introduced at tipping-points to enable us give back to the users and the people who motivate them to partake.
Today, when you pay cash, sometimes you do not collect your change, but in cards you pay accurately.
Meanwhile, we are redesigning our incentives because of the roles CBN has brought around PoS. So, a cardholder knows that when he uses card he can get a reward of up to 5%. Right now, the scheme-Reward Money is focused only on PoS.
We are also introducing it on the web in the coming month, so as to encourage people to partake in internet and PoS transactions.
Location for Reward
What happens is that it accumulates at certain locations. There are over 100 thousand merchants in Nigeria currently.
All of them have not signed up to the incentive package. So, if anybody signs up the customers are assured of benefiting. On rewardmoney.com it is stated the percentage that is obtainable on partaking in card usage.
Other Value Added Services
Verve was the first to go into partnership with InterSwitch to roll out QuickTeller. It implies that with Verve card users can buy airtime, pay bills at ATM, on the web and transfer money on the ATM.
Other new innovation we just unveiled will make online transactions more convenient for the users. The innovation is such that Verve will remember who you are and eliminates some queries like who areyou? That way you can do transactions even faster.
General News
FG Launches Survey to Encourage Nigerian Digital Firms Spread Across Africa

The Federal Ministry of Industry, Trade and Investment has announced the launch of the Digital Services Survey in a strategic effort to empower Nigerian digital service providers to expand across Africa under the African Continental Free Trade Area (AfCFTA).
The ministry’s Director Press and Public Relations, Dr. Adebayo Thomas in a statement said the aims of the digital services initiative is to map and support the growth of Nigerian digital services throughout the continent and simplify the process for digital businesses to navigate regulatory environments and expand their reach across African markets.
He added that Nigerian digital businesses often face challenges when entering other African markets, including uncertainties around service registration, applicable regulations, and responsible agencies.
Thomas said: “Unlike physical goods, digital services don not always align with existing trade categories. This framework will serve as a common language, ensuring consistent treatment of digital services across borders” and its benefits include unlocking new markets by identifying target African countries for expansion, as Nigeria can focus trade negotiations on opening specific markets for digital services.”
He added, “The framework would also create a Digital Services Repository and for the first time, Nigeria will compile a comprehensive database of digital service providers, their expansion plans, and the challenges they face.
“Furthermore, the framework would strengthen Nigeria’s digital leadership by positioning the country as a proactive leader in Africa’s digital economy, shaping the rules and standards for digital trade.”
General News
Customs Deepens Partnership With Access Bank On System-Wide Integration

Following the successful deployment of its Unified Customs Management System (UCMS), codenamed B’odogwu, the Nigeria Customs Service (NCS) has intensified strategic engagements with key stakeholders to consolidate gains and drive system-wide integration.
In a virtual meeting, the NCS engaged officials of Access Bank to align operational frameworks and deepen collaboration in support of trade facilitation and financial system integration.
The session was led by the Deputy Comptroller-General of Customs in charge of ICT and Modernisation, Kikelomo Adeola.
Also in attendance were the National Public Relations Officer, Assistant Comptroller Abdullahi Maiwada, and Assistant Comptroller Bukola Omoniyi from the ICT/Modernisation Department.
The engagement focused on enhancing synergy between Customs and the financial sector, particularly in streamlining payment systems, boosting data exchange, and ensuring real-time processing of trade-related transactions through the B’odogwu platform.
DCG Adeola reaffirmed the Service’s commitment to seamless stakeholder integration during the post-deployment consolidation phase.
“The deployment of B’odogwu marks a new era in Customs administration,” she said. “Our next priority is to strengthen partnerships with financial institutions like Access Bank to fully unlock the platform’s potential for automation, transparency, and trade efficiency.”
She noted that B’odogwu, developed as an indigenous solution, has already transformed Customs operations by unifying procedures, automating declarations, and enabling real-time transaction monitoring.
“To achieve optimal functionality, all players within the trade value chain must be fully integrated. This engagement with Access Bank is not just timely. It is strategic,” she added.
Responding, Olatunbosun Oladunke, Head of Global Trade at Access Bank, commended the NCS for its forward-thinking digital transformation and assured the bank’s support.
“The B’odogwu platform represents a major leap in digital trade processing. Access Bank is fully aligned with the NCS vision and is committed to ensuring system compatibility, particularly in trade finance and payment automation,” he said.
Also speaking, Olakunle Aderinokun, Head of Media and Public Relations at Access Holdings/Access Bank, emphasized the importance of stakeholder engagement and public awareness.
“Public buy-in is critical to the success of any reform. We will collaborate with the Service to drive awareness of B’odogwu and educate stakeholders on the value it brings to the trading ecosystem,” he stated.
The meeting is part of the NCS’s broader strategy to accelerate its trade modernisation agenda through strategic partnerships, transparency and continuous innovation.
With B’odogwu now operational, the NCS is steadily advancing toward a fully digital, integrated and globally compliant Customs system that supports Nigeria’s economic aspirations.
General News
Moniepoint Launches MonieWorld to Serve UK’s African Diaspora

Moniepoint Inc., one of Nigeria’s leading business payments and banking services platforms, announces the launch of MonieWorld; a new remittance and digital financial services solution – specifically to meet the fragmented, underserved needs of the UK’s African diaspora.

L-R Co-Founder and Chief Technology Officer, Moniepoint Inc, Felix Ike and CEO, Moniepoint GB, Ravi Jakhodia
MonieWorld is launched in the UK by Moniepoint Inc.’s UK subsidiary, Moniepoint GB, headquartered in London. It marks the first time Moniepoint has offered services to customers outside of Africa; a landmark step in its journey to provide financial happiness for underserved populations.
The MonieWorld application, available via the App Store and Google Play, allows UK customers to send money to Nigeria seamlessly – making financial transactions easier.
Remittances are a material contributor to Nigeria’s economy. They supplement foreign direct investment, while supporting household consumption and foreign exchange liquidity. Global remittances to Nigeria rose 9% in 2024 to $20.98 billion, with the UK diaspora contributing c. 50% – helping to grow businesses, support families, and drive economic development.
Moniepoint is the leading financial platform for Nigeria’s vast network of SME businesses and their consumers with its integrated suite of services – digital payments, bank accounts, credit, and management tools. Moniepoint processes 1 billion+ transactions monthly, with total payments volume of over $22 billion. It serves ten million businesses and individuals across Nigeria, driving financial inclusion efforts.
MonieWorld makes it easy for the fast-growing Nigerian diaspora in the UK to send remittances quickly, reliably, and cost-effectively. Transactions usually complete in seconds, competitive exchange rates are adjusted through the day, and no transaction fees are charged. Customers can pay for services via various methods: bank transfers, debit/credit cards, and mobile payment services such as Apple Pay and Google Pay.
Moniepoint’s end-to-end control over the payment process, plus its robust technology infrastructure, guarantees industry-leading reliability for customers – a major competitive advantage for MonieWorld.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “The launch of MonieWorld is an exciting step on our journey to create financial happiness and support Africa’s entrepreneurial potential. It is a natural addition to our existing suite of solutions and will be hugely valuable for customers. It makes it easy, quick and reliable to send remittances – a critical source of funds for Nigeria’s economy.
“The African diaspora needs a one-stop solution to better meet its financial services needs – and improve on the current fragmented market. I am thrilled Moniepoint is tackling this challenge and can’t wait to announce future additions to the MonieWorld solution. Our expectation is that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy.”
Post-launch, MonieWorld will expand to a fully-fledged finance platform purpose-built for the African diaspora, with further solutions added in due course.
The launch of MonieWorld follows significant, sustained growth for Moniepoint, with revenues increasing by over 150% CAGR in recent years.
The Company achieved a milestone Series C funding round in October 2024, backed by Development Partners International, Google’s Africa Investment Fund, Verod Capital, and Lightrock. This was followed by an investment from Visa in January 2025.
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