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
Afreximbank to Fund African Energy Bank with $19bn

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said that the Afreximbank would invest $19 billion to fund the African Energy Bank.
He said the $19 billion would go a long way toward tackling and overcoming energy poverty, driving economic growth, and improving the lives of millions of people.
The minister disclosed this while speaking at the opening ceremony of the Nigerian Pavilion, hosted by the Petroleum Technology Association of Nigeria (PETAN), at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, U.S with the theme “Africa’s Energy Renaissance: Leveraging Innovation and Natural Gas for Sustainable Development.”
He said that by pooling resources, African countries can invest in large-scale energy projects.
Also, the minister stressed the need for Africa to develop cohesive policies tailored to its unique circumstances, warning that fragmented approaches would be ineffective in addressing the escalating energy deficit.
“This conference is not a jamboree. It is a platform for Nigeria, and by extension, Africa — to showcase its vast potential,” Lokpobiri said.
He underscored the importance of regional collaboration, highlighting the Africa Petroleum Producers Organisation (APPO) as a strategic entity established to devise shared solutions for the continent’s energy challenges.
According to him, the prevailing global discourse on energy transition is largely influenced by geopolitical considerations.
In response to this challenge, he announced that APPO is in the process of establishing the African Energy Bank to bridge funding gaps and ultimately free the continent from energy poverty.
During a meeting with his Ghanaian counterpart, Lokpobiri advised Ghana to draw lessons from Nigeria’s past experiences in the energy sector, particularly in avoiding early missteps.
In his address, Ghana’s Minister of Energy and Green Transition, Mr John Abdullahi, acknowledged Nigeria’s leading role in the region.
He stated that while Ghana is a relatively new player in the oil and gas sector, it is eager to learn from Nigeria’s experiences and reforms, especially in the areas of local content development and climate policy.
“We will continue to consult Nigeria as we build a successful oil and gas industry. The collaboration between both countries remains strong. For his part, PETAN Chairman Wole Ogunsanya emphasised the significance of Nigeria’s presence at OTC.
He said: “This year’s event, under the Nigerian Pavilion, is set to highlight Africa’s growing role in the global energy sector.
“OTC 2025 promises to bring together top-tier industry leaders, policymakers, and stakeholders at the world’s largest energy event.”
General News
NIPOST Suspends Cash Transactions Nationwide

Nigerian Postal Service (NIPOST) has declared July 1, 2025, as the deadline for phasing out cash transactions across all its offices nationwide.
This was disclosed in a statement issued on Monday by Frank Alao, director of Corporate Communications,NIPOST.
The move is part of a broader reform initiative aimed at transforming NIPOST into a more innovative, efficient, and digitally driven organisation.
The management explained that the reforms are aligned with global best practices and tailored to meet the demands of Nigeria’s rapidly evolving digital economy, as well as the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Alao stated, “We are assuring Nigerians of a revitalised NIPOST that delivers superior service and embraces the future.
“A major highlight of the reform package is the transition to a fully cashless system. Beginning July 1, 2025, all post office counters nationwide will no longer accept cash payments for their services. Customers will be required to use approved electronic channels for all transactions.
“This is a crucial step in our modernization journey, one that ensures safer, faster, and more transparent service delivery.”
General News
FG Faults AfDB’s Adesina on Nigeria’s GDP Per Capita Figures

The Presidency has faulted claim of Akinwumi Adesina, president, African Development Bank (AfDB), on the current Nigeria’s Gross Domestic Product (GDP) per capita figures versus the level it was in 1960 when Nigeria attained independence.

Akinwumi Adesina, president, African Development Bank
The outgoing AfDB President had in a recent viral statement claimed that Nigerians are worse off today than in 1960 when Nigeria’s GDP per capita was $1847..
The AfDB President claimed that in contrast to the level of the GDP per capita at Nigeria independence, the country’s current GDP stands at $824 today, a reflection of the current rampant poverty and low human development in the country.
But in a rebuttal of the claim, the presidency, in a statement by Bayo Onanuga, the spokesperson to President Bola Ahmed Tinubu accused the AfDB President of failure to carry out proper research and speaking like a politician in his assertions.
“Adesina spoke like a politician, in the mould of Peter Obi and did not do due diligence before making his unverifiable statement,” the presidency said while faulting the claim of the AfDB President.
While countering the claim of Adesina, the presidency noted in the statement that available data indicated that Nigeria’s GDP was $4.2 billion in 1960, and per capita income for a population of 44.9 million was $93, not even one hundred dollars.
“Our country’s GDP did not rise remarkably until the 1970s, when crude earnings ballooned. In 1970, our GDP rose to $12.55 billion. In 1975, it was $27.7 billion, $64.2 billion in 1980, and $164 billion in 1981. Up until 1980, per capita income did not exceed $880. It rose to $2187 in 1981 and dropped to $1844 in 1982. In 2014, after rebasing, it reached an all-time high of $3,200.
“These facts raise questions about the source of Dr Adesina’s figures,” Onanuga said.
However, the presidency also faulted the AfDB President, a former Nigerian Minister of Agriculture of making inferences on the state of poverty or human development in Nigeria solely based on the GPD per capita numbers. .
“Dr Adesina should know that GDP per capita is not the only criterion used to determine whether people live better lives now than in the past. Indeed, it is a poor tool for assessing living standards.
“Its primary usefulness is in giving us the metrics to compare economic output in a country or between countries.
“GDP masks many activities in a country’s economy. It neither discloses wealth distribution or income inequality nor accounts for the informal economy, which experts have said is enormous. It does not account for subsistence farming or income transfer from one family member to another,” the presidency said.
The Presidency also noted that GDP per capita is not reflective of the fact that Nigerians in 2025 have better access to healthcare, education, and transportation, such as rail and air transport, than in 1960.
“This premise alone suggests why Dr Adesina should not have arrived at his conclusion.
“Compared with 1960, Nigeria today has more primary, secondary, and tertiary schools.
“We have more road networks and more medical facilities, private and public. We have phenomenal access to telephones.
“At Independence, we had 18,724 operational phone lines for a population of about 45 million. Over 200 million Nigerians now enjoy near-universal access to mobile phones and digital services, indicating we are better off today than 65 years ago.”
Furthermore, the presidency noted that Nigerian policymakers know that whatever GDP figure NBS publishes may not capture our economy’s full depth and breadth as it usually excludes the greater part of the informal economy, which some pundits have said may even be more significant than the formal economy.
“This underscores why Dr. Adesina should have considered all aspects of our economy before concluding.”
“When Vodacom, a telecommunications company, considered entering the Nigerian market in 1999 or 2000, its consultants, using the available GDP metrics, advised against it.
“They believed that Nigerians were too poor to afford GSM services. However, MTN and other companies that entered the market later proved them wrong, demonstrating that GDP figures alone do not provide a complete picture of a country’s economic potential or the living standards of its people.
“MTN and other adventurers came later, and they laughed all the way to the bank. More than 20 years later, they are still laughing despite some setbacks in 2023 and 2024. In its first-quarter results this year, MTN declared revenue of N1 trillion and an increase of 8.2 percent in subscriptions, which took the number of its voice and data users to 84 million. Does this MTN experience correlate with a country worse off than in 1960, when we had analogue telephones and the number of lines was fewer than 20,000?
“No objective observer can claim that Nigeria has not made progress since 1960. Today, as we await the NBS’s recalibration of our GDP, we can comfortably say without contradiction that it is at least 50 times, if not 100 times, more than it was at Independence.”
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