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.
Nigeria and China said this week they will cooperate in efforts to crack down on the increasing number of Chinese nationals taking part in financial crimes in the African country.
The joint effort comes after Yu Dunhai, Chinese Ambassador visited Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-graft agency, in Abuja.
In a statement posted to the EFCC website, Dunhai expressed regret over the rising trend of Chinese nationals engaged in financial crimes in Nigeria.
He assured Nigerian authorities that the Chinese government is ready to send delegates to work with local law enforcement agencies to address the issue.
At the same time, Dunhai urged authorities to protect the rights of Chinese citizens while investigations are conducted.
Since November, Nigerian authorities have arrested at least 400 Chinese nationals suspected of cybercrime, telecom fraud and illegal mining. Many of them are facing trial.
But Nigerian political analyst Chukwudi Odoeme warned that China’s influence over the process could undermine the rule of law.
“The collaboration looks good, but then the relationship between Nigeria and China is something that is suspicious in this particular arrangement,” Odoeme said. “The collaboration may be defeated in the sense that China will have undue influence, and it may even lead to political release of those persons instead of subjecting them through the criminal trial system in Nigeria.”
In the first quarter of last year, Chinese companies provided 23% of Nigeria’s total imports.
Critics argue that Chinese nationals are exploiting trade routes and immigration loopholes to enter Nigeria illegally and engage in criminal activities.
Authorities say many of the arrested Chinese nationals were found to be living in Nigeria without proper documentation.
Public affairs analyst Jaye Gaskia raised concerns about the transparency of the collaboration.
“On what basis are you going into this collaboration? For what purpose?” he asked. “The conversations around trying to develop such collaborative strategies also need to be transparent, so that citizens will be able to interrogate the process to see whether national interest is going to be somehow undermined.
“We have to be careful, and we have to ensure who does the prosecution,” Gaskia said.
“The best-case scenario is for the country not to cede its own sovereignty in terms of how this is going to happen.”
Nigeria’s debt to China exceeds $5 billion — more than the bilateral loans owed to all other countries combined.
Meanwhile, Nigeria is seeking China’s backing to join the grouping of the world’s 20 largest economies, the G20, and secure a permanent seat on the United Nations Security Council.
But political analyst Rotimi Olawale believes the debt should not influence how Nigeria handles criminal cases.
“I don’t think that the debt we owe China, $5 billion, will affect anything,” Olawale said.
“That’s government-to-government relations. The most important thing is that the case should not be politicized. We must clearly define our rules and uphold our laws.”
Previously, Nigeria’s parliament called for the mass deportation of illegal Chinese migrants.
VOA
General News
QNET’s Push for Women’s Financial Inclusion Gains Traction Amid Global Gender Gap Concerns
As gender disparities in financial access persist, QNET, a global wellness and lifestyle direct-selling firm, is intensifying efforts to bridge the gap through entrepreneurship. In line with International Women’s Day 2025, QNET is aligning with this year’s theme, “Accelerate Action,” advocating direct selling as a viable economic lever for women’s financial independence.
Recent findings from the United Nations Development Program (UNDP) 2024 report highlight the severity of financial exclusion among women. Despite making up nearly half of the global population, 40% of women worldwide remain unbanked—with a 20% lower likelihood than men to hold bank accounts and 17% less access to formal credit lines. This exclusion, affecting 1.1 billion women, is not just a socio-economic challenge but a barrier to sustainable growth.
For companies like QNET, the case for intervention is compelling. Direct selling—often dismissed in traditional financial inclusion discourse—presents an alternative pathway for women to generate income, build financial resilience, and scale entrepreneurial ventures. Through its platform, QNET provides structured mentorship, training, and business resources designed to help women establish independent enterprises.
Biram Fall, Regional General Manager, QNET Sub-Saharan Africa, said, “As part of the United Nation’s Social Development Goals, achieving gender equality to empower all women and girls is a fundamental human right and a necessary foundation for a peaceful, prosperous and sustainable world.
“At QNET, we are committed to accelerating their success by equipping them with business skills, mentorship, and financial opportunities. By offering a flexible and low-barrier platform, we aim to enable women to become entrepreneurs and contribute meaningfully to their families and communities.”
QNET’s commitment to women’s empowerment is evident through various initiatives, such as its signature financial literacy program, FinGreen, which was launched in Nigeria in 2022 to develop healthy financial habits through education and training in the most vulnerable communities, particularly for youth, women and those stepping into entrepreneurship in emerging economies. The programme is important in achieving the UN SDGs and establishing a stable and healthy economy in developing nations.
Akeem Ajisafe, Managing Director of Transblue Nigeria Limited, QNET’s local partner in Nigeria, speaking on the special observance, said, “At QNET, we believe that true empowerment comes from providing women with the right opportunities to succeed. Through our various initiatives, we hope to highlight our commitment to equipping women with the skills and resources they need to achieve economic independence and long-term success – addressing gender disparity in Nigeria and across Africa.”
With a strong focus on financial inclusion and skills development, QNET continues to support women in building sustainable businesses, fostering independence, and driving economic growth. As the world pushes for gender equality, QNET remains steadfast in its commitment to accelerating action and creating a more inclusive future where women thrive as leaders, innovators, and entrepreneurs.
Ajeromi Ifelodun Local Government, recently empowered youths in the area with digital skills at its annual programme tagged: “The Mindset with Vice Chairman, Lucky Uduikhue”.
The event in its 8th edition themed: “Powering the Next Generation of Digital Leadership.” was organized in partnership with Willis Capital, Wmarkets and Willis University. The event attended by over 3,000 youths of the local government witness training in skills such as; FX trading, digital currency investments among others.
Governor Babajide Sanwo-Olu, executive governor of Lagos, represented by Hon. Samuel Egube, his deputy chief of staff, said that it is always said that when we build the youths, we build the nation.
“The Governor’s second agenda has heightened the focus on inclusion for our youth’s population. We see this event as a partnership with the government of Lagos state to encourage self-development, entrepreneurship and mindset-development.
“And today, we excited that is why we are here as it aligns with what the governor is doing. We can as well see that our people are eager to learn and participate for growth. This is what we stand for in Lagos. Special thanks to the Vice Chairman and the partner. This is a good sign of what the local governments can do and the impact they can make in their environment.
Also speaking at the event, Hon. Fatai Adekunle Ayoola, executive chairman, Ajeromi Ifelodun Local Government, said his leadership has been instrumental in driving positive change in our community, and we are grateful for this vision and dedication. “Our commitment to youth empowerment is evident in various initiatives, including the just concluded Ajeromi-Ifelodun Youth Empowerment Summit and the Women Summit.
“We are committed to bridging the technology gap in Ajegunle and promoting digital inclusion. We believe that by empowering our youths with digital skills, we can unlock their potential and create a brighter future for our community.
Mr. Lucky Uduikhue, vice chairman of the local government, said that they have empowered over 3000 youths at this year’s event through their partnership with Willis Capital, WMarket and Datapoint Forex and Tech Academy.
“Today’s message is just about value and that we shouldn’t devalue ourselves. Every youth here will be leaving here with value.
This year’s edition was massive with huge turnout of youths which is an indication that people are ready to move from the direction they are to another direction. Because, the world has moved from analogue system to digital system and the message of today is about digital inclusion making sure that people get value from whatever they do for a living.
The massive turnout of youths and adult alike shows that digital is the way forward. We noticed that most of them have the knowledge but don’t know the direction to go.
The training for today showed them the way to go. Looking at blockchain, Artificial intelligence and generally web3 technology shows that the way forward is to embrace digital platform which they have chosen today. Those with little knowledge are ready to expand it; those without knowledge of it have signed on for an opportunity in that direction.
This journey is about relationship. We have built relationship as a local government with our people, that is the reason why we have a strong partner – Willis capital, WMarket and Willis University.
In as addition, we are partnering with Datapoint Forex and Tech Academy which is a base within the community which was officially launched today. We are going to take interested youths to that centre for physical training and mentorship as well as support they need to take off.
DataPoint Forex and Tech Academy also have online tutorials as well for those that cannot attend physically due to the nature of their work or business.
Obinna Aso, Chief Operating Officer, Willis Capital expressed delight at the turnout of youths to participate in the programme.
“We are here today to support this initiative and to change the mindset of the youths here positively. We are the official partner of this event this year and we heard good things about this local government before provide our support. We are going to be training them, provide funding for the talented youths.
“In this event, we are going to be giving a $3000 account to over 20 youths who can work because we are in the business of training talented youths. What we are doing today is a paradigm shift from the normal way youths live their life by encouraging them to embrace digital economy.
“Opening their minds to the new ways of life currently. We don’t want people to keep their minds locked in the old ways of looking for means of livelihood. We want youths to own their destiny and fight for themselves.
“The digital space is open to everyone, there is no barriers to entry, one can come in and changed his/her life. A lot of people have changed their lives. Our CEO in person of Dapo Willis changed his life by embracing the digital economy 13 years ago and today he has been impacting lives across the world. We are encouraging everyone in Ajeromi Ifelodun Local government to do the same”.
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