E-Business
Verve Drives to Build a Global Brand @ 10
Verve, a Nigerian Pan-African and multinational financial technology and payment card scheme, over the weekend celebrated its ten years of operation as with the aim to build an African enterprise of global scale that the rest of world would be willing to embrace.
Mike Ogbalu III, managing director, Verve, reiterated said that at the time Verve was introduced, Nigeria was dominated by International card schemes, as such the need to have a domestic card scheme with better understanding of the needs of the Nigerian populace and Africans at large.
“Verve was created to cater to the need of Nigerians and offer real value to the Nigerian market. As a domestic card of African origin, with a better understanding of the African market, we have delivered this promise in 8 issuing African countries, and 21 African countries where our card is also accepted as well Verve Global card is accepted in 185 countries including U.S, U.K & Dubai. We have enabled seamless transactions across the African continent.
“Ten years after, we have become an international brand. Today, the Verve team, along with our partners, friends and the media, come together to celebrate ten years of resilience, innovation, determination and most importantly, the success of our business proposition, Verve Card.
“It is general knowledge that the global financial technology ecosystem is accelerating at a rapid pace and as Africans we cannot afford to be left behind, not just as users, but more importantly as innovators and enablers.
“That is why over the past years, we have evolved from being a domestic card scheme to a globally accepted brand giving Africans the opportunity to explore the world with an African key,” he said.
Also speaking, Mitchell Elegbe, group managing director, Interswitch, said, Verve has had its fair share of turbulent times which have helped the brand to earn its stripes and come this far.
“Verve card scheme started out as a small branch of the Interswitch family, over-time has grown into an independent company of its own with several product offerings in its portfolio.
“Behind this growth have been our people. They have remained resilient in the face of all the challenges, odds and seasons of doubt. They have trudged on, ensuring that objectives set are met, projects are delivered, relationship with partners are well nurtured & ultimately customers are satisfied.
“Today, the solutions and products Verve has brought to the marketplace so far demonstrate what can happen to any endeavour when met with the right people, opportunities and environment.
“I consider these first 10 years as years of consolidation & growth. We anticipate the next 10 years as years of massive investment in unprecedented customer service delivery. In the coming 10 years we will improve financial inclusion even more & make payment much more seamless and efficient,” he added.
The United States Supreme Court has upheld a law seeking to ban TikTok in the United States.
The court ruled that the law does not infringe upon free speech rights, citing the US government’s legitimate national security concerns about the Chinese ownership of the app.
Last week, the Supreme Court listened to the arguments from ByteDance, TikTok’s parent company, claiming the law violated free speech.
“There is no doubt that TikTok provides a unique platform for expression, engagement, and community to over 170 million Americans,” the justices stated.
With this decision, the ban set for Sunday remains in place, despite calls from lawmakers and officials across the political spectrum for a delay.
Last year, Congress passed a law requiring ByteDance to sell TikTok or shut it down in the US by January 19, reflecting widespread concerns in Washington that the app could be exploited by China for espionage or propaganda.
On Friday, White House officials informed the media that the ban would not be enforced, leaving the final decision to President-elect Donald Trump, who assumes office the next day.
In December 2024, TikTok asked the US Supreme Court to temporarily block a law that would force its Chinese owner to sell the popular video-sharing platform or shut it down by January 19.
The appeal came the same day TikTok, Shou Zi Chew, CEO, met with US President-elect Donald Trump.
Federal government has plans to expand the national social register to 18.1 million names and to reach at least 70 million poor households across the country by the end of this year, according to Prof Nentawe Goshwe Yilwatda, minister, Humanitarian Affairs, Disaster Management and Social Development (FMHADMSD).
Federal government has been distributing cash assistance to poor citizens through a program that requires verification using the National Identification Number (NIN).
The rate of poverty in the country is alarming, the minister said in an interview with Arise News, reason why the federal government plans to extend the humanitarian outreach program to target more homes. Each household receives the sum of N75,000 ($45).
Giving update on the payments, the minister said the first tranche of the conditional cash transfers were paid to five million households between October and December 2024, while the second and third tranches were paid to 2.8 million households.
“The president has directed, based on CBN’s new regulations, that before any payment is made to an individual or household, they must have a digital identity we can trace. That is the NIN number,” the Yilwatda told Arise News.
The cash transfer enabled by digital ID was launched in 2023, and last year, the federal government said around 25 million Nigerians had already benefitted from the scheme.
National Identity Management Commission (NIMC) has granted licence for the Nigerian Correctional Service, (NCoS) to register inmates in the over 252 custodial centres across the country for National Identity Numbers, (NIN).
The approval followed the request made by Sylvester Nwakuche, acting controller general of the NCoS, who paid a visit to Engr Abisoye Coker-Odusote, director general/chief executive Officer of NIMC, in her office.
The acting controller-general, said the licence to carry out registration of inmates for NIN would eliminate exclusion of inmates from the country’s National Development plans, ensure their safety and security and facilitate their smooth recapture in times of jailbreaks.
The NCoS boss said the visit to the headquarters of NIMC was in search of collaboration that would enable the Service carry out its mandate seamlessly following on going reforms of the Correctional Service system.
According to Nwakuche, there are lots of socio-economic developments within the Correctional Service systems which had led to a number of inmates obtaining University degrees, Masters Degrees and Doctor of Philosophy (PhD) in various fields.
He said such inmates should not be excluded from the national development plans of the country as they should be integrated into the society to become useful for their families and the country.
Nwakuche said inside the Correctional centres are those awaiting trials whose innocence and otherwise has to be decided by the Courts, but argued that in times of National planning, census and other critical national development issues, they should not be disallowed from participating.
Coker-Odusote who granted the licence said NIN has become critical and essential to the country’s national development plans, stressing that NIMC has gone far with the private sector, especially the banks and the Central Bank of Nigeria (CBN) as all banks accounts are now linked with the NIN.
Coker-Odusote said the Eight points Agenda of President Bola Tinubu are also anchored on the Country’s digital identity or National identity Number, stressing that for instance NIN was tied to students loans to eradicate duplicity and prevent ghost beneficiaries.
Coker-Odusote expressed delight in the partnership with the NCoS, saying that the Commission had already entered into partnership with the Nigeria Immigration Service, NIS and other agencies in order to facilitate the smooth delivery of their constitutional mandates.
She commended Dr Olubunmi Tunji-Ojo, minister of Interior, for his dynamic leadership and role in ensuring the delivery of dividends of democracy to Nigeria through various reforms.
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