 | |
| Type | Private company |
|---|---|
| Industry | Financial Technology |
| Founded | 2009 |
| Headquarters | , |
Key people | Mitchell Elegbe, GMD/CEO Charles Ifedi, Mike Ogbalu III, CEO |
| Services | Payment service provider |
| Website | myverveworld |
Verve International is a Nigerian Pan-African and multinational financial technology and payment card brand owned by Interswitch Group. [1]
Verve was founded in 2009, as a subsidiary of Interswitch. In 2013, it became an autonomous business entity in a restructuring exercise. [2]
In 2005 the Central Bank of Nigeria (CBN) issued a mandate to the Nigerian payment industry that operators should migrate from magnetic strip to EMV chip and PIN platform by 2009. The CBN migration policy was adopted to phase out the magnetic strip when the technology became susceptible to fraudulent transactions. It initially issued six million cards in partnership with several Nigerian banks. [3] [4] [5]
Verve offers card products in Nigeria. In 2013, Verve was reported to have "over 20 million cards in circulation and access over 119,631 points of sale terminals, 11,287 ATMs and over 1,000 online merchants." [6]
In March 2013, Discover Financial Services partnered with Interswitch, which enabled the acceptance of Verve Cards across the Discover global network, covering 185 countries and territories as at the time of the agreement. The alliance also allowed acceptance of Discover and Diners Club International (DCI) Cards at Interswitch-enabled ATM and point-of-sale (POS) terminals for purchases in Nigeria. [7] [8] [9] [10] [11]
A media report in 2015 said "Verve is issued by 40 banks in Africa with more than 30 million payment tokens in circulation." [12] In October same year, Verve launched its entry into the East African payment market with strategic partnership with Kenya Commercial Bank (KCB) "to expand Verve Card acceptance and payment services in six key East African markets", namely: Kenya, Tanzania, Burundi, South Sudan, Rwanda and Uganda. [13] [14] [15]
A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term plastic card includes the above and as an identity document. These are similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardholder's bank account at the time of a purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase.
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Citibank Berhad is a licensed commercial bank operating in Malaysia with its headquarters in Jalan Ampang, Kuala Lumpur. Citibank Berhad operates as a subsidiary of Citigroup Holding (Singapore) Private Limited, commencing its banking operations in Malaysia since 1959. Citibank Berhad was locally incorporated in 1994.
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Interswitch is a leading African integrated payments and digital commerce platform company headquartered in Lagos. Founded in 2002 in Nigeria, as a transaction switching and processing company with national focus, Interswitch progressively evolved to incorporate consumer financial services with the successive launches of Quickteller, a retail payments ecosystem linking merchants and billers with consumers, as well as Verve, a homegrown, EMV-certified payments card scheme.
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