E-Financial
Verve Promises Continued Efficient Payment Solutions Delivery
Verve Card has promised to continually improve financial inclusion across borders and make payments much more seamless and efficient. This promise was made in Lagos by Mitchell Elegbe, Founder/GMD, Interswitch Group, during a media parley to mark Verve’s 10th year anniversary.
The event, which held in Lagos, had in attendance members of the media, partner banks, other trade partners and a representative of the payment industry regulator – Samuel Okojere, Director of Payments Systems Management, Central Bank of Nigeria (CBN).
Verve is a leading payments technology and card business in Africa established by Interswitch Group in 2009. It has since grown to become an independent company of its own with a portfolio of several product offerings.
Elegbe stated that the card scheme has experienced steady and explosive growth in the payment segment. He said: “Our card scheme has grown from just an idea to solve the payment inefficiencies in Nigeria, into a bouquet of innovative payment solutions for Nigerians, Africans, and the rest of the world. I consider these first 10 years as years of consolidation and growth. We anticipate the next 10 years to be years of massive investment in unprecedented payment service delivery”, he said.
Noting that nothing good comes easy, Elegbe said that the company has had its fair share of turbulent times, but has succeeded because of its people. He said: “Our people have trudged on, ensuring that objectives set are met, projects are delivered, relationships with partners are well nurtured and ultimately, customers are satisfied. All these have helped the brand to earn its stripes and come this far. Today, the solutions and products Verve has brought to the marketplace demonstrate what can happen to any endeavor when met with the right people, opportunities and environment.”
Currently, the Verve Classic card is issued in Nigeria and eight other African countries and accepted in 21 African countries; while the Verve Global card is accepted in 185 countries including the U.S, U.K and Dubai.
For Mike Ogbalu III, CEO, Verve International, the story of Verve is one of resilience, innovation, determination and most importantly, a business proposition that has turned out to be successful.
He said: “At the time Verve was introduced, Nigeria was dominated by international card schemes. There was the need to have a domestic card scheme with better understanding of the needs of the Nigerian populace and Africans at large. Today, we have built a payment solution that does not only allow ease of payment across Africa, but has a superstructure that the rest of the world is willing to embrace”
He added: “Verve is not only a payment card; Verve has become a lifestyle for its users. It is the way we pay, play and interact. Verve is both a contact and contactless payment solution, a physical and virtual store of value. It is African’s key to exchange”.
The event kicked off with a rendition in spoken words by Wana Wana titled ‘Vervolution’, followed by a 10-minute documentary on ‘The Verve journey, story & Future’.
There was also a panel session moderated by Mike Ogbalu III which featured discussions about the e-payment sector in Nigeria, its attendant challenges and solutions. The panelists were Gbolahan Joshua, Executive Director, Operations and Information, Fidelity Bank Plc; Olu Akanmu, Executive Director, Retail Banking, FCMB; Akeem Lawal, Divisional CEO, Payment Processing, Interswitch and Stanley Jacobs, Chairman, Committee of e-Business Industry Heads, (CeBIH).
Verve was launched in 2009 and is currently the only African card scheme that is a member of EMVCo, the global body responsible for setting and regulating payment card standards.
Nigeria’s Bank Verification Number (BVN) database expanded to 69.55 million as of July 5 2026 from 69.32 million in June 2026, according to latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
BVN is an 11-digit biometric identification system introduced by the Central Bank of Nigeria and managed by the Nigeria Inter-Bank Settlement System (NIBSS) to secure customer accounts and reduce fraud.
This means that BVN enrolments increased by 228,947 between June and July 5 this year.
With the BVN database standing at 67.8 million as of December 31, 2025, it also means that the database grew by 1.75 million between the end of last year and July 5, 2026.
Specifically, with less than 1.8 million BVN enrolments so far recorded for this year, it is looking highly unlikely that BVN registrations at the end of 2026 will come close to the 4.3 million total registrations recorded in 2025.
Analysts note that while the expansion in the BVN database last year was largely driven by the introduction of the NonResident Bank Verification Number (NRBVN) initiative, which enables Nigerians in the diaspora to do their BVN enrolment remotely, thereby removing physical barriers and boosting cross-border financial engagement, the Central Bank of Nigeria (CBN) in March this year, announced a revised BVN regulatory framework, that saw it introducing stricter controls on suspected fraudulent transactions, BVN enrollment, and data access within the banking system.
According to the regulator, the amendments to the BVN framework, which came into effect on May 1, 2026, were aimed at strengthening fraud monitoring, improving identity management within the financial system and safeguarding the integrity of banking transactions, by strengthening identity verification and ensuring that BVN registration aligns with legally recognised age thresholds.
Thus, under the revised BVN framework, the apex bank introduced a stricter age requirement for BVN enrolment, limiting registration to 18-year-old individuals and above.
Also, under the new framework, customers will only be allowed to change the phone number associated with their BVN once. The CBN further stated: “Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions reported within the banking system.
“A BVN may remain on this temporary Watch-list for a maximum period of twentyfour (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
Launched on February 14, 2014, by the CBN in collaboration with the Bankers’ Committee, the NIBSS, and the German firm Dermalog, the BVN scheme was designed to capture the biometrics of all bank customers and provide each with a unique 11-digit identification number that can be verified across the Nigerian banking industry.
Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates the law.
The clarification follows reports that some members of the public have refused to accept the standard N100 note over concerns about its legal tender status following the introduction of the commemorative N100 banknote issued to mark Nigeria’s centenary.
In a statement signed by Mrs. Hakama Sidi-Ali, acting director of Corporate Communications, the apex bank stressed that “both the commemorative N100 banknote and the standard N100 banknote are valid legal tender and must be accepted for all transactions nationwide.”
The CBN explained that the commemorative N100 note was introduced to celebrate Nigeria’s centenary and did not replace the existing standard N100 banknote.
The CBN cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, noting that such action contravenes the provisions of the CBN Act and undermines public confidence in the national currency.
It warned that appropriate enforcement measures would be taken against any person or organisation found violating the law.
The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.
The CBN also urged members of the public to continue accepting and transacting with all banknotes legally issued by the Bank and advised anyone seeking further clarification to use its official communication channels.
FCMB Asset Management Limited (FCMBAM), the asset management arm of FCMB Group Plc, has received an upgrade to its national scale long-term and short-term issuer ratings of A(NG) and A1(NG), from A-(NG) and A2(NG), by GCR Ratings, a leading pan-African credit rating agency.
The outlook on the ratings remains stable, said the rating agency.
The upgrade is anchored on FCMBAM’s competitive resilience and financial discipline, alongside the strengthened credit profile of FCMB Group.
GCR highlighted FCMBAM’s decade-long track record of strong performance, well-established brand franchise, diversified product suite and robust distribution network as key drivers of its standalone strength.
These are further supported by consistent earnings growth and a disciplined, unleveraged balance sheet, it said.
According to GCR, FCMBAM’s competitive position is supported by “its relatively long track record, strong brand franchise, established product and geographical distribution network and cross-selling opportunities,” with the rating agency noting that FCMBAM ranks among the top five asset managers in Nigeria, with an estimated five per cent share of a fragmented market as of 31 December.
The Company’s financial performance underpinned the upgrade, with revenue growing by 30 per cent and operating cash flow increasing by 13 per cent, enabling the business to be fully funded without recourse to debt.
Liquidity strengthened further, with liquidity sources versus uses improving to 5x as of December 2025, from 3.6x a year earlier, while the EBITDA margin edged up to over 58 per cent.
Commenting on the upgrade, the Chief Executive Officer of FCMB Asset Management, James Ilori, said: “This upgrade is an important external validation of a strategy we have pursued with discipline over many years: building an investment franchise that performs reliably, governs itself rigorously, and earns trust in every market cycle. It speaks to the strength of our membership of FCMB Group and to a culture that holds itself to local and global standards of risk management and capital stewardship.
“As Nigeria’s asset management industry enters a new era of higher capital thresholds and rising investor expectations, we intend to lead from the front – ahead of regulatory timelines, ahead in digital transformation and ahead in the outcomes we deliver for the clients who trust us to assist them in achieving their investment objectives.”
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