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.
Justice Yellim Bogoro of the Federal High Court in Lagos has declared the N60 billion fine imposed by the Advertising Regulatory Council of Nigeria (ARCON) on Facebook Nigeria Operations Limited Illegal.
Justice Bogoro stated that ARCON regulator exceeded its legal authority and breached the company’s constitutional right to a fair hearing.
He, who made the declaration while delivering judgment in Suit marked, FHC/L/CS/2205/2024, declared ARCON’s Notice of Violation/Demand for Compliance dated 21 October 2024, unconstitutional, unlawful, null, and void, and barred the agency from taking further steps to enforce it.
The judge also held that ARCON lacked the statutory power to impose fines for alleged criminal violations under the Advertising Regulatory Council of Nigeria Act, 2022, without first obtaining a conviction from a court or other competent tribunal.
The dispute arose from ARCON’s claim that Facebook Nigeria displayed advertisements on Facebook and Instagram to Nigerian audiences without prior approval from the Advertising Standards Panel, contrary to provisions of the ARCON Act and the Nigerian Code of Advertising.
Following these alleged breaches, the regulator ordered the company to cease displaying the advertisements and imposed an N60 billion penalty.
Apparently dissatisfied with the development, Facebook Nigeria, through Mofesomo Tayo-Oyetibo (SAN), its lawyer, challenged the action, arguing that ARCON lacked the legal authority to determine criminal liability or impose punitive sanctions via an administrative notice without allowing the company to defend itself.
The company also argued that it does not own or operate Facebook or Instagram, claiming both platforms are owned and controlled by Meta Platforms Inc., a separate foreign entity.
But ARCON, represented by Akinlolu Kehinde (SAN), contended that Facebook Nigeria acts as Meta’s operation in Nigeria and should therefore be held responsible for regulatory violations related to advertisements on the platforms.
The regulator further argued that the notice was simply a compliance directive, allowing the company the option to comply, pay the specified violation fee, or face prosecution.
However, Justice Bogoro dismissed the regulator’s arguments.
The judge stated that Facebook Nigeria is a distinct legal entity from Meta Platforms Inc. and that ARCON failed to present credible evidence showing that the Nigerian company owns, operates, or controls Facebook or Instagram.
The court maintained that the argument that Facebook Nigeria represents Meta’s interests in Nigeria was insufficient to establish liability for the alleged advertising infractions.
Regarding fair hearing, the court ruled that ARCON violated Section 36 of the Constitution by accusing the company of misconduct and imposing a N60 billion fine without first hearing its defence.
Justice Bogoro also held that Section 57(4) of the ARCON Act explicitly requires the regulator to provide a fair hearing before imposing any penalty.
The court further found that the alleged violations were criminal because Section 34 of the ARCON Act designates the unlawful exposure of advertisements as an offence.
The judge also held that, since the Act stated that punishment can only be imposed “upon conviction,” ARCON had no authority to impose the N60 billion fine through an administrative process.
He insisted that, regardless of what ARCON called it, the demand was a fine that could only be imposed by a court following proper judicial procedures.
As a result, the court invalidated the Notice of Violation/Demand for Compliance.
It declared ARCON lacked authority to impose fines for breaches of Sections 34(3), 54, or other criminal provisions of the ARCON Act.
Justice Bogoro also issued a perpetual injunction preventing ARCON, its officers, agents, and associates from enforcing the October 21, 2024 notice against Facebook Nigeria.
Abia State has inaugurated of the country’s first Manufacturing Technology University Innovation Pod (Manu-Tech UniPod) at the Michael Okpara University of Agriculture, Umudike (MOUAU).
Dr. Maruf Olatunji Alausa, minister of Education and Governor Alex Chioma Otti at the event
The inauguration marks a significant milestone in efforts to promote innovation, research commercialisation, and industrial development.
The landmark facility, established through a partnership between the federal government of Nigeria, the United Nations Development Programme (UNDP), the Tertiary Education Trust Fund (TETFund) and the Abia State Government under the National Innovation and Digital Transformation Partnership Programme (NIDTPP), is designed to transform academic research into commercially viable products, foster entrepreneurship, promote industrial competitiveness and create sustainable jobs.
Representing Senator Kashim Shettima, Vice President, Dr. Maruf Olatunji Alausa, minister of Education, described the project as a strategic investment in Nigeria’s future, saying it reinforces the Federal Government’s commitment to repositioning higher education as a catalyst for innovation, research commercialisation, entrepreneurship and job creation.
He stressed that Nigerian universities must evolve beyond conventional teaching and research to become centres for enterprise development, technology transfer and industrial competitiveness.
Speaking at the inauguration, Governor Alex Chioma Otti, declared that Abia is entering a new era where science, innovation and enterprise will power economic prosperity and position the state as Nigeria’s leading hub for manufacturing and technological advancement.
Delivering his keynote address titled “Science Meets Enterprise,” Governor Otti described the UniPod as a transformational investment that bridges the gap between academia and industry, noting that development flourishes through purposeful partnerships.
He said the decision of the Federal Government and the UNDP to site Nigeria’s first Manu-Tech UniPod in Abia reflects the confidence they have in the state’s enormous economic potential.
“The siting of the Manu-Tech UniPod in Abia speaks eloquently to the institutional faith the UNDP and the Federal Government of Nigeria have reposed in our dear State and the potential it holds as an engine of growth and economic prosperity in the region,” the Governor stated.
Governor Otti explained that the innovation facility will accelerate product development, industrial-scale manufacturing, renewable energy integration and entrepreneurship while equipping more than 500,000 students and researchers with technological and innovation skills over the coming years.
He expressed optimism that the project would unlock unprecedented opportunities for Aba’s renowned manufacturing ecosystem by improving product quality, branding, competitiveness and access to regional and global markets.
According to him, the UniPod will redirect research in tertiary institutions from theoretical publications to practical solutions capable of addressing everyday challenges in agriculture, healthcare, manufacturing and other productive sectors.
“The expectation is that research efforts henceforth will be directed at answering questions with practical, everyday applications,”
Governor Otti said, adding that improved research outcomes would reduce the mortality rate of Micro, Small and Medium Enterprises (MSMEs), strengthen investor confidence and stimulate sustainable economic growth across Abia and the South-East.
The Governor reaffirmed his administration’s commitment to innovation-driven development, stating that government fully supported the project because it aligns perfectly with its economic transformation agenda built on quality infrastructure, security, skilled manpower and strategic partnerships.
He also announced that the operationalisation of the UniPod would accelerate the implementation of other joint initiatives with the UNDP, including the expansion of the Jubilee Fellows Programme, the Aba Export Growth Lab, energy investment initiatives, industrial competitiveness programmes and the establishment of community innovation centres across the state.
Highlighting the opportunities presented by the African Continental Free Trade Area (AfCFTA), Governor Otti noted that businesses in Abia now have access to a market of over 1.4 billion consumers across Africa.
“The hour of big dreams and great ambitions has arrived. If we fully harness the potential of this Manu-Tech University Innovation Pod, our challenge will no longer be finding markets but building the capacity to serve customers across Africa and the world,” he declared.
In her remarks, Ms. Ahunna Eziakonwa, United Nations assistant secretary-general and UNDP regional director for Africa, commenced her official mission to Nigeria with the inauguration of the facility, underscoring the importance of strategic partnerships in driving inclusive and sustainable development.
Also speaking, Ms. Elsie Attafuah, UNDP resident representative in Nigeria, described the UniPod as part of a broader national innovation ecosystem designed to connect education, research, enterprise and manufacturing while enabling universities to become drivers of economic growth and global competitiveness.
She commended President Bola Ahmed Tinubu, Vice President Kashim Shettima, the Federal Ministry of Education, TETFund and the Abia State Government for their commitment to innovation-led development, while particularly praising Governor Otti for his vision of transforming Abia into Nigeria’s foremost manufacturing and industrial innovation hub.
Earlier, Professor Ursula Ngozi Akanwa, vice-chancellor of Michael Okpara University of Agriculture, Umudike, described the inauguration as a defining moment in the institution’s history, saying the project fulfils the University’s mandate of deploying science, technology and innovation to advance agriculture, manufacturing and enterprise.
She expressed appreciation to the Federal Government, the Federal Ministry of Education, UNDP, TETFund and the Abia State Government for selecting MOUAU to host Nigeria’s first Manufacturing Technology University Innovation Pod.
The inauguration attracted top government officials, development partners, academia and industry stakeholders, including: Dr. Emmanuel Meribeole, secretary to the State Government; Pastor Caleb Ajagba, chief of Staff to the Governor, members of the State Executive Council, traditional rulers and other dignitaries.
The Manu-Tech UniPod is expected to provide students, researchers and entrepreneurs with access to advanced manufacturing technologies, prototyping facilities, business incubation support and industry mentorship, enabling innovative ideas to be transformed into market-ready products and positioning Abia at the forefront of Nigeria’s industrial revolution.
General News
KPMG Urges Africa’s Most Innovative Tech Entrepreneurs to Enter the Global Tech Innovator 2026 Competition
KPMG Private Enterprise is inviting Africa’s most promising technology companies to apply for the KPMG Private Enterprise Global Tech Innovator 2026 competition. This competition offers innovators the opportunity to represent the continent on the global stage in Lisbon, Portugal.
Now in its sixth year, the competition brings together some of the brightest minds in technology innovation. If you are ready to demonstrate how your technology can make a difference in the world, this could be your moment to challenge the status quo, introduce transformative solutions through your unique lens, and help shape the future.
Eligible businesses from the 13 One Africa member firm countries across Southern Africa, East Africa, and West Africa are encouraged to submit their applications before Sunday, 2 August 2026.
Participants will compete through national and regional rounds, with winners advancing to the global stage where they will pitch alongside some of the world’s most innovative technology companies. Applications will be assessed on innovation, entrepreneurial spirit, growth potential, customer focus, and risk awareness by a panel of industry experts from within and outside KPMG.
Sandeep Main, Partner, Tax & Regulatory Services and Africa Head of Private Enterprise, said, “Africa continues to produce remarkable entrepreneurs who are solving complex challenges through innovation and technology.
“The Global Tech Innovator competition provides these businesses with a unique opportunity to showcase their solutions, build valuable connections, and gain exposure to investors, industry leaders, and potential partners on a global stage.
“We encourage eligible startups and scaleups from across Africa to enter and demonstrate the incredible innovation emerging from our continent.”
Beyond the competition itself, finalists will gain valuable exposure to business leaders, investors, industry experts, and fellow innovators from around the world. The overall winner will earn the title of KPMG Private Enterprise Global Tech Innovator 2026.
Applications are now open and close on 2 August 2026. To learn more about the competition, eligibility requirements, and how to apply, visit the KPMG Private Enterprise Global Tech Innovator competition webpage.
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