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.
Office of the Surveyor General of the Federation (OSGOF) and the National Space Research and Development Agency (NASRDA) have pledged to deepen collaboration in key national development areas, including geospatial data infrastructure, satellite technology, communication sector regulation, and population census operations.
This was the outcome of a high-level meeting held on Tuesday at the headquarters of OSGOF in Abuja, where Abudulganiyu Adeyemi Adebomehin, surveyor General of the Federation, received Dr. Matthew Adepoju, director general of NASRDA, and his management team.
This was disclosed in a statement issued on Wednesday by Henry David, head, Information and Public Relations, Office of the Surveyor General of the Federation, titled ‘SGOF Pledges To Support NASRDA For Optimal Performance.’
According to the statement, the discussions at the meeting focused on the impact of upstream and downstream operations in Nigeria’s communication sector, challenges of mast proliferation near residential areas, and the broader implications for public health. Both agencies expressed concern over the unregulated installation of communication infrastructure and its potential link to rising cancer rates.
“The downstream sector of communication companies involves placing signal-receiving stations within living communities, which poses significant health risks due to radiation,” the two agencies said in a joint position. “Co-location of infrastructure, as practised in developed countries like the UK and US, should be adopted here to reduce radiation exposure.”
The two agencies called for stronger regulation of telecommunication operators, noting that television and radio signal disruptions—commonplace in Nigeria—are largely due to a lack of oversight, a situation that does not persist in countries with stringent telecom regulations.
Addressing issues of national data management, the agencies stressed the critical need for collaboration with the National Population Commission (NPC) in the upcoming national census. “Without the input of NASRDA and OSGOF, the census will remain speculative,” they jointly noted.
On geospatial data, both parties resolved to work together to strengthen the National Geospatial Data Infrastructure, which they described as vital for national planning and development.
In his remarks, Surveyor General Adebomehin expressed firm support for NASRDA’s initiatives. “I will defend NASRDA to the best of my ability. If you need software engineers, we have capable hands here,” he said. “Keep encouraging your staff. Behind every successful organisation in the world, you will find Nigerians. We are in full support of your mission.”
Adebomehin urged NASRDA to engage the Presidency directly in acquiring high-precision satellite systems. “You need a satellite that can deliver accuracy of less than 10 centimetres,” he said. “This will reduce the government’s losses from MDAs sourcing satellite services externally.”
Duniya Magaji Joseph, director of Geodesy at OSGOF, called for improved inter-agency collaboration, especially with the military. “Anytime the military collaborates with OSGOF, the outcome is always better,” he said. “We need to overcome the tendency to work in silos driven by funding concerns and instead focus on joint advantages.”
NASRDA’s DG, Dr. Matthew Adepoju, said his agency is working with the Ministry of Steel Development on mineral exploration projects, including the identification of new sites for raw materials such as steel and limestone. He stressed the importance of OSGOF’s technical input in these initiatives.
“We’ve agreed to support the Ministry of Steel Development in identifying new resource locations,” Adepoju said. “But I don’t want NASRDA to go it alone. We want OSGOF fully involved so that roles are clearly defined, and the synergy is more impactful.”
To mark the visit, NASRDA presented symbolic gifts, including a plaque and a vest, to the Surveyor General in appreciation of OSGOF’s commitment to partnership.
The meeting, held in Abuja, concluded with both agencies reaffirming their shared mandate to support national development through technology, data integration, and inter-agency cooperation.
The Securities and Exchange Commission (SEC) has warned investors that Crypto Bridge Exchange (CBEX), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, remains banned in Nigeria, insisting that it has not been registered by the commission.
SEC’s position followed reports that traders on the controversial CBEX platform are now back and able to access their accounts and trade, with renewed assurance after the digital platform abruptly shut down in April, thereby trapping investors’ funds in excess of N1 trillion.
In a public notice issued on Wednesday, SEC advised the public to refrain from patronising or transacting any investment-related business with CBEX.
However, the commission was silent on what steps it would take against the trading platform and its promoters, having earlier declared that CBEX was not registered or authorised by it to embark on offer investment-related services to the Nigerian public.
The notice read: “The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, has resumed operations across Nigeria.
“According to the reports, CBEX promoters are demanding $200 from their subscribers with balances above $1,000, and $100 from those with less than $1,000 balances before withdrawals can be processed.”
The commission stated unequivocally that neither CBEX nor ST Technologies International Ltd (or Smart Treasure/Super Technology) is registered with it or authorized to offer investment-related services to the Nigerian public.
“As a matter of fact, enforcement action has already been initiated against CBEX and its promoters following its previous unauthorized investment activities and the commission is collaborating with relevant law enforcement agencies to properly investigate CBEX/ST Technologies International Ltd and will take appropriate actions in line with the provisions of the Investments and Securities Act 2025.
“The Nigerian public is accordingly advised to refrain from patronising or transacting with CBEX /ST Technologies International Ltd (Smart Treasure or Super Technology) as they risk losing their funds,” it said.
It, therefore, advised the public to verify the registration status of investment platforms via the commission’s dedicated portal before transacting, adding that it remains committed to protecting investors and maintaining market integrity.
Union Bank of Nigeria has reiterated its commitment to entrepreneurship and women’s empowerment through its alpher initiative by sponsoring the Nigerian British Chamber of Commerce (NBCC) Women and Youth Entrepreneurship Development Centre (WYEDC) Cohort 2 Programme, which has graduated 125 entrepreneurs who have benefited from firsthand entrepreneurship training and business grants.
Small and medium-sized enterprises (SMEs) in Nigeria account for more than 50% of industrial employment and contribute approximately 48% to the country’s GDP.
This makes entrepreneurship one of the economy’s building blocks and is a testament to Union Bank’s unwavering dedication to national development in partnership with NBCC.
In her welcome speech, the Director General of NBCC, Dr. Ebere Njoku, reiterated NBCC’s commitment to supporting entrepreneurship, women’s empowerment, and youth empowerment, citing these as catalysts for economic development and sustainability.
She appreciated the sponsors, partners and facilitators who devoted their resources and time to upskilling the participants.
The entrepreneurship initiative stemmed from the visionary goal of Mr. Ray Atelly, President and Chairman of the Council, NBCC, FRPA, to provide entrepreneurship and grant opportunities to Nigerian women and youths.
Mr. Atelly told the graduates in his speech, “This is your chance, make sure you take it. Don’t let any obstacle stop you because there will be many; if you let it stop you, your dreams are not strong enough. You need to keep pushing, someday you will sit at the top of a conglomerate and people will aspire to be like you.”
Also in attendance was the NBCC’s Patron, Senator Akin Odunsi, FRPA, who congratulated the Cohort 2 graduates.
He said, “I encourage all of you not to take the training you have received for granted. Use it as a landmark opportunity to be a beacon of hope to others who look up to you.”
He also urged the Chamber to provide internship opportunities after the six-month entrepreneurship training in organisations for the incoming Cohort 3 and beyond.
He added that the internship experience will give trainees the unique chance to practice what they learned and, in return, benefit the organisations from their acquired skills.
The goodwill message at the graduation ceremony was delivered on behalf of Mrs. Yetunde Oni, Managing Director and Chief Executive Officer of Union Bank of Nigeria, by Mrs. Vivian Imoh-Ita, the Bank’s Head of Retail and SME Business, who appreciated NBCC for the life-transforming training they are providing to the youth and women entrepreneurs.
She further stated, “As a Bank, we understand that when we invest in women and youth entrepreneurs, we are investing in the most powerful catalysts of economic transformation. Through the Bank’s alpher initiative, we have enabled success for women-led businesses. In a volatile economy like Nigeria, the challenges facing entrepreneurs are dynamic and significant. As a Bank, we intend to prove that these barriers are not unconquerable and are growth opportunities.”
Three entrepreneurs, namely Evelyn Ekene Ani of Evani.Ng (First place), Martha Padonu of Beyond Photography (Second place), and Therietta Vershima of La Teriz (Third place) were declared winners of the Union Bank Business Pitch competition held during the graduation ceremony and were rewarded with funding for their businesses.
The Bank’s sponsorship of the training demonstrates its commitment to fostering a vibrant, innovative, and inclusive entrepreneurial ecosystem for women and all individuals.
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