Interswitch, a pan-African integrated payment processing and transaction company, said it has issued over 20 million of its Verve branded Automated Teller Machine cards to deepen electronic transactions in Nigeria.
The company said Verve, which offers issuers, cardholders and organisations with payment card products and solutions in Nigeria and it’s pan-African chip + PIN payment card, is the first chip card accepted across all payment channels in Nigeria.
Disclosing this on the sideline a re-organisation in the company recently, Group Managing Director of Interswitch Transnational Holdings, Mr. Mitchell Elegbe, said: “Verve has over 20 million cards in circulation and access to over 119,631 points of sale, 11,287 ATMs and over 1,000 online merchants,” currently in the country.
He said Verve had been developed with unique value added services available to cardholders in Nigeria, including loyalty and Reward Money at specific merchant locations.
Speaking on the organisational restructuring, Elegbe said it has spun-off two of its core divisions: Verve International (Verve) and Switching and Processing, as autonomous businesses.
He said the move was driven by Interswitch’s strategy to orchestrate the next stage of sustainable growth through empowering the various line businesses to broaden and deepen their solution and service offerings to better serve their customers across Africa.
“Separation will enable Verve to leverage, to the maximum extent, its recent strategic alliance with the ‘Discover’ network, providing new business opportunities in over 185 countries around the world “Separation will enable Interswitch Switching and Processing to take its card-agnostic pureplay switching services and third party transaction processing from Mastercard, Visa, Union Pay and Verve capabilities across the region.
“Separation also brings Interswitch’s corporate structure into line with the guidelines of the Payment Systems Vision 2020 of the Central Bank of Nigeria (CBN), Verve International and Interswitch Switching and Processing to have separate management teams,” he said.
While Verve International is led by Mr. Charles Ifedi, the Interswitch Switching and Processing is led by Mr. Akeem Lawal.
Lawal has over 15 years experience in electronic payments processing, payment cards business, implementation and management of projects in the financial services sector and ICT while Ifedi, with over 14 years experience, was a member of the project team that developed the business plan at the start of Interswitch’s operations in 2001.
“It has always been our desire to evolve into an integrated payments holding business where the various parts of the business are driven to deepen and broaden their relationships with their various customers by creating innovative products and services of real value.