In a move to deepen financial inclusion and accelerate digital payment adoption, the Central Bank of Nigeria, CBN, has empowered leading financial technology firms, Carbon and PalmPay, to begin issuing Verve cards to their customers.
The partnership will enable millions of Fintech firms’ users access to Verve’s extensive payment network, extending digital financial solutions to previously underserved populations.
Industry analysts note that both fintech companies’ decision to adopt Verve stems from the card scheme’s wide network reach and robust payment infrastructure across Nigeria and beyond.
Marking 15 years of operations in 2023, Verve has distinguished itself with its innovative approach and diverse payment solutions.
The company also noted that it has issued over 70 million cards, solidifying its position as a dominant player in Nigeria’s payment ecosystem. With its impressive market penetration, Verve remains a natural choice for fintech platforms aiming to expand their digital payment offerings while aligning with the CBN’s financial inclusion objectives.
Other fintech companies, including Opay and Moniepoint, have also adopted Verve for their card issuance, recognizing its reliability as a homegrown payment scheme. Verve has consistently enhanced its service offerings to compete with international payment networks, integrating advanced features such as contactless payment technology and sophisticated security measures, including biometric authentication through fingerprint recognition.
By fostering such collaborations, Nigeria moves closer to achieving a more inclusive financial landscape, ensuring that mor oke Nigerians gain access to modern banking and payment services through the innovative solutions provided by these financial service providers.
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