Verve Payment Cards in Nigeria, Africa’s largest consumer market and its pioneer country of issuance have now surpassed 70 million issued payment cards to date. This development comes 15 months after the scheme announced it had issued 50 million payment cards in Nigeria in July last year, translating to +40% growth in issuance volumes YoY.

Over the last few years, Verve has grown to become the payment card of choice across various tiers of banking service and particularly within the burgeoning fintech/neobank space in Nigeria, on the back of significant strategic partnerships across commercial and microfinance banking spheres, as well as fintechs, OFIs and public sector due to sustained innovation and demonstrated understanding of the requirements of its local markets.

As Africa’s premier and leading domestic payment cards scheme, Verve remains focused on addressing peculiar market challenges in Africa by providing secure and cost-effective payment options for individuals and businesses to exchange value, offering both virtual and physical cards that facilitate payment for an increasing number of international services in local currency.

In the last 3 years, Verve has made significant progress in this regard, having achieved merchant acceptance with platforms such as Google, Spotify, Netflix, Showmax, Amazon Prime, Facebook, Microsoft, Uber, and Flywire , to mention a few, underscoring a strong resolve to continue to drive relevant partnerships that provide its users in Africa convenient opportunities to access global services in local denominations.

Outside Nigeria, Verve cardholders are provided with the benefit of using the Verve card in Nigeria and over 21 other African countries, underscoring the company’s resolve to ensure the seamlessness of transactions across the continent, particularly for the critical mass of consumer demographics, whilst driving value and efficiency for African financial institutions.

Particularly noteworthy, are rapidly expanding issuing and acceptance partnerships across East Africa, including major financial institutions including the 2 largest financial institutions KCB Group and more recently Equity Bank, in addition to a growing network of savings and credit societies (SACCOs) across Kenya and Uganda.

Speaking on this latest business milestone Chief Executive Officer (CEO) for Verve International, Vincent Ogbunude, asserted that Verve continues to provide innovative ways to make transactions and payment more secure and convenient for customers, not only in Nigeria across Africa and beyond, whilst providing unparalleled business value for business partners from both issuing and acquiring perspectives.

In his words,

“At Verve International, we continue to consolidate our delivery of global-standard payment solutions howbeit essentially tailored to economic and operational realities of the markets where we play across Africa, whilst leveraging value-adding partnerships that ensure we scale our impact and turbo-charge financial inclusion on the African continent. We are greatly delighted again at this point to celebrate another phenomenal milestone, having added 20 million new payment cards to our base in Nigeria, for which we are extremely appreciative of our issuing partners as well as our loyal cardholders…”

It would be recalled that Verve, Africa’s largest domestic payments card and token brand recently launched the fifth edition of its Goodlife National Consumer Promo, a reward program designed to engage and reward its millions of cardholders.

The promo, which runs from August 15 to December 31, 2024, offers instant discounts and rewards for Verve cardholders at selected merchants and retail outlets across Nigeria, including NNPC Retail Limited, Addide, The Place, Sweet Sensation and Chowdeck, among others.

Verve international, a subsidiary of the Interswitch Group, Africa’s leading integrated digital payments and commerce enabler is the first EMV-certified pan-African domestic payment card scheme (a subsidiary of the Interswitch Group), issuing cards and payment solutions to individuals, issuers, and organizations; and remains committed to pushing the boundaries in terms of customer experience and payment possibilities.

Cardholders have come to regard Verve as a safe, convenient and reliable payment solution for everything payment. Verve cards can be used across a wide range of payment channels like Point of Sale (POS) terminals, Automated Teller Machines (ATMs), Agency banking channel, Web / eCommerce, and Mobile Apps.

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This strategic move aims to create the leading downstream energy  company in Nigeria and West Africa, driven by operational efficiency, best in class management, physical infrastructure while offering premium petroleum products and related services to customers, in line with global standards.

Through this acquisition, NNPC Retail Limited will build on the existing success of OVH and operate model service outlets leveraging OVH’s extensive asset base and commercial capabilities.

The transaction also positions NNPC Retail Limited as the fastest growing commercial energy company in its pursuit to guarantee energy security for Nigeria’s growing population and significantly more growth opportunities for the business.

“Our acquisition of OVH, brings more NNPC branded fuel stations under the NNPC Retail Limited umbrella, providing wider access for our customers, an enriched supply chain and product availability across our different locations”, said Mele Kolo Kyari, GCEO NNPC Ltd. “Our goal as NNPC Limited is to become a catalyst for massive improvement within the downstream oil and gas industry therefore, access to the extensive asset base of OVH is our audacious step towards attaining this goal.  We are positive that this is the much-needed transformation required by the sector as it provides us with an integrated platform to attract the right investments which enables the growth of our operations”.

“This acquisition by NNPC comes at a critical time in the Nigerian energy sector given the overhaul of the petroleum laws (with the recent enactment of the PIA), the continuing increased demand for petroleum products and particularly the deliberate efforts to increaseand improve the supply and consumption of natural gas in support of our energy transition goals” says Huub Stokman, CEO OVH. “We have always focused on a value driven approach, prioritizing the quality of products and services offered to our customers, at both retail and commercial levels.

“This acquisition enables the combined strengths of both entities, to innovate our offerings and infrastructure, necessary to transform the downstream energy sector in Nigeria and West Africa. It is an exciting time for us all, as we continue to focus on technological enhancement, our customers, staff, and other stakeholders” he added.

OVH Energy Oando branded retail service stations will be rebranded into the NNPC brand and a full integration is expected by the end of 2023.

The leadership of the merged entity share a common purpose and is focused on value creation with the strengths of OVH’s operational efficiency and NNPC’s brand.

In addition, and to support the combined NNPC Retail Limited operations, NNPC Limited has acquired Apapa SPM Limited (an affiliate of OVH Energy) that owns and manages West Africa’s first privately owned midstream jetty, known as the Lagos Midstream Jetty.

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