Verve International Leads Nigeria's Payment Card Market

Verve International is a leading player in Nigeria's payment card market. It has a large footprint in the country, with a significant presence in various sectors including banking, retail, and hospitality.

With over 20 million cards issued, Verve International has a substantial market share in Nigeria. This is a testament to the company's commitment to providing innovative payment solutions to its customers.

Verve International's success can be attributed to its strategic partnerships with key stakeholders in the Nigerian payment ecosystem.

Verve International is a Nigerian company that's been around since 2009, making it 16 years old as of now.

It's a private company, which means it's not publicly traded on any stock exchange.

Verve International operates in the Financial Technology industry, which is a broad field that includes anything related to money and technology.

The company's headquarters is located in Lagos, Nigeria, which is a major city in the country.

The team at Verve International includes key people like Mitchell Elegbe, who's the GMD/CEO, and Mike Ogbalu III, who's the CEO.

Verve International is a leading provider of innovative payment solutions. Their mission is to empower individuals and businesses to make and accept payments with ease.

They offer a range of products and services, including debit cards and mobile payments. This allows users to make transactions with just a tap of their card or phone.

Their platform is designed to be user-friendly and secure, with advanced encryption technology to protect sensitive information. This gives users peace of mind when making transactions online or in-store.

Verve International has a strong presence in several countries, including Nigeria, Ghana, and Kenya. They have a growing customer base in these regions, with a focus on providing financial inclusion to underserved communities.

Verve Global cards are now accepted at ATMs and POS merchants in all the countries where Discover Financial Services operate.

With a partnership in place, Verve Global cards can be used worldwide, extending acceptance globally across 185 countries.

The US, UK, South Africa, and the UAE are just a few of the many countries where Verve Global cardholders can make transactions.

This global reach opens up new possibilities for international commerce and travel.

Verve International has hit a major milestone, issuing 70 million payment cards in Nigeria.

This growth is nothing short of phenomenal, with Verve doubling its card base in just two years, from 35 million in 2022 to 70 million in 2024.

The company's partnership with OPay in October 2022 has been a significant driver of this growth, with OPay issuing over 13 million Verve cards.

Moniepoint has also issued over five million Verve cards, and OPay and Moniepoint's numbers combined account for 17 million Verve cards issued.

This count is in line with Verve's reported 20 million new cards between 2023 and 2024.

The payment card product became its own company, Verve International, which is now responsible for its own profit and loss, leading to multiple growth initiatives.

Verve International's growth is so impressive that it's being compared to that of a young startup, with a 40% year-on-year growth rate.

If this trend continues, Verve will hit 100 million cards issued in 2025.