The Impact of OPay and Moniepoint Issuing 17 Million Verve Cards
Due to shifts in consumer behavior and macroeconomic conditions, Nigerian banks are increasingly issuing Verve cards instead of international one VISA
The Impact of OPay and Moniepoint Issuing 17 Million Verve Cards
Before the COVID-19 pandemic, Nigerian fintechs found an effective strategy for attracting customers: issuing foreign debit cards. These cards, often provided at little to no cost, allowed customers to withdraw money from ATMs and make payments at supermarkets. This not only increased customer spending but also boosted the transaction fees earned by fintechs. A former banker noted that customers were unlikely to spend money from a bank unless they had its debit card. However, the pandemic brought significant changes. COVID-19 restrictions on in-person shopping, a cash crunch in Nigeria in 2023, and ATM cash shortages reduced the reliance on card payments. As a result, bank transfers became increasingly popular. These changes prompted fintech startups and banks to reevaluate their card operations. Most Nigerian commercial banks, except Guaranty Trust Holding Company (GTCO), now issue Verve cards, a scheme operated by the Nigerian payments company Interswitch . First Bank, Nigeria’s oldest b…
Founded Mainwave Digital Media, Temmy Samuel is a financial advisor and journalist, blending financial expertise with storytelling skills to simplify complex financial topics for readers and clients alike. Learn More About Temmy Samuel
