Verve, a payment card scheme operated by Nigerian fintech company Interswitch, is expanding its contactless payment products and introducing tokenisation as it hits 100 million cards issued across Africa, 16 years after it launched.
Verve will now deepen its focus on next-generation payment technologies, especially contactless payments, which it believes will enable faster tap-and-go transactions at terminals. The implementation of tokenisation is expected to provide added security for online and digital payments by reducing the risk of fraud and data compromise, the company said in a statement.
“This milestone is more than a number; it represents millions of people across the African continent who have become empowered to participate in the digital economy,” said Vincent Ogbunude, managing director of Verve International. “It belongs to every customer who believed in an African home-grown card scheme and every institution that partnered with us to make it scalable.”
The move reflects a broader trend of Nigerian fintechs increasingly turning to contactless technology as consumers demand faster and more secure transactions. Fintech platforms like PalmPay and Moniepoint have made similar moves, partnering with AfriGO, Nigeria’s domestic card scheme, to roll out a contactless payment scheme.
Verve hit 100 million cards off the back of partnerships with banks and fintech companies that have helped the scheme extend access to individuals, small businesses, students, and corporate customers. The company said it saw growth across ATM withdrawals, point-of-sale transactions, online purchases, and mobile payments.
The company said these partnerships make it easier for African consumers to access global digital services without relying on foreign-currency cards, while supporting financial inclusion among previously underbanked communities.
Verve said it will continue to invest in infrastructure and security, including chip-and-PIN technology and advanced fraud-prevention systems, as it scales transaction volumes across both physical and digital channels. The company said it will also continue strengthening partnerships with banks, fintech platforms, and merchants to expand acceptance online and offline.