In a significant development in Nigeria’s financial technology sector, leading fintech companies Carbon and PalmPay have begun issuing Verve cards to their customers.
This move follows the Central Bank of Nigeria’s authorization of these fintech giants to issue payment cards, highlighting the apex bank’s commitment to empowering financial technology companies and advancing financial inclusion across the country.
The partnership between Carbon, PalmPay, and Verve enables millions of customers to access Verve’s extensive payment network, bringing digital payment solutions to previously underserved populations.
Industry observers note that the decision by both fintech companies to partner with Verve stems from the payment card’s network-wide reach and robust infrastructure across Nigeria and beyond.
Verve has established itself as a dominant player in Nigeria’s payment ecosystem, having issued over 70 million cards and marked its 15th anniversary last year.
The domestic card scheme’s impressive penetration makes it a natural choice for fintech platforms seeking to rapidly expand their payment offerings while supporting the CBN’s financial inclusion goals. Other fintech companies, such as Opay and Moniepoint, have also partnered with Verve to issue cards.
As a homegrown card scheme, Verve has continued to innovate its service offerings to compete effectively with international payment networks.
The company has integrated advanced features, including contactless payment technology and enhanced security measures, such as biometric authentication through sophisticated recognition systems like fingerprints.
Through collaborations like this, Nigeria’s journey toward a more inclusive financial ecosystem will be accelerated, providing more Nigerians with access to modern banking and payment services through the combined technological capabilities of these financial service providers.
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