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Nigerians now able to transact without cards

03 December 2015, 09:36Okoro Chinedu

Lagos - Nigerian consumers will now be able to carry out daily transactions without physically using their bank cards thanks to an application a leading payment card brand has launched.

Verve International has unveiled the offering, tagged ‘Verve World’, to stakeholders at an event in Victoria Island, Lagos.

Through the offering, users are able to store payment instruments from all major card brands in Nigeria. In addition to debit, credit and prepaid cards, and Verve eCash bank accounts can also be added to the app.

The app features ‘Paycode’, Verve’s latest innovation.

Users of the Verve World app can generate a ‘Verve Paycode’, a unique one-time code valid for 24 hours, which can be used to withdraw cash from an ATM machine without a card.

The Verve Paycode can be sent to a beneficiary to withdraw a pre-set amount of money from most automated teller machines in the country.

ATMs belonging to several banks are being upgraded and would have the service available in a few weeks.

There are currently over 5 000 ATMs across Nigeria where Verve Paycode can be used. This will rise to over 11 000 ATMs by the end of 2015.

Also Read: Market awaits central bank position on monetary policy

Officials said Verve Paycode was the latest in a string of initiatives and partnerships as Verve International continues to innovate and consolidate its leading position in payment transactions and services across Africa.

Chief Executive Officer of Verve International, Charles Ifedi, said the Verve World app had been tailored specifically for the African market and an example of how the company continued to push the boundaries of technological innovation to address local payment challenges.

“We continue to see growing demand from our cardholders for easy, secure and convenient payment methods irrespective of the payment instrument being used. Therefore we designed the app to address the need for urgent access to cash without a card. We believe that the technology this app offers will revolutionize how we manage our money,” said Ifedi.

Launched in 2009, Verve is the biggest payment card brand in Nigeria and is rapidly expanding issuance and acceptance across the African continent.

Verve is currently issued in five African countries: Nigeria, Ghana, Uganda, Kenya and Gambia and accepted in a further 19 countries. 

- CAJ News

Tags banking

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