Verve International
Verve International is Africa's first and largest domestic payment card scheme, issuing 100M+ cards through 200+ partner banks and fintechs across 21+ African countries with acceptance in 185+ countries via Discover.
- Company typePrivate
- Founded2009
- HeadquartersEbène, Mauritius
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Verve International does
Verve International is Africa's first and largest domestic payment card scheme, founded in 2009 and operating as a wholly-owned subsidiary of Interswitch Group. The company issues a comprehensive card portfolio — Classic, Gift, Contactless, Virtual, Credit, Prepaid, and Global cards — built on EMV chip-and-PIN technology with contactless (NFC), tokenization, and digital wallet capabilities. Supporting products include Verve eCash (a virtual card and wallet delivered through the Quickteller app), Verve Paycode (a USSD *723# and mobile app-based cardless transaction solution), the Verve Access issuer and certification portal, and the Verve Academy training platform. The company also runs the VerveLife fitness event series and Good Life promotional campaigns as brand and engagement programs.
Verve distributes cards and acceptance exclusively through a B2B2C model, leveraging 200+ partner banks and fintechs including FirstBank, Access Bank, GTBank, Sterling Bank, Moniepoint, OPay, KCB, and Equity Bank, with international acceptance in 185+ countries delivered through the Discover Financial Services partnership and integrations with global digital platforms such as Google Play, Netflix, Spotify, Temu, AliExpress, TikTok, Adobe, and Glovo. To date, Verve has issued over 100 million cards across 21+ African countries, including 30 million+ contactless cards and 50 million+ tokens.
Revenue is generated through interchange and scheme fees on transactions processed across ATMs, POS terminals, and online channels, making Verve a transaction-volume-driven network business. The company faces ongoing competitive pressure from a coalition of POS operators alleging monopoly practices, alongside regulatory scrutiny from the Central Bank of Nigeria and the FCCPC, which is a key risk factor for its domestic scheme economics.
Verve International firmographics
Firmographics- Name
- Verve International
- Legal name
- Verve International
- Website
- https://myverveworld.com
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Verve International is Africa's first and largest domestic payment card scheme, issuing 100M+ cards through 200+ partner banks and fintechs across 21+ African countries with acceptance in 185+ countries via Discover.
- Ownership category
- akta.pro rank
Verve International industry classification
Industry- Product category
- Payment Card Scheme
- NAICS
- Credit Card Issuing (522210)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- Domestic / National Card Schemes (FSAMAAAC)
- akta.pro secondary industries
- Card Issuing & Program Management Platforms (BPAMAFAH), Commercial & Corporate Card Schemes (FSAMAAAF), Cross-Border Card-Based Transfers & Multi-Currency Cards (FSAGAKAE)
Keywords
Where Verve International is headquartered
LocationHeadquarters
- HQ city
- Ebène
- HQ country
- Mauritius
- HQ region
- Africa
Offices1 record
Markets served
Verve International business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Card Scheme Transaction Fees: Verve earns interchange and scheme fees from each transaction processed through its network of ATMs, POS terminals, and online payment channels across Africa. The company acts as the payment scheme connecting card issuers (banks) and acquirers (merchant payment processors).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Verve Card Issuance |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels7 records
Verve International product offering
Product offeringCore offering
Verve International operates Africa's first and largest domestic payment card scheme, issuing physical and virtual cards (Classic, Gift, Contactless, Virtual, Credit, Prepaid, Global) backed by a proprietary tokenization platform, contactless NFC technology, and a cardless ATM withdrawal system (Paycode). It serves banks, fintechs, merchants, governments, and consumers across 21+ African countries, with international acceptance enabled through its Discover Global Network partnership.
Product overview
Verve International is Africa's first and largest domestic payment card scheme, operating as a platform-plus-modules architecture. The core offering consists of physical and virtual payment cards (Classic, Gift, Contactless, Virtual, Credit, Prepaid, and Global variants) that enable electronic payments and money exchange across Africa and internationally. Supporting this are cardless payment solutions including Verve eCash (virtual wallet) and Verve Paycode (USSD/mobile code-based transactions). The company also provides a tokenization solution for transaction security, the Verve Access portal for partner management and certification, Verve Academy for payment professional training, and lifestyle programs including VerveLife fitness events and Good Life promotional campaigns. These products collectively serve individuals, businesses, financial institutions, and government entities across multiple African markets.
Differentiator
Problem solved
Functional benefit
Brands
- Verve Classic: Standard debit card accepted in stores and POS locations across Africa
- Verve Gift Card
- Verve Contactless
- Verve Virtual Card
- Verve Credit Card
- Verve Prepaid Card
- Verve eCash
- Verve Paycode
- Verve Access
- Verve Academy
- VerveLife
Products and services
- Verve Classic Card
Quantifiable outcome
- Over 100 million Verve cards issued, representing nearly half of Nigeria's population
- +4 more outcomes
Companies that use Verve International
Customer profileNamed customers11 records
Segments4 records
Ideal customer profiles5 records
Verve International technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration15 records
AI capability3 records
Feature5 records
Verve International partnerships and signals
Strategic signalPartnerships
28 partnerships are on record, tiered core, flagship and minor.
- Interswitch GroupcoreVerve International is a subsidiary of Interswitch Group, Africa's leading integrated digital payments and commerce enabler. Interswitch Group provides the parent infrastructure and operational framework for Verve's card scheme operations across Africa.
- TemucoreVerve cards accepted on Temu e-commerce platform, enabling Nigerian shoppers to purchase goods from the global marketplace.
- AliExpresscoreVerve cards accepted on AliExpress for international e-commerce transactions.
- PCI Security Standards CouncilcoreVerve joined PCI Security Standards Council to align with global best practices, improve payment infrastructure, and reinforce commitment to security and interoperability.
- NEXO StandardscoreVerve joined NEXO Standards community to reinforce commitment to security and interoperability. Membership enables alignment with global payment standards.
- FirstBank NigeriaflagshipFirstBank partnered with Verve for nationwide promotional campaign (Verve Flash Promo) offering free Verve debit cards to customers with expired ATM cards. Distribution of cards to 131 customers across Nigeria from October 2025 to January 2026. Partnership aimed at promoting financial inclusion.
- Google (Google Play)flagshipGoogle Play serves as Co-Headline Partner for VerveLife 8.0 fitness event. Verve cards are accepted for payments on Google Play Store, enabling Nigerians to pay locally for apps, games, and digital content. Strategic partnership for lifestyle activation and digital payments.
- Carloha CheryminorAutomotive partner for VerveLife 8.0 fitness event, contributing to mobility and lifestyle aspects of the event.
- NetflixcoreVerve cards accepted for Netflix subscription payments, enabling Nigerian users to pay for streaming services in local currency.
- SpotifycoreVerve cards accepted for Spotify subscription payments across Africa.
- Amazon PrimecoreVerve cards accepted for Amazon Prime subscriptions and purchases.
- ShowmaxcoreVerve cards accepted for Showmax streaming service payments.
- UbercoreVerve cards accepted for Uber wallet top-ups and ride payments.
- TikTokcoreVerve cards accepted for TikTok subscriptions and payments.
- Discover Financial ServicesflagshipStrategic partnership enabling Verve Global Card acceptance in 185 countries worldwide including USA, UK, South Africa, and UAE. Discover network provides international acceptance infrastructure for Verve cards.
- KCB GroupcoreKCB Bank acceptance on widespread POS merchant network across Kenya and Uganda. Partnership extends Verve acceptance footprint in East Africa through major financial institution.
- Equity BankcoreEquity Bank became an acquirer for Verve cards, adding to acceptance at all POS machine locations and ATMs countrywide across Equity Bank's East African footprint.
- OPaycoreOPay Verve Instant Debit Card partnership launched October 2022, directly linking Verve cards to OPay user wallets for seamless payments from mobile wallets.
- Moniepoint Microfinance BankcoreMoniepoint Verve Debit Card launched to increase access to financial services. Moniepoint customers can settle bills and make transactions across ATMs, POS terminals, and websites. Cardholders benefit from Verve reward programs.
- Sterling BankcoreSterling Bank partnership to launch Verve's first credit cards (Specta Ultra Bronze and Ultra Ruby). Naira-denominated cards with 45-day interest-free period, contactless payment, and 3-year validity. Provides flexible credit access to Nigerian consumers.
- QuicktellercoreQuickteller app provides default eCash virtual card issuance for Verve. Digital wallet and payment platform enabling cardless transactions and card management.
- Hygeia HMOminorHealth and wellness partner for VerveLife 8.0 event, supporting health-focused aspects of the fitness festival.
- ReelfruitminorLifestyle/food partner for VerveLife 8.0 fitness event.
- Pocari SweatminorBeverage partner for VerveLife 8.0 fitness event.
- PUMAflagshipPUMA served as Headline Partner for VerveLife 5.0, Africa's Biggest Fitness Party. Major sportswear brand partnership for fitness event series.
- AdidasflagshipAdidas partnership for VerveLife 6.0, taking the sixth edition of Africa's biggest fitness festival to the next level. Major collaboration with leading global sportswear giant.
- uLessonminorOnline learning platform partnership offering 10% discount on educational content and gadgets when paid with Verve cards on uLesson website.
- Lagos State Government (LASRRA)corePartnership on Lagos State Residents Registration Agency (LASRRA) card relaunch. Verve contributes to creating Smart LagID for Lagos residents, enabling transparent government services and financial inclusion.
Scale indicators10 records
Recent moves6 records
Expansion highlights5 records
Verve International competitors and assessment
Company assessmentDirect peers
- UnionPay International: Chinese-headquartered card scheme that grew from a domestic base to global acceptance, mirroring Verve's strategy of building Africa-first and expanding internationally via partnership networks.
- Visa: Global card network/brand operating as the dominant general-purpose international card scheme. Directly comparable to Verve as a payment network connecting issuers and acquirers, with overlapping acceptance networks in Africa and globally.
- Mastercard: Global card network and one of the principal international card schemes Verve competes against in Africa. Operates the same card-network business model (interchange and scheme fees) connecting issuers and acquirers worldwide.
- RuPay (NPCI): India's domestic card payment scheme operated by the National Payments Corporation of India. Closest analogous model to Verve as a national/regional card scheme that scaled domestic issuance and acceptance to serve an underserved market.
- JCB Co., Ltd. Japan-based international card scheme with a regional/domestic origin and global acceptance footprint. Comparable as a non-Western card network/brand competing with Visa/Mastercard in its home region and expanding outward.
- Discover Financial Services: U.S. card network and Verve's international acceptance partner. Operates a similar payment-network/issuer model globally and powers Verve Global Card acceptance in 185+ countries, making it both a peer and a distribution channel.
Broad incumbents
- Interswitch Group: Verve's parent company and Africa's integrated digital payments and commerce enabler. Operates broader payment processing, switching, and commerce services beyond the Verve card scheme, providing the operational infrastructure behind Verve.
Emerging players
- Airtel Money / M-Pesa (Vodacom/Safaricom): Mobile money platforms with deep reach across African consumers that compete with Verve for everyday payment volume. Adjacent in serving the same end-users and merchant ecosystems but in mobile-money rails rather than card rails.
- Onafriq (formerly MFS Africa): Pan-African digital payments network connecting mobile wallets, banks, and merchants across the continent. Comparable as a regional payment-network play solving cross-border and domestic payment interoperability in Africa.
Regional players
- Network International: MENA/Africa-focused payment processor and card scheme enabler with a comparable regional payment-rails footprint. Overlaps with Verve in Africa on merchant acquiring and issuer processing infrastructure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Verve International social profiles
Digital presenceVerve International compliance and trust
Trust signalCompliance2 records
Verve International financial estimates
Financial estimateRevenue estimate
Valuation estimate
Verve International leadership team
Management profileNumber of profiles
Profiles2 records
Verve International funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Verve International M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Verve International
What does Verve International do?
Verve International operates Africa's first and largest domestic payment card scheme, issuing physical and virtual cards (Classic, Gift, Contactless, Virtual, Credit, Prepaid, Global) backed by a proprietary tokenization platform, contactless NFC technology, and a cardless ATM withdrawal system (Paycode). It serves banks, fintechs, merchants, governments, and consumers across 21+ African countries, with international acceptance enabled through its Discover Global Network partnership.
Is Verve International a public or private company?
Verve International is a private company. It is classified as corporate owned and is currently operating.
When was Verve International founded?
Verve International was founded in 2009. It employs 101 to 250 people.
Where is Verve International based?
Verve International is headquartered in Ebène, Mauritius, in the Africa region.
How does Verve International make money?
One revenue line is on record: card Scheme Transaction Fees.
Who are Verve International's main competitors?
Direct peers on record are UnionPay International, Visa, Mastercard, RuPay (NPCI), JCB Co., Ltd. and Discover Financial Services. Interswitch Group is listed as a broad incumbent. Emerging players are Airtel Money / M-Pesa (Vodacom/Safaricom) and Onafriq (formerly MFS Africa). Network International is listed as a regional player.
Does Verve International have an API?
Yes. Verve offers API access through an API gateway for developers and partners. Partners can connect via the API gateway for integration purposes. Specific details on API type, authentication method, rate limits, or versioning are not publicly disclosed in available sources.
What industry is Verve International in?
Verve International's product category is Payment Card Scheme. Its primary akta.pro industry code is FSAMAAAC, Domestic / National Card Schemes, with a secondary code of BPAMAFAH, Card Issuing & Program Management Platforms. Its NAICS code is 522210 and its SIC code is 6159.