MasterCard, InterSwitch co-brand in Nigeria...Skye Bank takes first bite

MasterCard Worldwide and InterSwitch in Nigeria have started to offer a new co-branded debit card - the Mastercard Verve. Nigeria's electronic transaction switching and payment processing company InterSwitch, launched the Verve chip and PIN card in Nigeria back in 2009. This collaboration between the two parties aims to encourage debit card use in Nigeria whilst creating wider acceptance of the cards home and abroad by utilising the MasterCard brand.

The new debit card will grant users access to over 12,000 point of sale locations, 400 online merchants and at 10,000 ATMs throughout Nigeria. “The co-branded debit card agreement with InterSwitch aims to usher in a new era in convenient and secure payments for Nigerians and through this collaboration, cardholders  will have the ability to use a single  card for domestic and international transacting.” Said Daniel Monehin, MasterCard’s area head, East & West Africa and Indian Ocean Islands.

This new venture is said to be viewed positively by the Central Bank of Nigeria which plans to, as part of the country’s Financial System Strategy 2020, improve the country’s e-payment systems by reducing public reliance on cash. Already Skye Bank Plc has launched into the Nigerian financial market the first naira denominated Master-card Verve which can be used to make payments across multiple channels like the Automated Teller Machines, Point of Sales terminals, internet, telephones, among others.

The bank said in a statement that the naira denominated Master-card Verve is globally accepted as a means of payment at over 24 million merchant locations and over one million ATMs worldwide in more than 220 countries.

With the new partnership, Interswitch indigenous debit card known as Verve Card, will have all its features transferred to the MasterCard to form a single but multiple functions payment card known as MasterCard-Verve.

Speaking, the President of the Middle East and Africa for MasterCard, Michael Miebach said he was “happy with the partnership,” which he said, “would boost cashless transactions in the society and promote electronic payment system in Nigeria and Africa.”

Director of Payment Solutions for InterSwitch, Charles Ifedi said he was “delighted that MasterCard, which serves as a franchisor, processor and advisor to the global payments industry and enables global commerce by providing critical economic link between financial institutions, governments, businesses, merchants and cardholders worldwide has partnered with InterSwitch to co-brand the Verve debit card in Nigeria.”