Verve International is a Nigerian Pan-African and multinational financial technology and payment card brand owned by Interswitch Group.[1]
History
Verve was founded in 2009, as a subsidiary of Interswitch. In 2013, it became an autonomous business entity in a restructuring exercise.[2]
In 2005 the Central Bank of Nigeria (CBN) issued a mandate to the Nigerian payment industry that operators should migrate from magnetic strip to EMV chip and PIN platform by 2009. The CBN migration policy was adopted to phase out the magnetic strip when the technology became susceptible to fraudulent transactions. It initially issued six million cards in partnership with several Nigerian banks.[3][4][5]