" ITREALMS: Mastercard, Interswitch launch MasterCard Verve

Tuesday, February 01, 2011

Mastercard, Interswitch launch MasterCard Verve

Leading electronic payment and switching company, the InterSwitch Nigeria Limited and MasterCard International have consummated a partnership with the debut of MasterCardVerve debit card.

Confirming this in Lagos at a press meeting, Area Head, East & West Africa and Indian Ocean Islands at MasterCard International, Mr. Daniel Lanre Monehin, described the partnership as auspicious and something both companies have been working on for some times now.

He also said that the partnership was spurred by the entrepreneurial spirit of Nigerians at InterSwitch led by the Managing Director, Mr. Mitchell Elegbe, which afforded MasterCard the opportunity to leverage on local enterprise to see the partnership through.

Monehin further said that with the partnership, MasterCardVerve is a single card for Nigerians, which could be locally and internationally in making payments.

“It’s a fully Nigerian card,” he declared, stressing that it is a payment card that could be used in every payment channel across the globe.

He disclosed that Skye Bank has indicated interest in rolling out the latest payment solution for Nigerians, even as other banks are welcome to key into the new product.

Monehin noted that the conditions for customers to get the MasterCard Verve depend entirely on the executing banks.

Director, Payment Solutions, Interswitch, Mr. Charles Ifedi, said that the MasterCard Interswitch partnership is a milestone in the history of the company because it enables
Interswitch to provide cardholders with what they really deserved, which is more convenience at home and abroad.

The deal, he said, was based on the fact that Nigerians believe that anything can happen, hence very resilient and patient.

Expressing appreciated to Mastercard team for accepting the partnership, Ifedi noted it’s a partnership that began years back.

“We are basically aligning our operations to the Central Bank of Nigeria’s regulations. So expect very great things from this partnership,” he said.

Vice president for MasterCard, Middle East and Africa Mr. Michael Miebach said the event was the first of its kind between Mastercard and Interswitch which resulted in the MastercardVere debit card.

“This card in Nigeria is very significant to us,” he said, stressing that one thing about cash is that it’s very challenging and insecure to handle, so the partnership an alternative option.

Currently, he said MasterCard has 1.6m cards issued and about 22m transactions daily.

“This is the first global product of its kind,” he declared.

Emphasising that MasterCard Verve debit cardholders would be the first cardholders in Nigeria to have local and international acceptance and be able to access a range of value added services.

Equally speaking, the Group Chief Marketing Officer, Interswitch, Mrs. Tito Adeniyi-Aderoju pointed out that it has been a long journey that has gotten to its destination to the extent of going public.

She commended members of joint team from both Interswitch and Mastercard, while calling on Nigerians to embrace it.

Remmy Nweke:
ITREALMS Online ... delivering news for ICT4D

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