MasterCard and InterSwitch are looking at Nigeria as a jumping off point for a new electronic payment system in the country, the two said after announcing an alliance in the country. It aims at providing customers a single payment card known as the MasterCard-Verve. The partnership deal was announced in Lagos last week at a press conference organized by InterSwitch in conjunction with MasterCard. “It is great,” said one investor attending the conference. He said that “too long have Nigerians and Africans had to fight for a system that truly benefits them. Hopefully this will be that system.” 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. Skyebank has already linked up to the new MasterCard-Verve and will be issuing the new card immediately, while other banks that have indicated interest will follow soon. Addressing reporters, 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.” BM
