Verve partners with Sterling Bank to roll out maiden credit card
Verve has teamed up with Sterling Bank to introduce its inaugural credit card, marking a significant milestone in Verve's mission to enhance the lives of Africans through accessible financial services. This partnership aims to deepen financial inclusion and facilitate credit access through card issuers.
In its ongoing pursuit of offering seamless and innovative payment solutions, Verve, a leading brand in payment cards and digital tokens in Africa, has collaborated with Sterling Bank, a progressive Nigerian financial institution. Together, they are launching a new line of credit cards denominated in naira.
These credit cards, available in two categories, Ultra Bronze and Ultra Ruby, are designed to provide flexible access to funds for Nigerians. They offer a revolving line of credit, convenient repayment options, contactless payment capabilities, a 45-day interest-free period, and the versatility to be used across various cities in Nigeria at different payment terminals and locations. These credit cards also come with a validity period of 3 years.
The dominant global digital payment infrastructure for consumer transactions centers around credit and debit card networks, which encompass entities such as Visa, Mastercard, Amex, Union Pay, and a few others. However, in many emerging markets, particularly Sub-Saharan Africa (SSA), the prevalence of credit cards remains limited, with fewer than 5% of consumers possessing them. Although card adoption generally in Africa lags behind the global average, there is a noticeable upward trajectory. For instance, in Ghana, the number of issued cards witnessed an 11% year-on-year increase from 2018 to 2019, with transaction volumes surging by 51%. This growth coincided with a substantial rise in the volume of mobile money transactions, which experienced a year-on-year growth of 39%. This pattern underscores consumers' inclination for a diverse array of payment methods and channels in the region.