Payments Coalition Threatens Nationwide Suspension of Verve Card Transactions

Millions of Nigerians using Verve cards could face payment disruptions as a coalition of CBN-licensed processors, acquirers, switches and POS operators demands an end to what it calls unfair routing and exclusive processing arrangements by Verve and Interswitch. The group accuses Verve’s parent, Interswitch, of enforcing a transaction routing policy that locks payments through its own switch, stifles competition, and imposes fees beyond CBN limits. Operators also claim unauthorised deductions from settlement accounts have exposed them to financial risks. The coalition wants Verve and Interswitch to withdraw the routing policy, end exclusivity, refund improper deductions and introduce transparent invoicing. Interswitch rejects the allegations, citing security and fraud-prevention needs, and refers the matter to the Central Bank of Nigeria. Industry observers warn a protracted standoff could disrupt Nigeria’s cashless agenda, affecting merchants, fintech firms, POS operators and millions of consumers.

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