Nigeria's Interswitch launches Verve payments service in Kenya

L-R: Charles Ifedi, CEO, Verve; Mitchell Elegbe, Founder & MD, Interswitch; Akeem Lawal, Director, Interswitch. Credit:

The Nigerian company Interswitch is to launch its Verve payments cards in Kenya, a move that should cut banks’ costs and threaten the dominant positions of Visa, MasterCard and the M-pesa mobile money service.

Charles Ifedi, Verve’s chief executive, said fees charged by Verve in Nigeria were between 30 per cent and 50 per cent less than those charged by Visa and MasterCard, with savings on some services, such as buying mobile phone airtime, of up to 300 per cent.

People without a bank account in Kenya, who account for some 33 per cent of the adult population, will be able to use Verve prepaid cards and top up their balances at agents.

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