CBN Empowers Nigerian Fintechs: Carbon and PalmPay Now Offering Verve Cards

In significant development in Nigeria’s financial technology sector, leading fintech companies Carbon and PalmPay have commenced the issuance of Verve cards to their customers. This move follows the Central Bank of Nigeria’s authorization of these fintech giants to issue payment cards, underscoring the apex bank’s commitment to empowering financial technology companies and advancing financial inclusion across the country.

The partnership allows millions of Carbon and PalmPay customers access to Verve’s extensive payment network, bringing digital payment solutions to previously underserved populations. Industry observers note that the decision by both fintech companies to align with Verve stems from the payment card’s network-wide reach and a robust infrastructure across Nigeria and beyond.

Last year, Verve marked its 15th anniversary characterized by its outstanding quality, innovativeness and vast array of options; it also announced that it has issued over 70 million cards, establishing itself as a dominant player in Nigeria’s payment ecosystem. The domestic card scheme’s impressive penetration makes it a natural choice for fintech platforms seeking to rapidly expand their payment offerings while supporting the CBN’s financial inclusion goals.

Other fintech companies that have previously followed this line in issuing Verve cards include Opay and Moniepoint. As a homegrown card scheme, Verve has continued to innovate its service offerings to compete effectively with international payment networks. The company has integrated advanced features, including contactless payment technology and enhanced security measures, such as biometric authentication through other sophisticated recognition systems such as fingerprints.

Through collaborations like this, Nigeria’s journey toward a more inclusive financial ecosystem will be shortened, providing more Nigerians with access to modern banking and payment services through the combined technological capabilities of these financial service providers.