Bridging the Financial Inclusion Gap

Nume Ekeghe writes on the transformative impact of Verve International, Africa’s pioneering domestic payments scheme, in reshaping Nigeria’s financial landscape and fostering inclusion

In Nigeria, financial inclusion has emerged as a cornerstone for sustainability and economic prosperity. The country’s ambition is to extend access to formal financial services across a wider spectrum of the population, thus bridging the financial inclusion gap that has long excluded many. Various stakeholders, from banks and microfinance institutions to regulatory bodies and telcos are actively involved in initiatives aimed at driving financial inclusion throughout the country, with the ultimate goal of fostering economic growth.

As part of this overarching movement, fintechs and commercial banks in Nigeria have been pioneering innovative solutions to enhance financial inclusion. The issuance of diverse financial products, including debit and credit cards, by these entities has played a pivotal role in breaking down barriers and creating avenues for people from all walks of life to access financial services. These efforts underscore a collective commitment to making financial services more accessible, irrespective of geographical location or socio-economic status.

The collective effort has yielded significant results, with financial inclusion in Nigeria rising to 74 per cent in 2023, up from 68 per cent in 2020, according to a report by Enhancing Financial Inclusion and Access (EFInA).

The importance of financial inclusion becomes even more pronounced when considering the evolution of payment systems and the shift towards digital transactions. The convenience and efficiency offered by digital payment methods contribute substantially to the expansion of financial inclusion initiatives. Methods such as mobile banking, online transfers, and payment cards empower individuals by providing them with tools to manage their finances securely and conveniently.

One notable financial player leading the charge in driving financial inclusion in Nigeria is Verve International, Africa’s first and largest domestic payments scheme. Verve has consistently demonstrated its commitment to deepening financial inclusion by partnering with banks and other financial institutions to provide payment cards to Nigerians and Africans at large.

Consequently, banks and other financial institutions are increasingly inclined to issue Verve cards due to the card’s renowned unique and exciting benefits. Over the years, Verve has swiftly gained traction among Nigerians, becoming synonymous with top-notch payment solutions, reliability, and convenience. Whether conducting transactions such as bill payments, cash withdrawals, web transactions, or mobile top-ups, Nigerians have chosen Verve as their preferred payment solution.

The widespread acceptance of Verve goes beyond providing top-notch payment solutions; it signifies a cultural shift where a financial tool has become an integral part of people’s lives. This love for Verve is a testament to its impact in bridging the financial inclusion gap and enhancing the overall financial experience for individuals across Nigeria.

As Verve continues to make significant strides domestically, its influence and impact are equally resonating globally, leaving no stone unturned. Its acceptance by key international merchants like Netflix, Amazon Prime, Spotify, Facebook, Uber, and Google amplifies its role in bridging the financial inclusion gap on a global scale.

Verve recently partnered with Google to enable Nigerians to make payments on the Google Play Store using the Nigerian local currency, naira. This partnership comes as a significant relief to many Nigerians who were facing challenges with international payments due to forex demands on their banks. The partnership will avail Verve cardholders to an expansive pool of products on Google Play.

From the entertainment delights of TikTok and Candy Crush to the professional networking prowess of LinkedIn and the innovative possibilities of Space, as well as the enhanced security and efficiency in call management provided by Truecaller, Verve ensures that its users have seamless access to a diverse array of digital products.

Verve remains steadfast in its commitment to broadening financial access and empowering individuals from diverse socioeconomic backgrounds. Through innovative solutions and strategic partnerships.

Verve has established itself as a payment solution and financial inclusion champion, illuminating the path towards a more financially inclusive country. Verve’s unwavering commitment to enhancing accessibility and empowering those previously excluded is reshaping the narrative of financial inclusion in the country.