Nigerian POS Operators Threaten Verve Suspension Over Fees and Monopoly Claims
Updated
Updated · msmeafricaonline.com · May 29
Nigerian POS Operators Threaten Verve Suspension Over Fees and Monopoly Claims
5 articles · Updated · msmeafricaonline.com · May 29
Nigeria’s POS operators said they may halt acceptance, acquiring, processing and switching of Verve card transactions unless regulators intervene, warning of disruption across banking and payment services.
The Association of POS Service Providers accused Verve International and Interswitch of maintaining exclusive control over Verve processing, charging fees above CBN limits and making unauthorized deductions from settlement accounts.
The group said those practices have weakened acquirers, processors and switches that helped expand Verve acceptance nationwide without subsidies, while rival card schemes have already ended exclusivity arrangements.
CBN and the FCCPC are now under pressure to respond, with the operators warning that any suspension could hit merchants, consumers, banks and thousands of SMEs reliant on daily POS transactions.
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Looming Suspension of Verve Card Transactions: What’s at Stake for Nigeria’s Naira 10 Trillion Digital Payment Ecosystem
Overview
Nigeria’s digital payment system faces a major threat as a dispute between Interswitch, operator of the Verve card scheme, and payment processors could lead to the suspension of Verve card transactions. Interswitch claims some processors have bypassed its network, exposing the system to fraud and compromising transaction integrity. In response, Interswitch has introduced new policies and plans to penalize violators to enforce scheme regulations. This conflict puts millions of consumers and businesses at risk of disruption, highlighting the urgent need for regulatory intervention to protect the stability and trust in Nigeria’s payment ecosystem.