The association warned that unless the Central Bank of Nigeria and the Federal Competition and Consumer Protection Commission intervene urgently, operators may halt the acceptance, acquiring, processing, and switching of Verve card transactions across the country.
According to a statement issued by the association’s communications consultant, Yomi Idowu, the group has formally protested what it called persistent unlawful actions by Verve International and Interswitch Limited. The operators allege that the companies maintain an exclusive monopoly over Verve transaction processing and impose conditions that undermine competition within Nigeria’s payment sector.
The association further claimed that the alleged practices violate provisions of the Federal Competition and Consumer Protection Act as well as guidelines issued by the Central Bank of Nigeria governing electronic payment channels. Among the allegations are excessive scheme fees, unauthorized deductions from settlement accounts, and restrictions that limit other licensed operators from participating fairly in the Verve ecosystem.
Industry stakeholders warn that any suspension of Verve-related transactions could have far-reaching consequences for businesses and consumers. Millions of Nigerians rely on POS terminals for daily financial transactions, especially in areas where banking infrastructure remains limited. A disruption could affect merchants, small businesses, and customers who depend heavily on cash withdrawals and electronic payments.
The association argued that its members played a significant role in expanding the acceptance and growth of Verve cards nationwide and should not be subjected to practices that erode profitability and restrict competition. It also noted that other card scheme operators have already eliminated similar exclusivity arrangements in line with regulatory expectations.
At the center of the dispute is the broader issue of competition and interoperability within Nigeria’s rapidly growing digital payments sector. Existing Central Bank guidelines explicitly prohibit exclusivity arrangements in payment services, emphasizing open competition among operators.
As of the time of filing this report, neither Verve International nor Interswitch Limited had publicly responded to the allegations, while stakeholders continue to await action from regulators.
With Nigeria’s cashless economy gaining momentum and POS services becoming a critical pillar of financial inclusion, industry observers say a swift resolution will be necessary to prevent a disruption that could ripple through the nation’s banking and payment infrastructure.
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