A growing dispute within Nigeria’s electronic payments industry has raised concerns about the future processing of Verve card transactions after a group of licensed payment operators threatened coordinated action against the domestic card scheme.
The coalition, which includes payment processors, acquiring institutions, switching companies and Point of Sale operators, has formally challenged certain operational practices within the Verve ecosystem, arguing that they create barriers to competition and limit flexibility within the country’s digital payments market.
In separate communications directed to Verve International and its parent company, Interswitch Limited, the operators called for a series of changes which they believe are necessary to ensure a more competitive and transparent payment environment.
At the center of the disagreement is the framework used to route Verve card transactions. Members of the coalition contend that the current arrangement restricts the ability of industry participants to freely select processing pathways, thereby concentrating transaction flows within a specific segment of the payment infrastructure.
The operators maintain that a more open framework would align with broader industry objectives of interoperability and competitive neutrality, allowing licensed participants to process transactions through multiple approved channels.
In addition to concerns surrounding transaction routing, the group also raised issues relating to pricing structures, settlement processes and operational practices that they believe require regulatory review.
Among the remedies being sought are greater processing flexibility, improved transparency in transaction billing, reimbursement of disputed charges and the removal of practices viewed as restrictive to competition.
The concerns have also attracted the attention of representatives within the Point of Sale ecosystem, with industry groups warning that unresolved issues could affect service continuity across parts of the payment network.
The operators argue that addressing these concerns is essential as Nigeria continues to expand digital payments adoption and strengthen financial inclusion initiatives.
In response, Interswitch has defended its operational policies, stating that existing measures were designed to safeguard the integrity of the Verve network and strengthen transaction security.
According to the company, transaction controls and routing protocols help improve traceability, reduce fraud risks and support compliance with industry standards.
Company officials also indicated that certain measures were introduced to prevent unauthorized transaction handling practices that could compromise network oversight.
Interswitch further stated that it remains committed to engaging stakeholders and ensuring the continued reliability of the Verve payment platform.
The matter has since attracted the attention of the Central Bank of Nigeria, which is understood to be facilitating discussions among the affected parties in an effort to reach a resolution.
Industry analysts warn that a prolonged disagreement could create uncertainty within Nigeria’s rapidly expanding digital payments ecosystem.
Verve remains one of the country’s most widely used card networks, serving millions of consumers, merchants and businesses across multiple transaction channels.
