Pan-African integrated payment processing and transaction switching
company Interswitch Transnational Holdings has announced the spin-off of
its two core divisions — the Verve payments card business and switching
and processing operations — as separate entities. The two will be known
as Verve International and Interswitch Switching and Processing.The separation will allow each business to focus on core competencies and regional and international expansion, Interswitch said in an announcement.
Interswitch is connected to all 20 banks in Nigeria, including seven microfinance institutions and 16 mobile money operators. It processes local and international transactions originating from payment card associations such as China UnionPay, MasterCard, Visa and Discover Financial Services.
Verve provides payment card products and solutions in Nigeria. According to Interswitch, the company has 20 million cards in circulation and access to more than 11,287 ATMs and 119,631 points of sale. Its pan-African chip-and-PIN payment card is the first to be accepted across all payment channels in Nigeria.
As a standalone business, Verve will work to maximize its strategic alliance with the Discover network. The alliance will enable the acceptance of Verve cards on ATMs and POS devices in more than 185 countries around the world, Interswitch said.
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