Verve Card suspension looms as POS service providers threaten to halt transactions, citing alleged unlawful conduct by Verve and Interswitch

The Association of Point of Sale Service Providers, a coalition of payment firms operating in Nigeria’s electronic payments sector, has threatened a Verve Card Suspension, warning that its members may halt the acceptance, acquisition, processing and switching of Verve card transactions over what it described as unlawful conduct by Verve International and Interswitch Limited.

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The threat was contained in a letter addressed to the managing directors of Interswitch and Verve and obtained by TheCable.

According to the association, the coalition consists of several payment acceptors, acquirers, processors and switching companies licensed by the Central Bank of Nigeria.

The group alleged that Verve International and Interswitch had engaged in activities it considered illegitimate and detrimental to the interests of participants in the payments ecosystem.

While details of the specific allegations were not immediately disclosed, the association warned that failure to address its concerns could result in the suspension of services relating to Verve card transactions across member platforms.

The proposed action could have significant implications for Nigeria’s digital payments industry, given Verve’s extensive presence in the domestic card market and its widespread use by consumers, merchants and financial institutions.

Industry observers noted that any disruption involving Verve card processing could affect millions of transactions daily and place additional pressure on the country’s increasingly cashless economy.

The development adds to growing tensions within Nigeria’s payment services sector, where operators have repeatedly called for clearer regulatory frameworks, fair competition and improved stakeholder engagement.

Neither Verve International nor Interswitch had publicly responded to the allegations at the time of filing this report.

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Stakeholders are expected to closely monitor the dispute as efforts continue to prevent any disruption that could affect businesses, consumers and the broader financial services ecosystem.