Verve has announced its partnership with financial institution Moniepoint in order to launch the Moniepoint Verve Debit Card for Nigerian clients. Throughout this partnership, customers and users of Moniepoint will be enabled to have access to efficient and secure payment options.

These include the capability to settle bills and make payments and transactions across multiple payment channels (such as ATMs, POS terminals, and Websites) across the region of Nigeria. Furthermore, the collaboration aims to improve the manner in which customers benefit from developed and optimised personal banking, as well as a deeper financial inclusion in Nigeria. Cardholders will be enabled to use Verve’s reward programs among other promotional initiatives and opportunities.

Moniepoint’s strategy of development Moniepoint announced a couple of partnerships and investments in the last couple of months, covering different areas around the world. In August 2023, the competition ombudsman in Kenya allowed Moniepoint to purchase Kopo Kopo, a Kenya-based company that provided payment services and credit to firms and businesses. Following the approval that was made by the Competition Authority of Kenya (CA), Moniepoint was set to expand its suite of solutions and tools to Kenya, which continued its development plans across the continent.

Moniepoint also planned to expand to new markets that had a mature payment or banking infrastructure, according to the press release published at the time. Aside from providing credit and payment tools to companies, Kopo Kopo offered small merchants and traders the possibility to accept mobile payments from their clients and users. The Competition Authority of Kenya mentioned that the decision to approve the proposed deal of 100% shares in Kopo Kopo by Moniepoint was unconditional.

It was also granted based on the two key considerations that took place during the merger analysis, which showed that, firstly, the transaction was unlikely to impact competition in the market for digital credit in a negative way, and secondly, that it did not elicit negative public interest concerns at the same time. Earlier in June 2023, Google Cloud announced its collaboration with Moniepoint in order to make financial tools and solutions more accessible and secure to SMEs. Following the partnership, Moniepoint was set to focus on providing clients with services that improved their overall digitalisation procedures, while giving them the needed technology and gear at the same time.

By signing the strategic deal with Google Cloud, Moniepoint was given the opportunity to leverage its scalable cloud infrastructure and its low-latency internet access in order to deliver efficient banking solutions for its users without encountering any lags within the platform. The deal was also focused on allowing Moniepoint to make its capabilities accessible to Nigeria’s remote towns and communities, where the overall access to the internet represented a challenge to businesses that operated outside the region’s commercial hubs. .