MasterCard Worldwide said that its decision to partner with Interswtch Nigera PLC to introduce the MasterCard Verve debit card was due to the strategic importance of Nigeria to its operations and the long standing relationship with Interswitch.

Speaking at the formal launching of the MasterCard Verve card last week, President, Middle East and Africa (MEA), MasterCard, Mr. Michael Miebach, said, the launching of the MasterCard Verve card is a big launching for MasterCard.

“It is very significant for us because Nigeria is a strategic market. We feel this is where the growth is and we have to be here and contribute to the development of electronic payment here”, he said.

He said it is difficult to drive commerce with cash, and that is why electronic payment is critical to the economy. MasterCard, he said identifies with the Vision 2020-20 of Nigeria and hopes to contribute to the realisation of that vision through electronic payment initiatives like the MasterCard Verve card.

“There is so much that the world can learn from the entrepreneurial velocity and can-do spirit that is alive in Nigeria today. MasterCard is an organisation committed to this market, and we are very pleased to be here today to celebrate the launch of the co-branded Verve debit card through our alliance with lnterSwitch”, added Mr. Daniel Monehin, Area Head, East and West Africa & Indian Ocean Islands, MasterCard.

Speaking on the MasterCard Verve debit card, Director, Payment Solution and Business Expansion, Interswitch, Mr. Charles Ifedi, said: “The MasterCard Verve card as the co-branded card is known, empowers Nigerians with meaningful, convenient and secure payments solutions locally and internationally.

“With MasterCard Verve, Nigerian businessmen, women and even students have the opportunity to travel abroad or pay for goods and services online and conveniently through either Naira or Dollar denominated accounts.

“This relationship is a win-win for all parties: MasterCard gets the opportunity to provide services in the Nigerian market while cardholders on the InterSwitch platform get unhindered access to over 30.9 million acceptance locations in 210 markets locally and around the world. This includes merchant locations, ATMs and other locations where cash can be obtained. This is first of its kind in Nigeria, and InterSwitch is proud to have been of service to the people in this way.
MasterCard Verve co-branded cardholders also have access to InterSwitch’s Quickteller services.”