Nigerians to benefit from MasterCard and InterSwitch partnership

Feb 08, 2011

Nigerian consumers are to get access to a new payment card product following the establishment of a partnership between MasterCard and InterSwitch.

The two firms have joined forces to offer a debit card known as MasterCard Verve, which will enable customers to access their money from 10,000 ATMs across Nigeria.

Cardholders will be able to use the chip-and-pin offering both domestically and overseas and Daniel Monehin of MasterCard Worldwide stated it will reduce Nigerians' reliance on cash for making purchases.

"MasterCard is delighted to introduce this highly functional debit card to the public and looks forward to [empowering] Nigerians with meaningful, convenient and secure payments solutions," he remarked.

Director of Payment Solutions at InterSwitch Charles Ifedi described the tie-up between the two firms as a "milestone" for his company, adding that it will improve convenience for its customers.

The business, which specialises in handling electronic transactions, was established in December 2002 and completed its first Nigerian interbank ATM transaction ten months later.