A coalition of Nigerian payment processors may suspend Verve acceptance after Interswitch flagged untraceable transactions, risking card payment disruptions.
Verve card payments in Nigeria may face disruption after a coalition of payment processors, acquirers, and switches threatened to suspend acceptance of Verve transactions.
Verve is a local card scheme, meaning it is a payments network that helps route card transactions between banks, merchants, and payment companies. It is widely used for ATM withdrawals, point-of-sale payments, and online card purchases.
According to the report, the tension escalated after Interswitch alleged that some Verve transactions were “untraceable”. In plain terms, that suggests certain transactions cannot be properly tracked end to end across the payment chain, which complicates reconciliation, dispute resolution, and fraud investigations.
In Nigeria’s card ecosystem, multiple intermediaries handle a single payment. An acquirer is the company that connects a merchant to the card network. A switch is the routing layer that sends transaction messages between banks and payment endpoints. When there is disagreement about transaction integrity or traceability, these intermediaries can restrict processing to limit financial and compliance risk.
Verve is used by millions of Nigerians for routine payments. A suspension, even if temporary, could lead to failed transactions at merchants, ATMs, and online platforms.
Merchants and fintechs that rely on card payments may see higher decline rates. This can push more users toward bank transfers and alternative rails, which are not always as reliable during peak periods.
The episode also highlights a broader issue in Nigerian payments infrastructure, reliability and clear audit trails. When “who processed what” is disputed, chargebacks, refunds, and fraud handling become harder, and consumers are usually the first to feel the impact.
Primary Source: Nairametrics
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