Verve’s card-less scheme attracts 13 banks, mobile money operators


An electronic payment processing company- Verve International has attracted 13 Nigerian banks and mobile money operators to a strategic partnership that lead to the deployment of card-less transactions’ infrastructure across the country.


Tagged “Paycode”, the payment platform will make it possible for Nigerians to withdraw money at Automated Teller Machines and POS, as well as make payments at PoS merchants without using debit or credit cards.

Already, ground-breaking technology has been adopted by GTBank, Fidelity Bank, FCMB, Wema Bank, Heritage Bank, Union Bank, Zenith Bank, Stanbic IBTC Bank, Unity Bank, Sterling Bank, Skye Bank, UBA and Access Bank.


Also, payments processing companies like Paga, ReadyCash, Quickteller Paypoint and FETS, have keyed into the platform, while other financial institutions are currently undergoing adoption stages and service would be ready for customers access in the next few months.
This technology shows clear understanding on the part of the adopting institutions and Verve of the plight of their customers. Customers sometimes forget or lose their cards which could leave them stranded, but with Paycode these customers would still be able to get cash at the ATM without the need for a physical card.

Chief Executive Officer of Verve International, Charles Ifedi, said: “We are excited to be in this collaboration with banks, mobile money operators, PSTPs, PTADs and merchants because we know the convenience that Paycode will create for customers.

“Understanding the peculiarities of our environment and knowing that the millions of Nigerians no longer need to worry about having their physical debit cards with them is a major milestone in Nigeria’s payment ecosystem. This is part of our commitment to continuously address indigenous problems with solutions that can be accessed by every Nigerian”

In all, Paycode offers faster, safer and convenient payment to customers without the use of physical debit/credit cards, in just a few seconds with their phones.

This ecosystem, powered by Verve, will allow users generate a unique Paycode via USSD, Internet Banking or Apps directly from their bank accounts or using their existing cards.


Another major use for Paycode is the ability to send it to people without bank accounts and they will receive the Paycode as a text message on their mobile phones and can withdraw cash at any Paycode enabled ATM, POS or Agent.

In an environment where the penetration of mobile money agents is still growing, Paycode is a revolutionary product that solves a problem that operators and consumers have battled with for over a decade.“We’re all familiar with queues at ATMs and the low ATM per capita coverage in Nigeria, leaving many Nigerians without convenient ways to access funds.

“Paycode can be cashed out at POS merchants and Quickteller Paypoint agents, easing the burden on the infrastructure of partner financial institutions, bringing ease of transaction to customers, and saving enormous time and associated resources along the chain”, he added.