By Aduragbemi Omiyale
One of the leading innovative Nigerian lenders, Sterling Bank, has commenced issuing credit cards to its customers.
The issuance of the Naira-denominated credit card was made possible through the bank’s collaboration with Africa’s leading payment cards and digital tokens brand, Verve.
This partnership marks another milestone in Verve’s journey as a payment brand focused on improving the lives of Africans one card at a time, deepening financial inclusion, and facilitating access to credit in partnership with card issuers.
The Sterling Bank credit card, which will provide flexible access to funds for Nigerians, in addition to a revolving line of credit, comes in two categories, Ultra Bronze and Ultra Ruby.
The cards have a validity period of three years like the debit cards, they have a 45-day interest-free period and can be used across cities nationwide and at various payment terminals and locations, and can be used for convenient repayment plans and contactless payments.
“We are thrilled to have collaborated with Sterling Bank on this journey, fueled by our aligned goals of forming strategic partnerships, like this one, to elevate the experience of the average Nigerian in their interactions with the macro-financial economy by improving their purchasing power,” the Managing Director of Interswitch Paytoken (Verve), Mr Vincent Ogbunude.
Mr Ogbunude, who admitted that the credit system in Nigeria remains complex, explained that the collaboration with Sterling Bank was “to make good on our promise to deliver Verve’s signature good life experience by simplifying access to credit for consumers’ everyday purchases.”
Speaking on the launch of the product, the Chief Product Officer of Sterling Bank, Mr Mustapha Otaru, said, “The collaboration with Verve perfectly aligns with Sterling’s mission to create solutions that enhance the delivery of value to our esteemed customers.
“With Specta Ultra Card issued on Verve, we have simplified access to credit for customers with different income levels and spending needs. Thus, it reaffirms our commitment to delivering innovative financial solutions and access for everyone.”
Verve has continued to demonstrate its commitment to deepening financial inclusion, by partnering with banks, financial institutions, and other payment service outfits to provide payment cards to Nigerians and Africans at large.
With acceptance in over 185 countries globally and over 50 million tokens, Verve cardholders are assured of access to innovative products and solutions that promise convenience and safety.
As a pan-African customer-centric payment scheme, delivering payment solutions to individuals, issuers, and organizations, Verve remains committed to pushing the bounds in terms of customer experience and payment possibilities.
