Brands/Products
Verve Vows to Deepen Financial Inclusion in Nigeria
**Controls 95% Market Share in Gambia
By Adedapo Adesanya
Nigeria’s leading electronic paynent platform launched by Interswitch Group, Verve, celebrated its 10th year of operating in the country on Friday, September 27, 2019.
Marking the occasion with a media parley in Lagos, the company spoke on the journey so far, the challenges that followed the innovation, and what it expects to achieve in the future.
Speaking on the Verve story, the Verve International Divisional CEO, Mr Mike Ogbalu III, expressed his excitement about this milestone occasion, saying the idea was born out of the need to serve the general public.
He noted that when the debit based innovation came into existence, Nigerian banks were skeptical about its ability to serve the average customer.
According to Mr Ogbalu, Access Bank and the defunct Intercontinental Bank aligned themselves with the Verve vision and showed more belief in the dream when the idea was sold to them.
He praised these two financial institutions for believing in the innovation which led to the issuance of Verve cards by Nigerian banks, making it possible for the indigenous brand to compete well with other international competitors.
He further said with the introduction of Verve instant issuance technology into the market, bank activity rose drastically as a result of customers being able to get their personalised debit cards on time.
Mr Ogbalu said that despite the competitiveness amid the economic challenges, Verve will continue to evolve as its cards were now issued as both physical and virtual systems in Nigeria and 12 countries across the African continent.
“It is incredible to think about it that a brand that started here in Nigeria is solving problems across Africa.
“With Verve, we are taking a piece of Nigeria to the world,” he added.
Mr Ogbalu further said that Verve has found its way across the international payment space and had even beaten the two year expectation set for it and hopes to expand more.
On his part, the Founder and General Managing Director of Interswitch Group, Mr Mitchell Elegbe, said that Verve had laid down the foundation and is currently being issued in over 20 countries on the continent
He noted that the company had a market share of 95 percent in Gambia and was similarly making name in Kenya and other countries.
According to Mr Elegbe, Verve had also gone global with its launch in New York and is accepted in over 185 countries in the world.
Business Post reports that at the media parley, which featured a panel discussion moderated by Mr Ogbalu III, Verve noted that it was at driving for more financial inclusion in line with the policies on the Central Bank of Nigeria while making electronic payments accessible and affordable, and also ensuring the drive for the acceptance of electronic payments in a cash driven economy.
There was also a deliberation on the disruption of telcos in offering financial services. The event also featured the launch and test of the Verve Life Application.
By Modupe Gbadeyanka
To make finding the right service provider or reaching the right customer seamless, popular local information portal, Connect Nigeria, has introduced a Quote Request platform.
Connect Nigeria described the new system as “a digital solution designed to make connecting with service providers faster, easier, and more reliable.”
It said the Quote Request was built for consumers who need services quickly and want trusted options without the stress of searching endlessly; and service providers and businesses looking for real, high-intent customers without spending heavily on marketing.
“Whether you need a caterer for an event, a plumber for your home, or a designer for your brand, the platform is designed to connect you with the right people,” Connect Nigeria added.
“By connecting demand directly with supply, the platform creates a more structured and dependable marketplace,” it further stated.
At its core, the Quote Request simplifies the entire process of finding and offering services.
To use the service, users have to submit a request describing the service or product needed, which is then sent to verified vendors on the platform. Interested providers respond within 1–2 days, and users compare offers and choose what works best for their needs and budget.
“Instead of searching for vendors, the vendors come to you, with relevant, tailored responses,” Connect Nigeria explained.
The company expects this new platform to eliminate the stress of endless online searches, delayed or vague responses, and uncertainty about service quality.
As for businesses, it solves poor visibility, inconsistent customer flow, and lost opportunities due to slow response times.
Connect Nigeria Quote Request mobile app is now available on the Google Play Store and Apple App Store.
By Aduragbemi Omiyale
An institutional investor, First Ally Capital, has strengthened a leading Nigerian financial technology company, Mathesis Analytics, to scale its proprietary credit decisioning infrastructure.
It made this possible by injecting fresh capital into the firm, which specialises in AI-powered credit decisioning infrastructure, an action that will directly support the growth and scaling of Mathesis’ core mission of providing the intelligence and infrastructure needed to bridge the credit gap for millions of unscored or underscored individuals across Nigeria.
With this investment, Mathesis will enable financial institutions to confidently assess and extend credit to borrowers who lack a formal credit history by leveraging an expanded pool of alternative behavioural and transactional data.
To date, Mathesis’ systems have supported more than 8 million loans for over 2 million unique borrowers in Nigeria, and the company is actively deploying its infrastructure to establish a growing pan-African footprint.
With the investment from First Ally Capital, Mathesis is well positioned to transform how the credit ecosystem operates, driving financial inclusion in partnership with lenders across the continent.
A significant barrier to credit access in Nigeria, which prides itself on being Africa’s largest economy, is data fragmentation. Borrowers frequently build positive financial behaviours across multiple digital platforms by repaying microfinance loans, saving through fintech wallets, or servicing Buy Now, Pay Later (BNPL) facilities.
However, under traditional credit infrastructure, these achievements remain invisible to new lenders.
Mathesis addresses this challenge through the concept of Personal Equity—the quantified expression of an individual’s financial behaviour aggregated across every institution with which they have transacted.
By translating these disparate signals into a precise, portable measure of creditworthiness, Mathesis creates a comprehensive credit identity that reflects the full breadth of a person’s financial life.
“True financial inclusion cannot be achieved in a vacuum; it requires structural collaboration in which lenders and fintech companies work as partners within the ecosystem.
“This investment from First Ally Capital validates our approach to reshaping credit infrastructure. By quantifying Personal Equity, we empower lenders to safely look beyond the constraints of formal credit histories and recognise a borrower’s true creditworthiness. This capital enables us to accelerate our pan-African expansion while maintaining the robust, institutional-grade infrastructure our partners rely on,” the chief executive of Mathesis Analytics, Winston Osuchukwu, stated.
On his part, the chief executive of First Ally Capital, Mr Ebenezer Olufowose, said, “At First Ally Capital, we pride ourselves on being a one-stop destination for financial solutions, offering a diverse portfolio of services ranging from investment banking and asset management to trusteeship, inclusive banking, and real estate.
“Our investment in Mathesis Analytics reflects our strong belief in the company’s vision and our commitment to supporting forward-thinking enterprises that deliver excellence.”
By Aduragbemi Omiyale
The chief executive of Canal+ Africa, Mr David Mignot, has disclosed that MultiChoice is now fully integrated into the media group.
Mr Mignot disclosed this via a statement issued on Thursday, noting that this development marks a new phase in the evolution of one of Africa’s leading pay television operators.
He noted that the integration positions MultiChoice within a global media organisation with an extensive international footprint.
“MultiChoice is now a full subsidiary of a truly international media group operating in 70 countries. The group was founded in France, is listed in London and Johannesburg, and has a strong African presence with operations in more than 45 countries,” Mr Mignot said.
The statement underscores the scale of the combined business, highlighting Canal+’s global reach alongside its significant investments across Africa.
The completion of the transaction is expected to strengthen MultiChoice’s position in the African media and entertainment market by giving it access to the broader resources, expertise and international capabilities of the Canal+ Group, while reinforcing the group’s commitment to the continent.
MultiChoice operates across sub-Saharan Africa through platforms including DStv and GOtv, serving millions of subscribers with entertainment, sports and news content.
