Nigeria’s electronic payment ecosystem could face significant disruption as a coalition of Point of Sale (POS) operators and payment processors has threatened to suspend the acceptance and processing of Verve card transactions over allegations of anti-competitive practices involving Interswitch and Verve International.
The operators, representing a group of licensed payment acceptors, acquirers, processors, and switches, accused the two companies of maintaining what they described as an exclusive control over Verve card transaction processing, a move they claim undermines competition and violates existing regulations governing Nigeria’s payment industry.
According to the coalition, the dispute has escalated after repeated complaints over alleged monopolistic practices, excessive scheme fees, and unauthorized deductions from settlement accounts. The group warned that unless the Central Bank of Nigeria and the Federal Competition and Consumer Protection Commission intervene swiftly, members may halt the acceptance, acquiring, processing, and switching of Verve card transactions nationwide.
The controversy deepened following reports that some payment processors accused Interswitch of operating a system that allegedly makes certain transaction records difficult to trace, raising concerns about transparency and accountability within the payment ecosystem. The allegations have intensified calls for regulatory scrutiny as stakeholders seek greater interoperability and fair competition across the sector.
Industry participants argue that the continued dominance of a single processing structure for Verve transactions creates an uneven playing field and places financial pressure on other operators. They also claim that the arrangement contradicts broader regulatory efforts aimed at promoting competition and interoperability in Nigeria’s digital payments market.
Verve, Nigeria’s largest domestic card scheme and a subsidiary of Interswitch, has played a major role in expanding electronic payments across the country since its launch in 2009. The card network is widely used by banks, merchants, and consumers across Nigeria and several African markets.
A suspension of Verve transaction processing could affect millions of cardholders, merchants, and POS agents who rely on the network for everyday financial transactions. The situation now places pressure on regulators to mediate between the parties and prevent potential disruptions to Nigeria’s fast-growing digital payments sector.
Neither Interswitch nor Verve had publicly responded to the allegations at the time of reporting.
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