July 3

OPay and Moniepoint Issue $17 Million Verve Cards as Nigerian Fintechs Switch From Visa and Mastercard

Before the COVID-19 pandemic, Nigerian fintechs stumbled on an easy customer acquisition strategy: issuing foreign debit cards. These cards, often issued for free or next to nothing, ensured fintech customers could withdraw money at ATMs, or pay at supermarkets. Giving customers debit cards increased spending, allowing fintechs to earn more transaction fees.

Photo courtesy of Mirza Babic.

Source: TechCabal (link opens in a new window)

Finance, Technology
digital finance, fintech