Nigerias reaction to US sanctions on Russia- MasterCards’ monopoly in national ID project broken

Dreamestorical

Dreamestorical

Pro
Joined
Jan 2, 2014
Messages
620
Reputation
510
Daps
2,090
images

Verve card (its a Nigerian alternative to Visa and mastercard)
https://myvervecard.com/
http://www.interswitchng.com/


http://businessdayonline.com/2014/0...y-in-national-id-project-broken/#.U6giIPldWSo
MasterCard International’s monopoly as payment processor in Nigeria’s national identity card project has been broken following a recent declaration by the leadership of the National Identity Management Commission (NIMC) that Verve, a local card operator, and Visa Incorporated will now participate in the rollout of smartcards, BusinessDay can now report.
Click to expand...

BusinessDay had reported that the concerns were further amplified by recent sanctions imposed on Russia by the United States (US) over the former’s position on the Ukrainian turmoil. The implication of MasterCard’s involvement in Nigeria’s identity project is that rules made by the US government institute which regulates or directs American firms (like Visa and MasterCard) would automatically impact Nigeria’s financial system.
Click to expand...


“The e-ID card is about creating an assured identity on cards for payments. Our plan now is to roll out smartcards on three platforms, namely, MasterCard, VisaCard and Verve. The first two card processors have been approved and the last one is being tested,” said Chris Onyemenam, director-general, NIMC, at the ongoing Card Expo & Exhibition 2014 organised by Intermac Consulting in Lagos.
Click to expand...

This is an excellent development. We will still have Visa and Mastercard in Nigeria, but The local company Verve will also be included to handle cash transactions and for the identity scheme. Plus verve is pretty big in Nigeria. Our local banks like UBA and First Bank use verve for thier transactions instead of mastercard or visa.

This will also be used as a safety net incase of any western sanctions on Nigeria. We dont want what is happening in Russia to take place in Nigeria. I told you guys earlier on that Nigerias economic rise will soon create a confrontation with the west(especially France) and you need to have safeguards in place to ensure any economic sanctions from the west are minimized.

This is why I laugh when people say Goodluck Jonathan is an idiot, or he is going to sell Nigeria to the west and all that crap. Thoguh Nigeria needs to deal with this Boko haram issue so it can rise faster.


Now verve is part of a Nigerian company called interswitch which also deals with payments.
http://www.interswitchng.com/





http://solawopo.blogspot.ca/2014/04/new-cold-war-what-if-mastercard-stops.html

Here was an article about the sanctions and interswitchs rising influence in Africa
(Its a few months old. It is before Nigeria's government decided to award the contract to Verve)

What does the future hold for Africa?
What lessons are African Head of States drawing from the ensuing cold war between US and Russia? Do African Head of States have the consciousness and the balls to create their own payment card? …I have my doubt.

However, I am happy that recent events in West Africa, particularly in Nigeria have demonstrated that Africa has enough will power to initiate projects that could challenge the dominance of the super powers in the global card payment industry.

The impressive performance of Verve bankcard in Nigeria's dynamic but complex e-payment market gives a glimpse of hope for Africa. Verve bankcard remains the only notable bankcard brand with African origin. It has been promoted aggressively by Interswitch, Nigeria's leading transaction switching and payment processing firm with footprint in Gambia, Uganda and East Africa. I was told that Verve card would be accepted soon in Kenya and Ghana.
Click to expand...
[/QUOTE]

govTech_verve-debit.jpg
 
Last edited:
Dreamestorical

Dreamestorical

Pro
Joined
Jan 2, 2014
Messages
620
Reputation
510
Daps
2,090
http://www.vanguardngr.com/2013/03/cashless-nigeria-verve-card-now-accepted-in-us-other-countries/

Cashless Nigeria: Verve card now accepted in US, other countries

In furtherance of the Central Bank of Nigeria (CBN)’s cashless policy, Verve card will now be accepted in several countries in Europe and America.

This became possible as Discover Financial Services (DFS) and Interswitch, the largest integrated payment processing service provider in Nigeria and promoter of the leading card network, Verve, have entered a strategic alliance that will allow acceptance of Discover and Diners Club International (DCI) cards at Interswitch-enabled ATM and point-of-sale (PoS) terminals for purchases in Nigeria, while Verve card will also be accepted in the US, China, Japan, Korea, Serbia and India.

“The new agreement with Discover Financial Services provides our issuing members with new options for ATM and POS access around the globe while also giving Verve cardholders what they deserve, more convenience at home and abroad.”

“This partnership is a major milestone in our 10-year history. We will also leverage Discover’s suite of solutions to deliver innovative card and electronic payment initiatives across various sectors in the market,” said Mitchell Elegbe, Group MD/CEO, Interswitch.

http://www.vanguardngr.com/2013/03/...d-in-us-other-countries/#sthash.Wqf62OPF.dpuf
Click to expand...

http://www.thisdaylive.com/articles/interswitch-launches-transport-solution-at-mma2/181121/

Interswitch Transnational, one of the leading pan-African integrated payments companies, has launched its new SmartMove solution at Murtala Muhammed Airport Terminal 2 (MMA2).

Interswitch said in a statement that SmartMove has been deployed at the airport as a fully automated multi-storey car park management system that utilises payment cards, the first of its kind in Nigeria.

According to the company, the payment cards will be provided by Verve.

“Their new product, ‘Verve Breeze’, a contactless card variant, will work with SmartMove to provide users with quick and easy payment in car parks, on mass transit and on toll roads,” the statement said.

Commenting on the product, Group Managing Director, Interswitch Transnational Holdings, Mr. Mitchell Elegbe, said: “The launch of SmartMove is an ambitious step for Interswitch into a new high growth sector in Nigeria.
Click to expand...
 
Last edited:
Dion Isus

Dion Isus

Pro
Joined
Sep 8, 2013
Messages
347
Reputation
-210
Daps
793
Dreamestorical said:
This will also be used as a safety net incase of any western sanctions on Nigeria. We dont want what is happening in Russia to take place in Nigeria. I told you guys earlier on that Nigerias economic rise will soon create a confrontation with the west(especially France) and you need to have safeguards in place to ensure any economic sanctions from the west are minimized.
Click to expand...

Why would there be sanctions put on Nigeria?
 
Dion Isus

Dion Isus

Pro
Joined
Sep 8, 2013
Messages
347
Reputation
-210
Daps
793
FaTaL said:
i believe boko is funded by some nigerians and arabs
Click to expand...

There's speculation that members of the government have funded it in the past to undermine Goodluck Jonathan, but Nigeria and US are on good terms, and Nigeria has never been considered a state sponsor of terrorism.
 
FaTaL

FaTaL

Veteran
Joined
May 2, 2012
Messages
106,304
Reputation
5,449
Daps
211,919
Reppin
NULL
Dion Isus said:
There's speculation that members of the government have funded it in the past to undermine Goodluck Jonathan, but Nigeria and US are on good terms, and Nigeria has never been considered a state sponsor of terrorism.
Click to expand...
its all about the oil
 
You must log in or register to reply here.
Top