International card brand Verve has entered the Kenyan market in a strategic partnership with Kenya Commercial Bank to expand card acceptance and payment services in Six East African market.
The African grown payment card currently operates in over 40 banks in Africa with Nigeria being the largest market recording over 30 million payment tokens. The entry into Kenya is intended to extend the network further to Tanzania, Burundi, South Sudan and Rwanda.
“East and West Africa are host to some of the fastest growing economies on the continent. We are also seeing rapidly expanding trade flows between the two regions, and with that increased travel.” Said Charles Ifedi, Chief Executive Officer, Verve International.
Verve joins big players in the market currently serving over 10 million card users in Kenya through partnerships with financial institution. Visa and Master card being the most used payment technologies in the country continue to grow rapidly as financial inclusion expands.
In 2014, the company partnered EMVCo as a Business and Technical Associate in efforts to provide input into the enhancements of the future of technology payment in the continent.
In the long run, the technology payment company aims to acquire acceptance around the world. In 2013 the company signed a partnership agreement with Discover Financial Services (DFS), the owners of Diner’s Club, to give Verve cardholders access to the Discover global network of over 185 countries and territories across the world.
“Verve’s expansion will also foster closer business partnerships between East and West Africa and improve the ease of doing business on the continent, thereby encouraging even stronger growth. We have created Africa’s first truly global payment card brand and an important symbol of Africa’s economic power.” Said Mr Ifedi.