Several Banks in Kenya have partnered with Verve International, Africa’s leading payment solutions in a deal that will allow customers to use Verve across the lenders’ network to withdraw cash and make payments.
Inter-connectivity of Bank ATM’s and POS services allows for sharing of infrastructure amongst banks and opens up a wider network of services for their customers. This facilitates more choice and convenience for customers.
This means Verve cards and virtual/digital tokens will be accessible in over 3,000 point of sale terminals, 1,300 ATMs and 12,000 agency banking outlets, giving customers more accessible banking services. These are the outlets that are part of the Verve network partner Banks. They include KCB, Family Bank, Sidian Bank, Prime Bank, Stanbic, UBA, Credit Bank, GT Bank, DTB, NBK, Faulu and NIC. This network links together channels (Mobile, Merchants, ATMs & Agents) from the leading Kenyan banks and is operated by Verve’s parent company, Interswitch Group.
Verve, best known as a card issuer has more than 32 million Verve cards and virtual/digital tokens issued across Africa.
The Verve experience allows customers to conveniently pay for goods and services and transact on mobile, ATMs, points of sale and the branch network. It can also be used for web and online transactions. Banks can issue Verve as either a prepaid, credit or debit solution.
Paul Ndichu, CEO of Interswitch East Africa (K) says: “Kenyan consumers are ready for a converged payment experience regionally that brings together the benefits of a bank card with the latest payment technologies in mobile and web. Through the largest acquired networks in the region, we will provide thousands of locations for Verve customers to transact securely and efficiently.”
As well as traditional bank cards, Verve cardholders are able to make payments on mobile phone, online and by ‘virtual’ card meaning customers will be able to transact with their mobile phone for cardless transactions. Payments are made directly into the bank accounts of individuals, retailers and service providers.
“We are excited to bring this modern, fast and secure payment technologies to more Kenyans through our Bank partners” says Paul.
Verve is a Pan-African payment scheme that is rapidly expanding issuance and acceptance across the African continent. Verve is accepted in 19 African countries, issued by 40 banks and has more than 32 million digital payment tokens and cards in circulation.