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Association Accuses Verve and Interswitch of Regulatory Breaches, Seeks Urgent Government Intervention
The Association of Point of Sale (POS) Service Providers in Nigeria has threatened to suspend the processing and acceptance of Verve card transactions nationwide, citing alleged exclusivity and anti-competitive practices by Verve International and Interswitch Limited.
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The association claims that the actions of the two companies contravene existing regulations of the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC), warning that failure by regulators to intervene could trigger a shutdown of Verve card switching and acquiring services.
POS Transactions Power Nigeria’s Digital Payments Ecosystem
POS operators play a critical role in Nigeria’s financial services value chain. Data from Nigeria Inter-Bank Settlement System (NIBSS) shows that as of March 2026, transactions conducted through over 170,000 deployed PoS terminals reached a total value of ₦177.8 billion.
Transaction volumes rose steadily from 16,102 in January to 16,731 in February, and further to 20,728 in March. In value terms, PoS transactions stood at ₦152.9 billion in January, dipped slightly to ₦144.9 billion in February, before rebounding sharply in March.
Association Demands Immediate Regulatory Action
In a statement signed by its Communications Consultant, Yomi Idowu, the association disclosed that it had formally written to protest what it described as the “persistent and unlawful decisions” of Verve International and Interswitch.
According to the association, the alleged practices negate “extant rules and regulations of the CBN and the Federal Competition and Consumer Protection Act (FCCPC) 2018.”
It stressed that, as representatives of a coalition of CBN-licensed payment acceptors, acquirers, processors, and switches, members may have no alternative but to suspend the acceptance, processing, switching, and acquiring of all Verve card transactions if the situation persists.
Key Issues at the Heart of the Dispute
Core Complaint:
The POS operators allege that exclusivity arrangements unfairly restrict payment processing options and stifle competition within Nigeria’s domestic card scheme market.
Regulatory Demand:
The coalition is calling on the CBN and FCCPC to urgently intervene and halt what it describes as monopolistic and anti-competitive practices.
Potential Impact:
A suspension of Verve card transactions could significantly disrupt retail payments, merchant services, and financial inclusion efforts nationwide.
Alleged Breaches Cited by POS Operators
The association outlined several alleged violations, including:
- Maintenance of an exclusive monopoly over Verve card transaction processing
- Abuse of dominant market position, contrary to Section 72 of the FCCPC Act and relevant sections of the CBN Guidelines on the Operation of Electronic Payment Channels
- Imposition of scheme fees exceeding the regulated Merchant Service Commission (MSC) share due to acquirers
- Unauthorised and unlawful debits from settlement accounts of acquirers, processors, and switches
According to the association, these actions jointly undermine the integrity of Nigeria’s payments ecosystem, erode the capital base of participating institutions, and violate multiple regulatory requirements.
