Cross-border Payments Receive Boost As Verve, GIM-UEMOA Partner

GIM-UEMOA, the interbank electronic banking group of the West African Economic and Monetary Union (UEMOA) has announced a partnership with Verve, a prominent Pan-African financial technology and payment card brand.

The collaboration is set to enable seamless card acceptance across the eight UEMOA member countries, connecting over 120 million people to a wider African financial network.

Both organisations stated that this alliance represents a significant stride towards achieving a fully interoperable digital payments system in Africa, driven by homegrown solutions tailored for the continent’s unique financial landscape.

Addressing the long-standing issue of cumbersome cross-border transactions, this partnership will now allow Verve cardholders to make payments across GIM-UEMOA nations, including Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

This integration marks a historic moment as it is the first time a Nigerian domestic card network, Verve, will be incorporated into the GIM-UEMOA regional network. Consequently, Verve card holders will also be able to withdraw funds from ATMs connected to the GIM-UEMOA network.

Speaking at a press conference in Lagos, Deputy General Manager GIM-UEMOA, Serges Adingni, hailed the partnership as a pivotal moment for technological advancement and financial inclusivity.

“We are indeed experiencing a landmark moment in the evolution of cards and technology,” Mr Adingni stated. “A moment where an ambitious vision is becoming a reality. I am particularly proud to celebrate not just an announcement, but the realisation of a promise – that of a more financially connected, more digital, and stronger Africa.”

He further emphasised GIM-UEMOA’s core mission to establish an integrated electronic money space for the eight UEMOA nations, highlighting their long-standing Pan-African vision. “We believe in the power of strategic alliances to build this future, and in Verve, we have found an exceptional partner. Their international reach, continental success, and vision make them a truly African winning force.”

Adingni elaborated on the immediate impact of the collaboration: “Today, we celebrate the successful interoperability between the Verve and GIM-UEMOA networks. In practical terms, millions of Verve cardholders can now access financial services via thousands of ATMs on our network across the eight UEMOA countries. This significant step forward will foster greater fluidity for trade and travel within our region and accelerate financial inclusion for our valued customers.”

Managing director, Verve International, Vincent Ogbunude, expressed his profound appreciation to GIM-UEMOA for their vision, commitment, and partnership. “Their dedication to advancing the Pan-African financial system is truly inspiring, and together, we are laying the groundwork for a more connected and prosperous Africa.”

Ogbunude also acknowledged the crucial role of fintechs and banks in this collective achievement, underscoring that “these collective efforts are a collective win for us.”

He stressed the importance of collaboration in building a more sustainable and inclusive economic future for the region and the continent. “The challenge of financial inclusion cannot be solved in isolation. It requires concerted efforts from all sectors, including government, business, and financial institutions. Through partnerships like this, we continue to move closer to a more integrated and inclusive Africa, where opportunities for growth and prosperity are within reach for all.”

Ogbunude reassured Verve’s customers of their ongoing commitment to enhancing their payment experiences. “Your trust in us drives us to innovate continuously and to deliver solutions that make your transactions simpler, faster, more secure, and more rewarding. As we expand into new regions, we are focused on ensuring that every user, from businesses to individuals, can rely on us for a secure, convenient, and accessible payment solution.”

EVP/CMO GMCC, Interswitch Group, Cherry Eromosele, believes this expansion represents a significant leap towards their vision of providing secure, seamless, and rewarding payment experiences for millions across Africa.

“At Verve, we believe that efficient and reliable payment systems go beyond just infrastructure; they enable daily life, facilitate dreams, and create bridges to opportunities,” Eromosele stated. “We are intentional about showing up where it matters most, in the small and major moments that power progress and drive success, from online shopping to streaming music, games, and videos, and from facilitating seamless payments to enriching the everyday experiences that put smiles on the faces of millions of people across Africa.”