Payment processors threaten Verve suspension as Interswitch alleges untraceable transactions
The coalition of licensed payment processors, acquirers, and Point of Sale (POS) operators in Nigeria have threatened a total suspension of Verve card transactions. The ultimatum, which threatens to disrupt millions of daily consumer transactions, centers on allegations of illegal exclusivity practices, monopolistic overreach, and systemic non-compliance by Verve International and its parent company, Interswitch Limited. The coalition, operating under the umbrella of the Association of Point of Sale Service Providers, detailed their grievances in an official protest letter addressed to the financial and competition regulators. The service providers are demanding immediate, decisive intervention from both the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC). According to a statement signed by the association’s Communications Consultant, Yomi Idowu, the payment infrastructure players claim they have been forced into an unsus...