Cashless Policy: ATM Card Users to Hit 10 Million Mark

24 Nov 2011

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CBN Governor, Sanusi Lamido Sanusi

By Amaka Eze
With the commencement of the second edition of the Interswitch Verve National Consumer promo, cardholders, and users of the ubiquitous ATM in Nigeria would push the usage rate of the card over 10 million.

Director of Payment and Business Expansion, Interswitch, Mr. Charles Ifedi, who stated this at the weekend, said that the ongoing Verve promo would plays a major role in the upsurge in ATM cards in circulation.

According to him,  on weekly basis, hundreds of thousands of Nigerians are now registering at the bank branches to obtain their Verve cards.

Explaining the rationale behind the exercise, Ifedi said that aside from giving both new and old cardholders the opportunity to participate in the promo and the protection that Verve offers its cardholders from any form of electronic fraud, he also stated that “Verve also is the only card that gives cardholders more value.”

He added that the introduction of the cashless society policy by the Central Bank of Nigeria (CBN) has also encouraged bank customers to pick up their Verve card as soon as they opened new bank accounts.

“Verve promo would assist the CBN Cashless policy, as the promo is encouraging non-cardholders to embrace card usage while urging the existing cardholders to use the card more for payment of goods and services across several touch points such as ATM and PoS.” Ifedi said.

It would be recalled that apex bank set in motion steps to encourage the banking public to use electronic payment solutions such as automated teller machines, PoS terminals, web banking, telephone banking and mobile money transfer to reduce the cash in circulation.

The first phase of the policy is expected to commence in Lagos on the 1st January 2012.

Interswitch is therefore working with the banks to push the card usage through the Verve promo, which rewards cardholders who renew their cards or use the same on ATM, PoS, web and mobile across the country.

There are over 800,000 gift items to be won by cardholders.  The items include generators, 32” LCD television, iPads, BlackBerry smart phones, deep freezers and instant items such as branded T-shirts, MP3, flash drive and more.

Tags: Business, Nigeria, Featured, Cashless Policy, ATM Card, MARK

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