Verve card: UBA deepens payments system vision 2020

The Central Bank of Nigeria’s (CBN’s) drive to attain the Payments System Vision 2020 is gradually gaining momentum in financial services industry.

The bank intends to use this policy to ensure that the Nigerian payment system is nationally utilised and internationally recognised. While international recognition is based on international best practice and standards, national utilisation aims to discourage the use of cash in payments.

However, in a bid to deepen Payment System Vision (PSV) 2020, United Bank for Africa said it is partnering Mastercard to reward, as well as encourage cardholders who initiate cashless transactions.

According to its Divisional Head of E-Banking, Dr. Yinka Adedeji, the initiative to reward MasterCard cardholders is to encourage the use of the card for local and domestic web and PoS payments.

Under the scheme, cardholders who spend N50,000 and above using their card on ATMs abroad, or on the web and PoS in local and international outlets stand a chance to win shopping vouchers as fringe benefits.

The initiative billed to end September 30, 2014 and tagged Priceless Holiday, according to him, is an all-expense paid trip to Dubai, which comprises a stay at underwater signature suite overlooking the Ambassador Lagoon Aquarium at Atlantis The Palm, helicopter tour of Dubai, guided tour of the world’s largest mall, luxury dining at the world’s famous Nobu Restaurant and a visit to the top of Burj Khalifa.

However, another giant stride in this area by UBA was the partnership with Verve International to reward its Verve debit cardholders tagged UBA Verve Rewards Promo.

Adedeji stated that the reward scheme was primarily to encourage the use of the Verve Debit Card for local/domestic web and PoS payments and also VAS (value added service) transactions on the ATM.

“Under this arrangement, on a weekly basis 80 cardholders who initiate a minimum of five VAS transactions on the ATM valued at a minimum of N1,000 or more will have the opportunity to win airtime and Nokia mobile phones.

While on a monthly basis, a total of 40 cardholders who initiate a minimum of five PoS/web transactions valued at a minimum of N10,000 or more would win N5,000 top up on their e-Cash account.

“The grand reward is a monthly cash price of N35,000 for 10 cardholders who initiate transactions at any Verve Reward Merchant location valued at a minimum of N2,000 or more,” he explained.

Meanwhile, barely a decade to the target date for the realisation of the Financial System Strategy (FSS) 2020, the plank upon which Vision 2020 rests, is being consolidated, as the apex bank, through deposit money banks, is giving its backing to the goal by ensuring that the payment system of Nigeria remains robust, efficient, effective and secure in order to propel an inclusive growth to the nation’s economy.

However, to this effect, CBN launched the revised Payment System Vision 2020, urging operators to mobilise available technology to take e-payment financial services to the grassroots.


Source : SunOnline

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