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Verve Card Review: Everything you need to know for 2024
Swen Keller
- URL: www.myverveworld.com
- Physical Card Cost: 1,000 NGN
- Cash back: Varies per issuing institution
- Annual Fee: 50 NGN
- Platform App: Web
- Staking Rewards: N/A
- No. of Cryptocurrencies Supported: N/A
- Type of Card: Virtual and physical prepaid debit card and credit card
Verve Card Review: Our Opinion
The Verve card is a simple prepaid debit card built primarily for Nigerians and Africa. It is linked to Nigerian traditional banks and due to the Central Bank’s policies does not support cryptocurrency transactions directly.
Also, just like the international Verve MasterCard or Verve credit cards, Verve prepaid in Nigeria offers a lending service via its Verve credit card, functional primarily in Africa.
That said, customers face transaction limitations when using the Verve debit or credit cards online, which is due to Nigeria’s Central Bank’s policies.
These Verve credit card limitations only allow Nigerian users to spend up to 20,000 NGN online except they use a dollar-denominated Verve debit or credit card. It charges an annual fee of N50 and zero maintenance fees.
Company Overview
The Verve credit and debit card is Nigeria’s first chip card that’s accepted across all major payment channels in Nigeria. And recently with the introduction of Verve Global is now accepted in over 185 nations of the world.
Currently, the card is accepted at more than 100,600 Point of Sale terminals, over 1,000 online merchants, and 11,000 ATMs within Nigeria.
The prepaid card company has also had over 50 million cards activated since its inception.
Verve prepaid card is partnered with many traditional banks in the region including Heritage Bank, Sterling Bank, First Bank, United Bank for Africa, Unity Bank, Fidelity Bank, Ecobank, Lotus Bank, Keystone Bank, Parallex Bank, and much more.
Pros
- Easy to use
- It offers lending services
- It charges a low annual fee of N50
Cons
- It does not support cryptocurrency
- Low spending limit
Verve Credit Card and Debit Card: What is It?
The Verve prepaid card is a Nigerian Naira-denominated virtual and physical payment card that is issued by traditional Nigerian banks and linked to your savings and current account.
There is also a Verve credit card that is available in regions beyond Nigeria and Africa under the Verve Global account.
This Verve credit card, unlike the prepaid card, offers lending services like the Verve credit card available in the United States.
That said, beyond the Verve prepaid card and Verve credit card, the payment card company offers contactless cards that allow Nigerians to make payments by simply tapping the card in locations where the contactless insignia is present.
It is important to note that the Verve credit card under the Global Verve service isn’t the same as the Verve credit card brand based in the United States.
This Verve credit card issued by Verve Africa is usable primarily in POS locations and stores across Africa.
Verve Credit Card and Debit Card: How Does it Work?
The Verve credit card and debit card are powered by Quickteller and Interswitch payment processors and are secured by chip and PIN technology.
These credit cards and debit cards are typically issued by Nigerian traditional banks and allow users to make payments for goods and services.
However, unless the customer applies for a global Verve credit card or debit card, the card does not work online beyond Nigerian services charging in Naira.
There is no monthly maintenance fee but there is an annual fee of 50 Naira.
Benefits & Perks
Though the Verve debit and credit cards do not offer any cashback rewards like the international Verve MasterCard program, it offers some benefits to Nigerian users via the Verve eCash feature.
With the Verve eCash service, the company allows Nigerian users to bypass having to go to the bank to get a physical card and offers one via the customer’s phone number and a virtual account.
Users get an eCash virtual card when they sign up via Quickteller or the Verve Life app.
This eCash virtual card is stored in the Verve eWallet that is compatible with all card brands issued in Nigeria including MasterCard Verve and Visa.
Some perks of the Verve eWallet include:
Make payments with your Verve credit card or debit card without having to take them out
Access all accounts of your choosing without having to download multiple bank apps
Cryptocurrencies Supported
The Verve Card is not a crypto-friendly card. It does not support any cryptocurrencies.
Fees Explained
The fees accrued by Verve credit cards and debit cards are charged by the issuing financial institution. That said, the fees across all platforms include:
1,000+ naira for credit card and debit card issuing
50 naira monthly maintenance fee
1,000 naira for card replacement
Cash withdrawals at ATMs in Nigeria are free
Purchases at local stores and POS locations are free
Different Card Holder Triers
Verve offers different card tiers to users based on their needs. Below are the available card tiers
Verve eCash
Verve eCash is a virtual card and wallet that gives you a simple and cost-effective alternative to a bank debit card.
The Verve eCash card can be used to make both online and offline payments at ATMs, web, mobile, and PoS terminals without compromising security.
Verve eCash is a virtual prepaid card that is not tied to a bank account, this gives you full control of your money. All you need to make transactions with Verve eCash is your phone number, PIN, and a funded wallet. All payments are made out of the funded wallet.
Since Verve eCash is a prepaid card, it has to be pre-funded before use as you can only spend the amount in your wallet.
You automatically get the eCash virtual card when you register on the Verve Life app or Quickteller. Upon issuance, the card is stored as one of the payment cards in your e-wallet.
You can perform several transactions with your eCash wallet, including eCash funding, airtime purchase, Cardless withdrawal, eCash to eCash transfer, eCash to account transfer (Quickteller), etc.
To fund your eCash, do the following:
Go to “send/receive money/Buy Airtime/Bill payment”
Click ” Transfer to eCash” and Select “Fund My eCash”.l
Next, enter the amount you want to fund your eCash wallet with
Click” Continue”
Enter the card details and click “Pay”
That’s it! Your eCash wallet will be funded.
Making any form of transaction with eCash is seamless.
To use eCash for transfer, do the following:
Go to “Send/Receive Money”
Click “Transfer to Account” and fill in the prompt fields
Select Verve eCash for card details and click ” Pay”
There is a total transaction limit of N50,000 per day and you can carry out a maximum of 10 transactions per day.
All the transactions must sum up to N50,000.
Verve eCash offers 2 limit tiers – tier 2 and tier 3. These tiers vary in the maximum holding balance and transaction limits.
The maximum holding balance for Tier 2 is N500,000 and a total transaction limit of N200,000 per day.
Tier 3, on the other hand, has an unlimited holding balance and a total transaction limit of N5,000,000 per day.
Tier 2 is the default tier for all eCash accounts but you can increase your transaction limit by moving from tier 2 to Tier 3.
To move to Tier 3 you need to send a request via mail to support@interswitchgroup.com.
Benefits of the Verve eCash card include the following: Ease of maintenance, extra security, acceptance at ATMs across Nigeria, etc.
Verve Paycode
Verve Paycode is an 8 to 14-digit code that allows you to make cardless withdrawals and payments directly out of your mobile money wallet or bank account.
Verve Paycode can be used for payments and withdrawals at ATMs, Verve agents, and POS merchants.
Verve Paycode is also accepted for online transactions.
Verve Paycode is generated via a USSD code from the Verve Life App, Verve World App, and other issuing channels that support cardless transactions.
Verve Prepaid card
Verve Prepaid card is a re-loaded naira-denominated card that allows you to make payments both online and offline. The prepaid card needs to be topped up with cash before use at any payment channel.
The Verve prepaid card can be used as a travel card for company employees, petty cash card, company expense card, fuel card, transport card, and salary/wage card.
The Verve prepaid card can also serve as an identity card for staff and workers. All you need to do is request for biometric functionalities to be activated on the card.
Opening an Account
Verve debit and credit cards are only issued by your local banks.
So you need to open an account with a bank and then request a card from them to have one.
However, if you want to partner with Verve as a payment-based issuer then you need to get a license issued by your regulatory authority permitting you to issue credit cards or debit cards.
Once you have obtained the license you’ll need to send an email to schememanagement@verveinternational.com, to become a partner.
The Verve Life App
The Verve Life mobile app is a personal trainer, meal planner, and payment tool that combines health and fitness with payments. The app has a user-friendly interface.
The Verve Life app gives you access to easy payment options while optimizing your health and wellness.
The app gives you access to a fitness activity tracker, daily fitness motivation, workout routine for your weight loss goals, healthy eating tips & meal plans, and music sync to power your workout.
It also allows you to connect with other fitness enthusiasts and interactive fitness groups while offering easy payments online.
The Verve Life mobile app has a user-friendly interface. It is available for download on the Google Play Store and Apple App Store.
Customer Satisfaction
While the Verve Card is easy to use and offers different options, the majority of customers are dissatisfied with the card because of its limited services and lack of support for cryptocurrencies.
Are Verve Credit Card and Debit Card Right for You?
Verve is right for users in Nigeria looking to make fiat currency-based transactions within the country and in Africa. It isn’t a crypto-friendly card service and relies heavily on traditional banks to offer its services.
Final Thoughts
The Verve debit and credit cards are a limited service targeting primarily Nigerians and the larger African audience. It isn’t crypto-friendly and depends on traditional banks to offer its services.
That said, it has affordable monthly maintenance fees and cheap issuance charges.
FAQ
Most frequent questions and answers
In comparison to the Verve MasterCard, regular MasterCard, and Visa card, Verve has a long way to go.
The service is quite limited in its range of operations especially outside Nigeria.
Major benefits of Verve cards include free ATM withdrawals and POS transactions as well as industry average credit limits.
No, a Visa credit card or debit card offers a wider reach globally than Verve. There are also numerous complaints from Nigerian users about failed transactions when using Verve cards.
Cons of the Verve credit card and debit card include:
Limited range of operations
Restricted online transactions
The low credit limit for Verve credit card
The credit Mastercard is a Verve credit card issued by the Bank of Missouri and one of the products serviced by Continental Finance.
The Verve credit card is suitable for individuals who want to establish or rebuild credit.
The Verve credit card is an unsecured Mastercard which means you do not have to pay an upfront security deposit.
The Verve Mastercard can be used anywhere Mastercard is accepted worldwide.
The Verve Mastercard is not available to users in Nigeria.
Application for the Verve Mastercard can be done via the website or phone.
To get the Verve credit card, you will be asked to provide certain information including your full name, social security number, and physical address.
A P.O. Box is not an acceptable address.
The data you provided is used to pull your credit bureau data and in conjunction with vital information like your monthly income to process your Verve credit card application.
The Verve credit card can be activated online by visiting the website at the back of your card or over the phone.
The Verve Mastercard must be activated within 30 days after you receive the card. You can manage your new Verve Mastercard online by enrolling in the online Banking Service.
The Verve Mastercard has a low initial credit limit. The initial credit limit ranges from $300 to $1,000. You can build your credit score and increase your credit limit by making your payments on time and keeping your balance under the credit limit.
If you make your first 6 monthly minimum payments on time, the initial credit limit for your Verve Mastercard will double. Your credit limit can be doubled up to a maximum of $200.
The Verve credit card has an annual fee. The annual fee for the first year is different for the subsequent years. The annual fee ranges from $75 to $125 for the first year. After the first year the annual fee changes from $99 to $125.
The annual fee is not displayed until you apply. This means you cannot know how much the annual fee for your card is until you have applied for the card.
The annual fee you are charged is dependent on your credit limit. Information on the Continental Finance website shows that higher approved credit limits attract a higher annual fee. This means the higher your credit limit, the higher your annual fee.
We always try to provide the most accurate information available, and make sure our team follow through.
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