Africa’s leading payment cards and digital tokens brand, Verve, has underscored the transformative impact of emerging trends in the digital payments ecosystem including digital wallets, tokenization, and Buy Now, Pay Later (BNPL) solutions at the third edition of the Zenith Bank Tech Fair on Wednesday, November 21, 2023.
Vincent Ogbunude, Managing Director of Verve International, shed light on these key trends during a panel session with other industry leaders, where he emphasized the company’s commitment to drive innovation and shape the future of payments in Africa.
Ogbunude underscored the pivotal role of tokenization in revolutionizing the approach to security and convenience in the contemporary payments landscape. He emphasized the growing demand for tokenization, driven by the increasing need for secure eCommerce payment solutions, the widespread adoption of payment applications, and heightened security concerns associated with digitizing sensitive data. However, he added that despite the growth of tokenization, payment cards continue to be a dominant force today and into the future. He stated that payment cards remain a universal tool for financial transactions, especially in markets like Nigeria where digital infrastructure is still evolving. According to him, the diversity of payment preferences demands a hybrid approach that accommodates both traditional and emerging methods. To emphasize his point further, Ogbunude highlighted Verve’s continued market growth as an example, stating that Verve recently crossed the 50 million card issuance mark in the Nigerian market.
Recognizing the growing importance of the BNPL model, Ogbunude emphasized its significant contribution to boosting lending to Nigeria. He said that fostering growth in this model requires a strategic blend of technological innovation and financial acumen.
Ogbunude advocated for the adoption of cutting-edge solutions, including AI-driven risk assessment models and blockchain-backed transactional transparency, to enhance the efficiency and security of BNPL services.
Commenting on the importance of these advancements, he said, “Innovations like tokenization and the BNPL model are not just shaping the payments landscape; they are redefining how we interact with and secure our financial transactions. It’s crucial to adopt forward-thinking technologies and strategies to ensure the continued evolution and security of our financial ecosystem.”
The Zenith Bank Fair highlighted the latest technology and innovation in the financial services industry, featuring various workshops on cutting-edge topics such as robotics, artificial intelligence, and fintech. It served as a hub for industry leaders to share insights and advancements.
Verve continues to reinforce its commitment to delivering innovative and secure payment solutions that empower individuals and businesses across the continent.
With a deep understanding of the African market, continues to innovate to meet the ever evolving needs of its customers and partners, shaping the future of payments in Africa.