Verve plans tap-to-pay on phones and AI payments
Nigeria's biggest card scheme says customers will soon tap phones to pay, and later let AI assistants complete purchases for them, according to its CEO.
The facts
- Verve CEO Vincent Ogbunude said the card scheme plans phone tap-to-pay and, eventually, payments made by AI assistants on customers' behalf, according to TechCabal.
- He spoke at Moonshot by TechCabal on 29 October and said "The greatest cost in payments is friction."
- Verve now has 130 million cards, Ogbunude said. TechCabal reported in December that it had passed 100 million.
- The NIBSS Instant Payment system processed about 11.2 billion transactions worth ₦1.07 quadrillion in 2024, the latest full-year figure.
Case notes · Danny's take
Why it matters
Nigeria's payments story has moved on from who holds a card to how few steps it takes to pay. Most people here already pay by transfer, so Verve has to beat a habit that is already fast. The harder question is trust. Letting software spend your money is a bigger leap than tapping a phone, and the plan only works if both customers and banks accept it.
For builders
Watch for how Verve opens up tap-to-pay and agent payments, and whether it publishes technical standards. If agents are going to spend money, someone has to build the permissions, spending limits and dispute handling around them. That's the gap.
Not financial advice. Do your own investigation.
This story was summarised with AI from TechCabal's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.