Posted by By Ayodele Aminu in Johannesburg on
Visa International, world's leading electronic payment company, is to partner with 15 banks in Nigeria, with a view to introducing world class domestic and international products into the country.
Visa International, world's leading electronic payment company, is to partner with 15 banks in Nigeria, with a view to introducing world class domestic and international products into the country.
Visa's Business Development Manager, Nigeria, Mr Garvin Young, said this in Johann-esburg, South Africa at the weekend, during a chat with some African newsmen.
"We are already talking to about 15 banks in Nigeria, but the on-going banking consolidation has slowed us down. Within the next six months when the picture becomes clearer, we will be working closely with these banks.
"Together with these banks, we will work out a strategy to meet their requirements and open up the Nigerian market for international cards. We are going to work with these banks to ensure access to good banking for as many people as possible," he said.
Young listed the partnering banks to include, Zenith Bank Plc, Standard Trust Bank Plc, Guaranty Trust Bank Plc, Ecobank Nigeria Plc, First Bank of Nigeria Plc, United Bank for Africa Plc, Union Bank Plc, Oceanic Bank International Plc, FSB International Bank Plc, Allstates Trust Bank Plc and five others.
Presently, only three banks, issue international electronic cards in Nigeria.
While Ecobank and STB issue MasterCard, Standard Chartered issues Visa Electron.
Visa International had a couple of months ago bought 30 per cent stake in Valucard Nigeria Plc by committing $2.8 million to secure a seat on the board. Valucard, which is owned by 33 leading financial institutions, has in its consortium 43 banks.
Defending the investment made in Valucard, which he described as the largest Visa has ever made in any entity within the sub Saharan Africa, Young who would be permanently based in Nigeria by December, said ìthere is huge potentials for e-payment transactions in the Nigeria.
Also commenting on Nigeria, General Manager and Senior Vice President: Sub-Saharan Africa, Visa International, Mr. Robert Clark described the Nigerian market as complex.
The Nigerian market is complex with lots of banks in the e-payment consortiums using different platforms. The on-going consolidation is also changing the face of banking and there is also pressure to ensure trust and confidence in the banking system,î he said.
Specifically, he said Visa is increasing its focus across sub Saharan Africa because there are huge growth opportunities.
Visa, which has 13,905,452 and $29,796,677,744 card numbers and expenditure value respectively as at December 2004, he said, intends to increase year on year by 31 per cent in card numbers and 50 per cent in expenditure value.