Visa, ValuCard partnership launched in Nigeria

Visa International and ValuCard Nigeria Plc today formally launched their Partnership Agreement, announced on 28 September 2004. The venture will allow both organisations to develop electronic payments and the card market in Nigeria bringing to the economy the significant benefits of a cashless society.
 

The alliance strengthens ValuCard’s position in the Nigerian market as the leading electronic payment company. ValuCard is owned by 33 leading Nigerian financial institutions. The over 40 banks that issue the ValuCard today are the most significant in the country and account for over 90% of the banking activities in Nigeria in terms of assets and capital deployed. Visa International CEMEA (Central and Eastern Europe, Middle east and Africa)
has taken a minority shareholding in ValuCard Nigeria Plc, which entitles Visa to a sent on the board. Visa will be deploying its state-of-the-art e-payment technology platform, and a range of products to improve the efficiency if financial transactions. Visa will also provide personnel to assist in ValuCard’s
operations, including installation of world-class processes in the areas of risk management, transaction processing, and card personalization.
 

Speaking at the launch of the Partnership agreement, Anne Cobb, President of Visa International CEMEA, said that the strategic alliance would facilitate the
infrastructure and necessary expertise required to introduce Visa products and services into Nigeria.
“The development of a world class electronic payment and card system in Nigeria will have numerous benefits for the government, business and the people of the country. Research around the world has shown that when a country moves from a largely cash-based economy to an electronic payments-based economy, there is a dramatic improvement in financial transparency, savings and investment, economic growth and government efficiency. All of these serve to improve a country’s international standing and credit rating.”
 

Kyari Bukar, Managing Director and Chief Executive officer of ValuCard Nigeria Plc said: “We chose Visa International as it is the world’s leader in electronic payments, it has the expertise and technology that we require to achieve our objectives of developing the economy in Nigeria by promoting an electronic payments culture.”

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