The Association of Point of Sale Service Providers, APOSSP, has threatened to suspend Verve card transactions nationwide, a move that could cripple banking operations, if the CBN and FCCPC fail to stop alleged exclusivity practices by Verve International and Interswitch Limited.
The warning came in a statement signed by Yomi Idowu, Communications Consultant to the Association, on May 30, 2026.
—“Unlawful monopoly undermining payments ecosystem”—
POS operators said they have written to regulators to protest what they described as “persistent and unlawful decisions” by Verve and Interswitch that violate CBN rules and the Federal Competition and Consumer Protection Act, FCCPA, 2018.
“As representatives of a coalition comprising several CBN-licensed payment acceptors/acquirers, processors and switches, we would have no option but to suspend acceptance/acquiring, processing and switching of Verve Card transactions,” the Association stated.
It called the conduct “unavoidable” due to actions that jointly undermine “the integrity of Nigeria’s payments ecosystem, erode the capital base of participating institutions and violate several regulatory requirements.”
—Four breaches alleged—
The Association listed breaches including:
1. Maintenance of exclusive monopoly over Verve transaction processing
2. Abuse of dominant position in the domestic card scheme market, contrary to Section 72 of FCCPA 2018 and CBN Guidelines on Electronic Payment Channels
3. Imposition of scheme fees in excess of the regulated Merchant Service Commission share for acquirers
4. Unauthorized debits from settlement accounts of Acquirers, Processors/Switches
POS operators recalled they built Verve card acceptance “at enormous cost” in line with CBN regulations, without subsidy from Verve or Interswitch as a domestic scheme.
“Ironically, other card scheme operators have since abolished all forms of exclusivity in compliance with CBN regulations,” Idowu added.
The Association is now awaiting urgent intervention from the Central Bank of Nigeria and FCCPC to avert service disruption.
