Nigeria: Verve's Tokenization Solution to Boost Transaction Security, Curb Fraud

4 March 2026
Vanguard (Lagos)
By Juliet Umeh

Verve International, a subsidiary of Interswitch Group, has unveiled a next-generation tokenization solution aimed at strengthening transaction security, reducing fraud risks and accelerating digital commerce adoption across Africa.

The payment firm announced the innovation at the 2026 edition of Verve Biz Unwind held in Lagos, an industry engagement platform that brought together issuer banks, fintech partners, merchants and other critical stakeholders to deliberate on the future of digital payments and deepen ecosystem collaboration.

Speaking at the event, Vice-President, Issuing & Acquiring (Africa) at Verve International, Paul Ohakim, stressed the urgency of collective action within the payments ecosystem.

"As digital commerce accelerates, no single institution can shape the future of payments alone. Stronger collaboration between banks, fintechs, merchants and processors is essential to delivering secure, seamless and inclusive payment experiences across Africa," he said.

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He further described tokenization as "more than a backend technology upgrade," adding that it represents "a structural shift in how payments are secured, experienced and monetised."

According to him, the solution enhances transaction integrity by replacing sensitive cardholder data with secure, device-bound digital tokens. "Each transaction generates a unique cryptogram, significantly reducing the exposure of actual card details and mitigating the risks of fraud and data breaches," Ohakim explained.

He noted that the platform supports secure card-on-file transactions, wallet provisioning and mobile-first payment experiences. "It enables seamless payments across mobile wallets, banking applications, e-commerce platforms and contactless terminals, while maintaining speed and convenience for users," he added.

Stakeholders at the forum observed that with Africa's youthful population driving digital adoption and increasing preference for contactless and wallet-based transactions, investment in robust security infrastructure will be critical to sustaining growth, boosting consumer confidence and reducing fraud-related losses across the payments ecosystem.

Read the original article on Vanguard.

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