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Mastercard Worldwide Announces Alliance with Interswitch.. Unveils Mastercard Verve Card. Date: February 4, 2011

Mar31st
2011
40 Comments Written by admin
MasterCard Worldwide, a global payment solutions company, and InterSwitch Limited, responsible for the Verve payment card brand in Nigeria, have entered into a strategic co-brand debit card agreement. 

The two money market operations firms have jointly launched a new MasterCard Verve – a chip and PIN debit card which would enable cardholders to enjoy combined benefits of Verve and MasterCard such as wider acceptance throughout Nigeria and around the world as well as extensive cardholder protection.

media unveiling ceremony in Lagos on February 1st, 2011, the two organisations, represented by their top management staff, formerly announced their partnership and desire to increase value to the Nigerian economy by creating more opportunities in turning the nation into a cashless economy.

Speaking at the occasion which was held at the prestigious Protea Hotel, GRA, Ikeja Lagos, Mr. Michael Miebach, division president, Middle East and Africa for MasterCard Worldwide, stated that “the new debit card will afford cardholders peace of mind as it will provide them with a secure and efficient way of using their debit card for daily purchases and accessing their cash at over 12,000 point of sale locations, 400 online merchants and at 10,000 ATMs throughout Nigeria.

“The card will also give Nigerians new level of global debit card acceptance while greatly reducing their need to rely on cash for everyday purchases as MasterCard branded cards are currently accepted at more than 30 million acceptance locations around the world”, Miebach, who came in from MasterCard’s divisional headquarters in Dubai, disclosed.

Giving reasons behind the partnership, Daniel Lanre Monehin, MasterCard’s Area Head, East & West Africa and Indian Ocean Islands, said the co-branded debit card agreement with InterSwitch was among other things, “aimed at ushering in a new era in convenient and secure payments for Nigerians and through this collaboration, cardholders will have the ability to use a single card for domestic and international business transaction.

“Furthermore, MasterCard Verve debit cardholders will have the ability to use their debit cards in even more places, unlocking the true potential of chip and PIN cards as a safe and convenient method of payment. The MasterCard Verve co-branded debit card is fully Nigerian and fully international.”

Cardholder protection is of paramount importance to MasterCard, and MasterCard Verve debit card holders can rest easy, knowing that if their card was ever compromised or stolen while travelling, they would be able to receive either a replacement card from their bank or a cash advance through MasterCard’s Global Service.

“When we came to Nigeria, we looked around to see how we can leverage local entrepreneurship, that was how InterSwitch came on board and together we have produced a single debit card that consumers can use for both International and domestic business dealings. It is a fully Nigerian card that enjoys global acceptance. Already the local banks such as Skye Bank, Sterling Bank have already rolling them out.

“MasterCard Worldwide has led the industry in driving this evolution. MasterCard enables the transactions that are at the heart of commerce, and brings insight into the payments process to make commerce easier, faster, more seamless, more meaningful, more secure, and more valuable to
everyone involved. MasterCard is committed to accelerating business through fuelling economic connections that drive real value for its customers, associates, merchants and consumers throughout the diverse Africa region”, he declared.

According to the Director, Payment Solutions, InterSwitch, Charles Ifedi, “the MasterCard-InterSwitch alliance is a milestone in the history of the company, but more importantly it enables InterSwitch to provide cardholders with what they deserve, more convenience at home and abroad. MasterCard Verve debit cardholders will be the first cardholders in Nigeria to have local and international acceptance and be able to access a range of value added services.

“With Quickteller™, cardholders will get instant 24-hour reconnection to a variety of local and regional services such as DSTV, AIRTEL, HITV and PHCN. In addition, the MasterCard Verve debit card offers fantastic price points and significant benefits to cardholders locally, regionally and internationally”, he added.

One of the objectives of the Central Bank of Nigeria’s Financial System Strategy 2020 (FSS 2020) is to advance the efficiency of the country’s e-payment systems, by reducing the reliance on cash and promoting interoperability among financial institutions. The co-brand debit agreement between MasterCard and InterSwitch will contribute positively towards this vision.

“MasterCard is delighted to introduce this highly functional debit card to the public and looks forward to empowering Nigerians with meaningful, convenient and secure payments solutions,” Monehin concludes.

Ford Opens State-Of-The-Art Automotive Dealership In Abuja
Date: December 14, 2010
ABUJA, NIGERIA, December 14, 2010 – Today at a celebratory ribbon cutting ceremony, Ford Motor Company officially opened its 11th dealership in Nigeria—Coscharis Motors in Abuja—a state-of-the-art 22 million dollar facility that offers high-quality product, world-class service and a comprehensive parts department. 

Coscharis Motors is part of the greater Coscharis Group – a very well established entity in Nigeria. As innovators in a variety of industries, Coscharis began successfully importing motorcycles to Nigeria in 1977 and ultimately grew to sell Ford vehicles in 2001 when they opened the first Ford dealership in Lagos.

The Ford Coscharis Motors dealership in Abuja will offer some of the finest vehicles in Ford’s global line-up. Award winning trucks and SUVs including the Ranger, Explorer, Everest, Escape and Expedition along with smaller cars like the Taurus, Fusion and Focus will be available.

To reintroduce the Nigerian market to Ford and its product offerings, the company recently kicked off a new advertising campaign with the theme of “Feel the Difference.” The branding campaign focuses on promoting Ford’s class-leading quality, safety and world-class customer service.

Despite a challenging year in 2009, Ford brand volumes have grown substantially in the African market, 15% year-over-year for the past five years. In Nigeria, Ford market share has more than doubled since 2008. This growth brings with it a demand for vehicles – passenger and commercial – and that is what brings the new Ford Coscharis Motors dealership to Abuja.

“We are thrilled to be growing our business in Nigeria—the largest growth market in Sub-Saharan Africa,” said Mike Crowley, Ford Sales Director, Sub-Saharan Africa. “Like Nigeria, Ford is entering a growth period of its own with a renewed vision of delivering great products, building a strong business and contributing to a better world both in Nigeria and around the globe.”

About Ford Motor Company

Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 159,000 employees and about 70 plants worldwide, the company’s automotive brands include Ford, Lincoln and Mercury, production of which has been announced by the company to be ending in the fourth quarter of 2010. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford’s products, please visit www.ford.com.

 

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