In a statement issued by its communications consultant, Yomi Idowu, the group said it had already formally lodged complaints over what it described as continued violations of regulatory standards governing Nigeria’s electronic payments system.
The association argued that the disputed practices conflict with provisions of CBN regulations on electronic payment channels as well as the Federal Competition and Consumer Protection Act 2018.
It stated that its members—made up of CBN-licensed payment acquirers, processors, and switches—could be forced to stop processing, acquiring, and switching Verve card transactions if the situation persists.
According to the group, such a move is being considered due to actions it claims are weakening confidence in the payments infrastructure, placing financial strain on participating institutions, and breaching compliance requirements.
Among the issues raised were allegations of exclusive control over Verve card transaction processing, alleged abuse of market dominance in the domestic card segment, and charges applied above regulated merchant service limits set for acquirers. The association also accused the firms of making unauthorized deductions from settlement accounts linked to acquirers and switching entities.
It further noted that other card schemes operating in the market have already adjusted their practices to align with regulatory expectations on open access and competition.
