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TheStreet Open House

Discover Financial Services Announces International Alliance With Nigeria’s Interswitch Limited

Stocks in this article: DFS

“This alliance is another step in the right direction for Verve. We continue to look for new opportunities to expand our payments network, and our partnership with Discover is an example of that,” said Charles Ifedi, CEO of Verve. "The new agreement with Discover Financial Services provides our issuing members with new options for ATM and POS access around the globe while also giving Verve cardholders what they deserve, more convenience at home and abroad.”

“This partnership is a major milestone in our 10-year history. We will also leverage Discover’s suite of solutions to deliver innovative card and electronic payment initiatives across various sectors in the market,” said Mitchell Elegbe, Group MD/CEO, Interswitch. “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 agreement between Discover and Interswitch will contribute positively towards this vision.”

About Discover

Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers home loans, private student loans, personal loans, online savings accounts, certificates of deposit and money market accounts through its direct banking business. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discoverfinancial.com.

About Interswitch Limited

Interswitch Limited is an integrated payment processing network which provides technology integration, advisory services and transaction processing and payment infrastructure to government, banks and corporate organizations. Interswitch is the promoter of the Verve payment brand and provides online, real-time transaction switching that enable businesses and individuals have access to their funds across the 21 banks in Nigeria and across a variety of payment channels such as ATMS, POS terminals, Mobile Phones, Kiosks, Web and Bank Branches and has operations in Nigeria and throughout Sub-Saharan Africa. For more information, visit www.interswitchng.com.



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