The Nigerian cards market has come into focus of an agreement between Discover Global Network, the payments brand of Discover, and Cabal, a local payments network in Argentina, to increase international acceptance for cards issued by both companies.
Both companies say that the agreement will expand the reach of their cards and allow cardholders leverage their joint alliance partner networks across the globe, including Nigeria.
A study by EFINA shows that the Nigerian cards market is on the growth path as local financial institutions issue debit cards to consumers to allow consumers to make withdrawals at ATMs, and for making POS transaction payments at participating retailers. The market has also seen the entry of international players in the payments and cards services industry.
Both companies say that the agreement will expand the reach of their cards and allow cardholders leverage their joint alliance partner networks across the globe, including Nigeria.
With presence in Nigeria, the Discover Global Network that includes Discover Network, Diners Club International, PULSE and more than 15 alliance partner networks across the globe, provide cardholders access to more than 44 million merchant acceptance locations and two million ATM cash access locations around the world, the company says.
Cabal works with more than three million merchants across Argentina, Uruguay, Paraguay and Brazil, and will implement Discover Global Network technologies with their merchant partners to activate acceptance for Discover, Diners Club International and affiliate network cardholders when they are in these countries. Additionally, Cabal’s over seven million cardholders will have access to the Discover Global Network when traveling outside of the region, according to the company.
“This agreement represents the opportunity for Cabal´s cardholders to operate in the global market,” Gustavo Salerno, general manager at Cabal says. “At the same time it allows us to incorporate the technologies, EMV and contactless, which place our brand in the highest international quality standards.”
“Cabal’s extensive presence in the region and aggressive growth plans in additional countries makes them an ideal partner as we look to grow acceptance in the area,” Ricardo Leite, senior vice president of international markets at Discover says. “The agreement will dramatically increase the number of transactions that we will see on the Discover Global Network in these countries.”
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