VALUCARD transforms, now UNIFIED PAYMENTS

ValuCard Nigeria Limited, the foremost payment industry solutions provider becomes Unified Payment Services Limited.

Bisi Onasanya, Chairman, Board of Directors, Unified Payments®, in a statement during the formal launch of the new identity in Lagos Monday, said “I wish to share with you, a brief history of our company and most especially how that history translates to the reason we are gathered here today. When in 1997 a consortium of Nigerian banks came together to set up a shared infrastructure to enable electronic payments, their coming together brought to life in the Nigerian payments space, the first domestic card scheme and a plastic payment card, the ValuCard e-Purse.

Today and in the very recent past as we have all witnessed globally, electronic payment is no longer defined by plastics or payment cards but now encompasses different payment options such as mobile banking, mobile money, NFC based technologies, etc.

Continuing he said, as a forward-looking Company, our Board approved the transformation of the Company from a local Card Scheme to a company that can support different payment options and different card types. I’m happy that the transformation process which started with the decommissioning of the domestic card scheme, ValuCard is being concluded today with the unveiling of a new name and corporate identity that reflects the neutrality and global view of the Company’s new business focus. The Board is confident that the Management and staff of the Company will realize the corporate objectives and vision of the Company; and we will continue to support them.

On his part, Agada Apochi, Managing Director/CEO, Unified Payments assured that being a company owned by a consortium of 18 Nigerian banks, Unified Payments® will continue to operate as a shared infrastructure for Nigerian banks and service provider for the payments industry within and outside Nigeria. “Major services of our company include Processing, Acceptance; Payment Terminal Service Provider (PTSP), Switching and Value-Added Services/Solutions”. Speaking further, Agada informed that Unified Payments® has contributed significantly to the growth of electronic payments in Nigeria. These contributions and exceptional value-innovations according to him include but not limited to:

Pioneering the issuance and acceptance of EMV Chip+PIN cards in Nigeria leading to reduction of ATM fraud in Nigeria by over 95%.

Enabling Nigerian banks to issue first-ever payment cards to Naira accountholders to be used globally.

Enabling Nigerian banks for first-ever acceptance of foreign cards at their ATMs

Enabling first-ever use of Nigerian Naira as transaction currency when foreign cards are used at merchant locations in Nigeria. Hitherto, the only acceptable transaction currency was United States Dollars.

Being First Nigerian Principal Member of a global payment scheme and the only Nigerian non-bank Principal Member.

Joint Acquiring company for Nigerian banks

Being First EMV Third Party Processor in Nigeria

Alongside the company name change is a new logo. According to Agada, the new logo is beautifully crafted with a fusion of signal strength bar with an image that looks like an ‘eye’ on closer appraisal. The ‘eye’ depicted in the logo represents the value of visionary leadership of the company. It connotes vision, proactiveness, effeciency and dependability. In addition, it represents a company that keeps a watchful eye over the interest of all stakeholders. The signal bar symbolizes a strong, resilient and efficient company. It clearly emphasizes the new consumer focus of the company.

Agada concluded on the elements of the logo saying “simplicity, originallity and timelessness define the logo that aptly depicts ‘Enduring Vision, Rewarding Future’.

The company had earlier decommissioned the ValuCard e-purse product and successfully transformed from being a card scheme to being a global Payment Industry service provider. With the transformation, the company is now poised to play as a shared services platform for all electronic payment types. Unified Payments® (formerly ValuCard®) is one of the institutions licensed by the Central Bank of Nigeria (CBN) to operate as a Payment Terminal Service Provider (PTSP).

The company has been in the fore front of advancing the neutrality of card acceptance devices like the Automated Teller Machines (ATM) and Point of Sale Terminals (POS), insisting that card products from all card schemes should have access to all acceptance infrastructures which today resonates with the cashless economy policy of the CBN.