Spenda Card
Spenda · Verve
Spenda is a Nigerian crypto fintech headquartered in Lekki Phase 1, Lagos, focused on spending cryptocurrency in Nigeria. Users deposit supported digital assets (Bitcoin, Ethereum and others) that are automatically converted to naira or dollars at the market rate, with instant settlement to Nigerian bank accounts and bill, airtime, data and electricity payments. The naira card runs on the Verve network, while USD cards on Visa/Mastercard are also offered, in both virtual and physical form, accepted by 30,000+ online merchants, with instant creation and zero monthly maintenance fees. Custodial model: funds are held by Spenda. KYC is mandatory using BVN/NIN (Nigerian identifiers). Specific card cost figures (issuance fee, FX markup, ATM fee and limits) are not officially published: numeric fields are set to 0 because they are undocumented, while Spenda only states broadly zero monthly fees and conversion at the best market rate. A daily transaction limit of up to 10,000,000 naira is available. Service is limited to Nigeria.
Data & conditions
§ Amounts in USD/GBP are shown in the service's native currency.
| Account fee | Free |
|---|---|
| Multi-currency | NGN, USD |
| Network | Verve |
| ATM withdrawal | Free |
| Free ATM limit | Non documentato ufficialmente: limite di transazione giornaliero fino a 10.000.000 di naira (NGN) |
| Fund custody | Custodial (platform holds funds) |
| KYC | Full |
| Supported countries | AFRICA |
| Segment | B2C |
Strengths
- Automatic conversion of crypto (BTC, ETH and others) to naira or dollars at market rate with instant settlement to Nigerian bank accounts
- Virtual and physical card with zero monthly fee, accepted by 30,000+ online merchants, plus bill, airtime, data and electricity payments
- Naira card on the local Verve network and USD cards on Visa/Mastercard, with a daily transaction limit of up to 10 million naira
- No notable sovereignty advantage documented.
Weaknesses
- Custodial model: funds are held by Spenda, not self-custody
- Service limited to Nigeria only with mandatory KYC (BVN/NIN)
- Card cost figures (issuance fee, FX markup, ATM fee and limits) are not officially published
- Custodial: the platform holds your funds and can freeze or lose them.
- Full KYC required: verified identity, zero pseudonymity.
Verdict
Weak protection: Spenda is a custodial Nigerian issuer with no declared license or regulator, funds held by the company and no documented refund guarantee.
Very low sovereignty: fully custodial model with mandatory KYC (BVN/NIN) and automatic conversion of crypto to fiat; the user does not control the keys.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Which network does the Spenda naira card use?
The naira card runs on the local Verve network; Spenda also offers USD cards on Visa/Mastercard, in both virtual and physical form.
Is Spenda available outside Nigeria?
No: the service is limited to Nigeria and requires KYC with Nigerian identifiers (BVN/NIN); deposited crypto assets are automatically converted to naira or dollars.
Sources
- Official service page Azienda · Registered office · Payment network · Virtual card · +6 Data verified on Jun 23, 2026
- todey.xyz Payment network · Custodial · Kyc · ATM limits · +2 Data verified on Jun 22, 2026