Launch of Cross-border Mobile Money Transfer Service in Nigeria to be announced soon by the Nigerian foremost mobile payment operators, VTNETWORK LIMITED, and world renowned payment service provider, WorldRemit.
VTN VCASH subscribers in Nigeria will soon be able to receive money transfers directly into their Mobile wallet and bank account from over 50 countries and territories around the world through this partnership of these giant local and international payment processors.
LAGOS – Feb 19, 2015 – WorldRemit, a leader in global payment services, and VTNETWORK LIMITED (VTN), one of Nigeria’s leading mobile payment operators, today announced their collaboration to shortly launch a mobile money transfer service – giving Nigerians in the Diaspora a convenient and affordable option to directly deposit money into the mobile wallets of their loved ones in Nigeria. While full details will be announced this WorldRemit-VCASH service will be conveniently available 24/7 and there will be no minimum.
Monies in the wallets of VCASH subscribers can be sent on to other VCASH users, known as a person to person (P2P) transfer, or it can be used to make purchase for goods or services from the VTN portal and other corresponding platforms. Users on VCASH can also make a direct deposit of funds into their accounts in any of Nigeria’s commercial banks.
World Remit is just taking in a record-breaking Silicon Valley investment ($100 million) and recently launched a wildly successful app for android phones. Peter Ojo , CEO of VTNETWORK LIMITED , said, “VCASH is pleased to launch this international mobile money transfer service in collaboration with World Remit . What is exciting for us is that this is a marriage of innovators.”
Peter Ojo, Chief Executive Officer of VTN said’
“Our solution is a revolutionary system, which makes it easier for Nigerians to receive payments from relatives abroad. It is fitting that we’ve collaborated with WorlRemit, a leader in online global payment services, to allow Nigerians in Diaspora to direct money into the VCASH wallets or bank accounts of their loved ones and have this capability 24/7. The choice, flexibility and convenience – given the vast remoteness of some parts of our nation – are priceless.”
He added, “We are thankful to the Central Bank of Nigeria’s (CBN) mobile payment regulatory platform, which allows non-bank model operators to carry out international remittances to both scheme and non-scheme recipients. Such innovation within its strict regulatory guidelines facilitates greater economic prosperity at all levels for all our citizens and residents.”
WorldRemit is an online service that lets people send money to friends and relatives living abroad, using a smartphone, tablet or computer. It is a very convenient, and low-cost alternative to traditional money transfer companies that use high street agents and charge unreasonable fees.
World Remit’s service is available to senders in 50 countries of the world and the number keeps growing. They offer money transfer services to over 110 destinations across Africa, Asia, Europe, Americas and Australia.
World Remit is well positioned to become a global leader in money transfer with Silicon Valley investments setting records in 2014 and 2015. It’s investors include the world’s most high-profile investment companies, including Accel Partners and Technology Crossover Ventures, early funders of Facebook, Dropbox and Spotify.
About VTNETWORK Limited
VTNETWORK LIMITED is a leader in Nigerian payment services. The company is in partnership with The Central Bank of Nigeria, NIBSS, Western Union, MasterCard, VISA, and many banks on mobile payment services in Nigeria. Its management has deep knowledge of Nigerian digital consumers.
VTNetwork’s flagship product is branded VCASH and runs on a patent-pending platform tested in Nigeria since 2007. This platform has built-in redundancies to meet local peculiarities and challenges to electronic commerce and to ensure 99.99% uptime. With over 1.6 million registered users and over 10,000 agents and merchants combined, the service is fully licensed by the Central Bank of Nigeria for mobile payments. It serves both m-payment and e-payment needs in the Nigerian market place. You can visit Virtual Terminal Network website if you need more information.