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Nigeria: LFR Partners E-Tranzact for Payment Solutions
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This Day (Lagos)
14 May 2008
Posted to the web 15 May 2008
Patrick Ugeh
Abuja
LFR Communications, Inc. Provider of hybrid mobile/web payment network for the emerging economies (VTN), says it has entered into partnership with eTranzact to provide Nigerian businesses an end-to-end rapid local and global payment solutions, and serve as catalyst for e-commerce growth nationwide.
A statement by the organisation said the new alliance would create jobs and revolutionize e-commerce in Nigeria.
Laurel, MD, USA- LFR Communications, Inc, a leading provider of online payment solutions, said the newly introduced e-commerce payment solution allows users, irrespective of their bank and the unbanked alike in Nigeria, to participate in e-commerce from all the states of the federation.
He explained that VTN, a local ecommerce payment solution, would soon be introduced to global merchants by leveraging on the existing online merchants using LFR's network in over 100 countries.
With this, merchants in Nigeria could now process payments online or via their GSM phone securely, he stated.
According to him, VTN's secure payment platform provides:
-Real-time processing of payments online, in store or anywhere using their GSM phones;
-Secure, redundant, high-speed connectivity to VTN network irrespective of which Bank the customer uses including the unbanked;
-Seamless integration with existing web sites or in house suite of applications or P-to-P payments
-Persistent storage of customer payments history and data protection in accordance with the industry standard
-Unequaled fraud prevention mechanism against phishing schemes
"In this era of highly competitive online commerce, few businesses can prosper without having an online payment storefront. In fact, you can hardly imagine an online store to be successful without being able to accept a real-time payment over the Internet.
Myriads of payment service providers sprung up to meet the demand of online retailers, but most do not cater to the needs of Nigerians, therefore most Nigerians were left out of the internet boom for over 14 years since the advent of the internet commerce.
"Starting in May, Nigerians, banked or unbanked, can now accept payments or pay a merchant in the comfort of their home using their GSM or online and experience the same benefits of ecommerce that is long overdue", says Peter Ojo, a former ODASSS (now DFiD) scholar, CEO and founder of VTN.
"VTN is proud to be the industry's first truly functioning ecommerce payment network that has successfully leveraged on the existing switching infrastructure of eTranzact Global Limited, one of the Nigeria's leading switching companies in part, and prepaid recharge card loading method similar to mobile payment solution in Kenya.
This solution was built purposely for the Nigerian market considering the challenges that has been preventing similar ideas from taking off in the past".
By offering this service similar to the successful prepaid mobile payment deployed by Vodafone in Kenya (M-PESA) and similar solutions in Brazil and Singapore, Nigerians can now begin to connect their online retail store to VTN and focus on building their business rather than worrying about payments.
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With VTN, customer from any bank, or the unbanked with any type of GSM phone with sms capability across all mobile networks in Nigeria or online access can use the service thereby advancing the goal of turning Nigeria into a cashless society - "Now that's a change we've been waiting for", says Peter Ojo CEO of VTN.
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