This Day (Lagos)

Nigeria: Network Targets Mobile Phone Users in Cashless Services

A mobile cashless services provider, Vtnetwork, has indicated its readiness to roll out its Vcash Mobile Payment services for mobile telephone users across the country.

The system according to the Chief Executive Officer, Vtnetwork, Dr. Peter Ojo, who spoke to journalists in Ibadan, is to complement the cashless policy of the apex bank and to reduce the rate of armed robbery in the country.

He stated that the plan to roll out the mobile payment services became a reality following the final regulatory approval given to it by the Central Bank of Nigeria (CBN).

Ojo said, "The Central Bank of Nigeria has provided its final regulatory approval to Vtnetwork limited to roll out the mobile payment services across Nigeria. It has been a very long journey, not just for us, but for our agents, super agents and subscribers."

He explained that the Virtual Terminal Network is a payment platform with hundreds of thousands users. The users, he said, made at least one or more financial transactions monthly, pointing out, "we feel we understand the Nigerian customer and their immediate needs. Today, we have a very solid team and services that people want."

According to him, Vtnetwork had in 2007 offered an e-commerce payment platform to understand the Nigerian payment market landscape. This, he said, was aimed at experimenting how to tackle the payment needs of the citizens.

"The VTN platform will vastly expand the number of Nigerians who can benefit as only a small minority has bank accounts and constant internet access", he added.

Ojo, who explained that the new platform was designed to serve the unbanked population in the majority, stressed that the prepaid nature of transaction offered made the model more secure because there was no credit exposure.

Considering the large percentage of the unbanked people in the land, he stated, "In order for phones to replace wallets in Nigeria, technology and creative marketing must be an integral part of the winning strategy. With Vcash there is a solution for every sector of the economy, from basic person-to-person transfers to more sophisticated financial services."

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