VTNetworks and WorldRemit have partnered together to introduce a mobile money transfer service, VCASH, that will allow Nigerians in diaspora to send cash into the mobile wallets of their loved one.
The transfer service (based on a person to person framework) works by allowing monies in the wallets of its subscribers to be paid to other VCASH users. The avenue can also be used to pay for services, bills and procure goods; users can also deposit funds into any Nigerian bank that they have an account with.
“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,” Peter Ojo, Chief Executive Officer of VTNetwork asserts.
After receiving a $100 million investment to boost its money remittance service and launching an application for androids, WorldRemit may use its experience to make an impact in the mobile money space in Nigeria
“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.”– CEO VTNetworks
The report has it that, when the service becomes available, it will be accessible round the clock, seven days a week; on the other hand, as at the time of writing this post, we cannot verify the flag-off date for the VTN VCASH platform.
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