The largest bank in Nigeria and Africa’s emerging global bank, United Bank for Africa Plc (UBA) and LFR Communications, Inc., a ground breaking e-commerce provider, have set in motion technology that will literally shape the future of how e-business is conducted in Nigeria.
“VTN technology will affect the life of every Nigerian, allowing them the ease and freedom of instant and trouble free ecommerce transactions that is long overdue.” said LFR CEO Peter Ojo.
“VTN” (Virtual Terminal Network), is a mobile/web payment backbone to power ecommerce transactions in
Nigeria. Scheduled to launch in January 2008, anyone with access to the internet (home, office, cybercafes), or GSM phone, will have the ability to pay a merchant and receive payments online or via GSM phone in
Nigeria in real-time.
VTN’s technology is leveraged on top of the 40 million GSM lines in Nigeria, one of the fastest growing GSM network in the world after China and over 8 million internet users ( up from 200,000 in 2002) with plenty of room for growth considering the dynamic population of over 140 million.
Source: Nigerian Bulletin
