WorldRemit and VTNetwork have collaborated in order to launch a new mobile money transfer service. According to both companies, the platform is expected to offer residents the opportunity to directly deposit money into the mobile wallets of friends and family in Nigeria – in a simplistic manner.
Both parties have not disclosed the official launch date of the VTN VCASH platform; however, it will be available to use 24/7 with no restriction on the amount being transferred.
According to both WorldRemit and VTNetwork, money placed 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.
Peter Ojo, Chief Executive Officer of VTNetwork stated that: “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.”
Ojo added that: “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.”