October 4, 2015
VTNetwork Limited, which provides the VCash mobile payments services, has recently launched an API in a move to improve both international remittance and local transfers in Nigeria.
According to the World Bank, Nigeria received a total of $21 billion from its citizens living abroad as home-bound remittances in 2014. Nigerians pay the highest fees globally on remittances like the rest of their sub-Saharan neighbors.
In the chart below, the topmost line is "sub-Saharan Africa."
The API by VCash will let international money transfer organizations transfer funds directly to Nigerians on their mobile wallets and into bank accounts. VCash takes care of the last mile distribution by notifying the recipients via email and SMS in real time.
Peter Ojo, CEO of VTNetwork Limited, said in the press release, "It is our hope that this solution will end the long arduous task of creating remittance agents network in a country of 180 million people, thereby encouraging Nigerians in the diaspora to send smaller amounts, as low as $20, to their loved ones without worrying about the cost of delivery."
About VTNetwork Limited:
VTNetwork Limited is a leader in Nigerian payment services. It developed its platform in 2007 after several years of processing transactions led to research into the peculiarities and challenges for electronic commerce in Nigeria. Its patent-pending mobile payment platform has been tested in Nigeria since 2007 with over 2,000,000 registered users and is fully licensed by CBN for mobile payments. The platform is unique due to its hybrid nature, the redundancy of its full-fledged capabilities and management knowledge of Nigerian digital consumers. It serves both m-payment and e-payment needs in the Nigerian marketplace. For more information, visit click here.