Current VTN customers deposit cash into the VTNETWORK Limited Holding Company bank accounts at GTBank, Keystone Bank (formerly Bank PHB), Oceanic Bank and Intercontinental Bank. Recipients of cash transfers withdraw via direct transfer to their bank accounts, which can then be accessed using their ATM cards.
Peter Ojo, the CEO/MD of VTNETWORK LIMITED explains that while this bank funding method may serve the banked customers well, in order to reach the over 70% of Nigerians who are unbanked, funding through street corner agents is the best alternative.
With the appointment of Globalerrands Limited as a Superagent, MasterAgents can now purchase VCASH reload cards and sell to their customers, the local agents. Alternatively, VCASH MasterAgents can help load customers' accounts directly, using the direct load method or can generate an ePin for reload. For the present time, reload cards are the preferred method; they are familiar to the general public and are not subject to data entry error.
MasterAgents are now able to order cards from Globalerrands Limited online, via their VTN MasterAgent accounts, and can choose to collect the cards themselves from Globalerrands Limited offices at Suite S8 Febson Mall, Plot 2425 Herbert Macaulay Way
Wuse Zone 4, Abuja or to have their orders shipped via EMS-Speedpost. The system is designed to streamline the ordering process, while VTNETWORK LIMITED oversees the transactions remotely.
VTNETWORK LIMITED has received the CBN approval in principle to rollout mobile payment for 150 million Nigerians and with the recently concluded training of MasterAgents in Abuja, Lagos and Ibadan, the pilot testing is well underway. Over 1,600 MasterAgents have registered with VTN, and the company hopes to convert part of the over 5,000 merchants using the system for e-commerce transactions in Nigeria to MasterAgents.
Peter Ojo, the CEO/MD of VTNETWORK LIMITED emphasized that the company is keen to form strategic alliances with banks, financial institutions and businesses interested in becoming VCASH MasterAgents and SuperAgents in order to make the CBN's cashless vision a reality.
About VTNETWORK LIMITED
VTNETWORK LIMITED is an approved mobile money operator (MMO) in Nigeria. It's patent-pending mobile payment platform has been tested in Nigeria since 2007 with over 400,000 registered users. The platform is unique due to the hybrid nature, it serves both mobile and epayment needs in the Nigerian market place.
About GLOBALERRANDS LIMITED
Globalerrands Limited engage in electronic errands and proffering solutions through virtual means. The company represents a number of foreign entities in Nigeria by coordinating e-commerce activities, technical & logistical support, personal shopper, package handling and shipping services.
www.virtualterminalnetwork.com
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