The Western Union Company and Nigerian mobile payments operator Virtual Terminal Network VTN have launched a mobile money transfer service in Nigeria. As a result Nigerians can use their mobile phones to direct Western Union remittances into their electronic VTN VCASH account for the first time. VCASH subscribers can use this convenient service 24/7 to directly transfer individual Western Union remittances they receive, up to USD300, and combined daily remittances up to USD800, into their accounts.
Under terms of the agreement, monies in their VCASH account can be sent on to other VCASH users, known as a person to person (P2P) transfer, or be used to pay bills and purchase goods or services. VCASH users can also deposit funds into their accounts in any of Nigeria’s commercial banks.
With a population of more than 160 million, Nigeria currently has over 105 million mobile phone subscribers and received US$21 billion in annual remittances in the year ending 2012, according to a World Bank brief .Yet, only 29.7 per cent of adults over the age of 15 are banked, according to the World Bank.
Peter Ojo, Chief Executive Officer of VTN said, “Our virtual payment solution is a revolutionary system, which makes it convenient for Nigerians to receive payments. It is fitting that we have collaborated with Western Union, a leader in global payment services, to allow our customers to direct money into their VCASH accounts and have access to it 24/7. The choice, flexibility and convenience – given the vast remoteness of some parts of our nation – are priceless.”
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