Nigeria to get a new mobile payment service provider

Nigeria readies to introduce a mobile money services provider Virtual Terminal Network (VTNetwork Ltd), after the company announced that it would be rolling out its mobile payment services dubbed VCash across the country.

According to VTNetwork’s chief executive Peter Ojo, the company has received the nod by the Central Bank of Nigeria (CBN).

VTNetworks will provide a payment platform for thousands of users, especially for the unbanked society in the rural areas. The unbanked population is the majority in Nigeria’s population of 162 million people as at December 2012, with only 25 million holding bank accounts.

“The VTN platform will vastly expand the number of Nigerians who can benefit, as only a minority have bank accounts and constant internet access,” Ojo explained.

Ojo said that for mobile phones to replace wallets in Nigeria, technology and creative marketing must be an integral part of the winning strategy. “With Vcash, there is a solution for every sector of the economy – from basic person-to-person transfers to more sophisticated financial services,” he added.

The company has already partnered with Innovative Bank to provide the first e-commerce payment solution in Nigeria.

“The lack of a safe online payment system has been hurting Nigeria businesses with over a decade behind in the e-commerce market. This is the first time that Nigerians will have a globally accepted ecommerce payment solution designed with their needs and concerns in mind,” the company stated on post.

Earlier in the year, CBN commenced the cashless project, aimed at bringing mobile money to more people in the country. Industry analysts say that about 20 million Nigerians are expected to be embraced into the formal banking system via mobile money over the next three years.

Kenya is currently the dominant player in Africa’s mobile payment markets with over 20 million subscribers.

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