Send money to over 220 financial Institutions in real-time through our flexible API
Send money to over 220 financial Institutions, over 60 million bank accounts, and all mobile wallets in Nigeria using VCASH Global API. Run every transaction over OFAC /EU global database. Pull KYC of recipients from the Bank using our robust API. Incentivize customers in a compliant way — Do reverse marketing to over 6 million customers, all for a fraction of your current cost.
The Nigerian financial technology firm, VTNetwork Limited, announce a major improvement to the global API released in 2015 to now include over 220 financial institutions and over 40 countries outside Africa.
The opportunity:
According to the world bank, In 2019, over $48 billion was sent to Sub-Sahara Africa. On average, the cost of sending $200 remains high at 6.8 percent in the first quarter of 2020, slightly lower than in 2019. Sub-Saharan African countries still pay higher fees at about 9% and 20% by the Southern African region. Meanwhile, about 2/3 of intra-regional migrants are within Sub-Saharan Africa and account for the international migrant population.
The World’s Top Remittance Recipients
The Bank estimates that as much as $100 billion in migrant savings could be raised annually by developing countries. This can be achieved by reducing remittance costs by $30B, mobilizing diaspora savings by $40B, reducing recruitment cost by $20B, and increasing diaspora giving by $10B. Remittance to developing countries can also be leveraged for development financing such as future-flow securitization of remittances, Enhancing sovereign ratings, financial savings, and insurance.
VTNetwork Limited, with its mobile payment brand VCASH, now addresses and capitalizes on this problem. The just-upgraded API is a global first and tackles remittance costs head-on with the release of a unified API to allow inward remittance and seamless distribution to recipients in Nigeria.
The API will allow international money transfer organizations to transfer funds directly to Nigerians on their mobile wallets and into bank accounts.
The API will enable remittance companies to take money electronically from senders globally and channel these funds directly into a recipient’s mobile wallet or bank account in Nigeria. VCASH takes care of the last-mile distribution by notifying the recipients via email and SMS in real-time.
Dr. Peter Ojo, CEO of VTNetwork LIMITED, said, “It is our hope that this solution will end the long, arduous task of creating remittance agents in a country of 200 million people post COVID era. The solution also works well for Nigerians in the diaspora, trying to send smaller amounts to their loved ones back home without worrying about the cost of delivery.”
About VTNETWORK Limited
VTNETWORK LIMITED is one of the pioneer Mobile Payment Operators and IMTO in Nigeria licensed by the Central Bank of Nigeria. The Parent company is licensed in the USA as a money transmitter and seller of payment instruments. The company process one of the highest volume monthly on the Nigeria Interbank Bank settlement.
The VCASH platform was developed in 2007 after several years processing transactions led to research into the peculiarities and challenges for electronic commerce in Nigeria. The platform is unique due to its hybrid nature, the redundancy of its fully-fledged capabilities, and management knowledge of Nigerian digital consumers. It serves both m-payment and e-payment needs in the Nigerian market place. For more information, visit our website
www.virtualterminalnetwork.com
Media Contacts:
Michael Bakare
VTNETWORK LIMITED
+ 234 813–899–4140
operations@virtualterminalnetwork.com
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