VCASH commences USD payout in Nigeria with a hybrid model for quick-to-market efficiency
The new Central Bank of Nigeria (CBN) policy allows beneficiaries of remittances to receive inflows in foreign currency through commercial banks, either as cash over the counter or electronically to their domiciliary accounts. In light of this change, Nigeria’s long-standing leader in fintech innovation, Ibadan-based VTNetwork Limited, announced it has delivered on CBN’s instructions and started payment of forex remittances into Nigeria for all international money transfer operators partners of its VCASH service.
The hybrid model allows bank partners to either integrate via a single and efficient API or to use a stand-alone platform. “We have onboarded over 1,500 bank cashiers across Nigeria using both approaches,” stated CEO Peter Ojo.
Regardless of the chosen option, the cash payout service can route remittance recipients to nearby branch outlets. The company also offers an opt-in reverse marketing service to previous senders to keep the financial needs of their loved ones and Nigeria-based businesses top of mind.
About VCASH
VTNETWORK LIMITED (VCASH) is a leader in Nigeria’s Fintech space. 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. The platform has been tested in Nigeria since 2007, moving billions of Naira monthly with over 6 million registered users. The company is fully licensed by the Central Bank of Nigeria for mobile payments and as an IMTO. 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 www.virtualterminalnetwork.com
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Contact:
IMTO partnership inquiry:
Michael Bakare
Certified Anti-Money Laundering Specialist (CAMS)
Treasury Department.
treasury@virtualterminalnetwork.com
+234 8138994140
Originally published at https://peterojo.medium.com on December 4, 2020.
