Western Union and Virtual Terminal Network Partner For Mobile Money In Nigeria

Nigeria’s mobile payment firm, Virtual Terminal Network (VTN) and international money transfer organization, Western Union, are partnering to direct cash sent through Western Union to VTN accounts. This would be possible from the mobile phones of account holders, and they can send up to $300 in one transaction and transfer up to $800 per day. VCASH, the mobile money product of the Ibadan-based VTN, will ensure on the go access to holders funds, and withdrawal from several VTN agents across the country. Speaking on the partnership, the CEO of VTN, Peter Ojo, said, “The choice, flexibility and convenience of the new mobile payment service given the vast remoteness of some parts of our nation are priceless. We are thankful to the Central Bank of Nigeria’s mobile payment regulatory framework, which allows non-bank model operators to facilitate international remittances to both scheme and non-scheme recipients. Such innovation within strict regulatory guidelines facilitates greater economic prosperity at all levels for all our citizens and resident.” The Regional Vice President for North, Central and West Africa for Western Union, Aida Diarra, said concerning the partnership; “Western Union is pleased to launch this international mobile money transfer service in collaboration with VTN VCASH in Nigeria. Being able to move international money transfers into mobile phones in a nation that has a greater penetration of mobile phones than bank accounts is central to facilitating financial inclusion.”