Mobile money seems to be all the rage now, and companies are racing to create the next innovative thing in payments. And in that vein, British company, WorldRemit and Nigeria's VTNetwork have collaborated in order to launch a new mobile money transfer platform that is expected to offer British residents the opportunity to directly deposit money into the mobile wallets of friends and family in Nigeria – in a simplistic manner.
While a date has not been officially announced for the launch of the platform which will be called VTN VCASH; the service will reportedly be available to use 24/7 with no restriction on the amount being transferred. Money placed in the wallets of VCASH subscribers can be sent on to other VCASH users, known as a person to person (P2P) transfer, make a direct deposit of funds into accounts in any of Nigeria’s commercial banks, or used to make purchase for goods or services from the VTN portal.
Our solution is a revolutionary system, which makes it easier for Nigerians to receive payments from relatives abroad. It is fitting that we’ve collaborated with WorldRemit, a leader in online global payment services, to allow Nigerians in Diaspora to direct money into the VCASH wallets or bank accounts of their loved ones and have this capability 24/7. The choice, flexibility and convenience – given the vast remoteness of some parts of our nation – are priceless - Peter Ojo, CEO, VTNetwork.
The service seems likely to upset the set methods of money transfer like the Western Union Money Transfer and Moneygram.