WorldRemit and VTNETWORK to Collaborate on Transfers, to and from Nigeria


WorldRemit and VTNETWORK LIMITED (VTN) Collaboration will Simplify Transfers to and from Nigeria.

Launch of Cross-border Mobile Money Transfer Service in Nigeria Announced Soon.

VTN VCASH subscribers in Nigeria will soon be able to receive money transfers directly into their Mobile wallet and bank account from over 50 countries and territories around the world through this partnership.

LAGOS - Feb 19, 2015 - WorldRemit, a leader in global payment services, and VTNETWORK LIMITED (VTN), one of Nigeria's leading mobile payment operators, today announced their collaboration to shortly launch a mobile money transfer service - giving Nigerians in the Diaspora a convenient and affordable option to directly deposit money into the mobile wallets of their loved ones in Nigeria. While full details will be announced this WorldRemit-VCASH service will be conveniently available 24/7 and there will be no minimum.

Monies in the wallets of VCASH subscribers can be sent on to other VCASH users, known as a person to person (P2P) transfer, or be used to pay bills and purchase goods or services. VCASH users can also deposit funds into their accounts in any of Nigeria's commercial banks.

World Remit is just taking in a record-breaking Silicon Valley investment ($100 million) and recently launched a wildly successful app for android phones. Ojo , CEO of VTNETWORK LIMITED , said, "VCASH is pleased to launch this international mobile money transfer service in collaboration with World Remit . What is exciting for us is that this is a marriage of innovators."

Peter Ojo, Chief Executive Officer of VTN said' "Our solution is a revolutionary system, which makes it convenient for Nigerians to receive payments. It is fitting that we have collaborated with WorlRemit, 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."

He added, "We are thankful to the Central Bank of Nigeria's (CBN) mobile payment regulatory framework, which allows non-bank model operators to facilitate international remittances to both scheme and non-scheme recipients. Such innovation within its strict regulatory guidelines facilitates greater economic prosperity at all levels for all our citizens and residents."