Once you realise the benefit of using your mobile phones to direct Western Union remittances into your VCASH account, the money and time you spend during the day going to either send or receive money can be used for other important things, Peter Ojo, chief executive officer of VTN has said.
VCASH is an online mobile money payment solution of Virtual Terminal Networks (VTN) regulated by the Central Bank of Nigeria. The firm has been in the mobile/internet money business since 2003. This was before the cashless society started and was adopted by banks.
With VCASH you can send money to other people through phones or through the web, pay for goods and services conveniently without spending hours going to the bank, make or receive payments 24/7/365 any time of the day including bank holidays, and redeem digitised money for traditional cash through VCASH master agents
You can also with VCASH deposit money into your virtual account and buy GSM recharge cards among others.
The Western Union Company, a leader in global payment services, and Virtual Terminal Network VTN, one of Nigeria’s leading mobile payment operators, has launched a mobile money transfer service in Nigeria – giving Nigerians for the first time, the choice to use their mobile phones to direct Western Union remittances into their electronic VTN VCASH account. VCASH subscribers can use this convenient service 24/7 to directly transfer individual Western Union remittances they receive, up to US$300, and combined daily remittances up to US$800, into their accounts.
Read also: Western Union partners VTN for Cross-border Mobile Money Transfer
Monies in their VCASH account 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.
VTN VCASH subscribers who choose not to direct funds into their electronic accounts can use the traditional Western Union Money Transfer service to receive international remittances in cash at any of the company’s more than 4,800Agent locations across Nigeria.
Speaking at the official launch of solution, Aida Diarra, Western Union Regional vice president for North, Central and West Africa said, “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.”
Ojo said, “Our virtual payment solution is a revolutionary system, which makes it convenient for Nigerians to receive payments. It is fitting that we have collaborated with Western Union, a leader in global payment services, to allow our customers to direct money into their VCASH accounts and have access to it 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 strict regulatory guidelines facilitates greater economic prosperity at all levels for all our citizens and residents.”
