CBN Approves VTNETWORK for Mobile Money
By Ikenna Ugwu
ABUJA: Central Bank of Nigeria (CBN) has granted VTNETWORK Limited (VTNETWORK) quest to rollout mobile payment services across the country and VTNETWORK Chief Executive, Elated Peter Ojo said: “It has been a very long journey, not just for us, but for our agents, super agents and subscribers. We can take the reigns off our VCASH service – it is fully live.”
“We feel we understand the Nigerian customer and their immediate needs,” said Ojo. “VTN’s reliability is a further differentiating factor.”
He noted the company’s focused on satisfying it huge customer base. “Our head start is paying off. Today, we have a very solid team and services that people want. We have the best-trained and strongest agents and the savviest users in the market,” said Ojo.
“VTNETWORK’s ability to identify and execute partnerships has been strong and will be a focus, now that CBN’s mobile approval is in hand. “We are open to the right partnerships, locally and globally.”
With its “Non-Bank-Led” CBN license, the company’s new mobile money initiative, branded VCASH, will add mobile phone access to its existing VTN platform. This will vastly expand the number of Nigerians who can benefit.
Ojo explained that all funding is stored value (e-money), a method that makes sense for the unbanked, and the prepaid nature of each transaction makes the model even more secure as there is no credit exposure.
In order for phones to replace wallets in Nigeria, technology and creative marketing must be an integral part of the winning strategy. “VCASH’s technology and robustness is second to none,” Ojo asserted.
With VCASH there is a solution for every sector of the economy, from basic person-to-person transfers to more sophisticated financial services. The company is in the midst of integrations to facilitate international remittances by years’ end.
VCASH’s focus on the unbanked brings change to the business, notably a focus on cash agents. “We have metrics, goals for numbers of agents”, said Ojo, “but more important is the quality of the agents. We emphasize agent training and provide unusual levels of support.”
CBN is playing a lead role as national educator on the advantages of cashless transactions, using a variety of methods available to it, as the lead regulator. VTNETWORK has a time-tested strategy for market expansion.
“It is when your friend, or relative, or a business you are dealing with says “let’s use VTN” that the service prospers.”