The Western Union Company, a leader in global payment services, and Virtual Terminal Network (VTN), one of Nigeria’s leading mobile payment operators, have collaborated to launch a mobile money transfer (MMT) 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.
According to Aida Diarra, Western Union regional vice president for North, Central and West Africa, Western Union is pleased to launch the international mobile money transfer service in collaboration with VTN VCASH in Nigeria.
According to her, 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.
“Through this joint initiative, we aim to further encourage remittance flows and deepen our contribution to financial inclusion. The stability of remittance flows, despite financial crises and economic downturns, make them a reliable financial resource for many countries,” she said.
In addition, she said mobile money transfer motivates the integration of the previously excluded consumers into the formal financial system, adding that Western Union is pleased to strengthen this mutually productive and beneficial relationship with VTN for the addition of this customer-centric and technologically advanced mobile money transfer service.
“We move money around the world quickly and reliably through approximately half a million locations in more than 200 countries and territories, and we have a greater physical presence than any other company globally. On the African continent, our 50+ country portfolio utilises some of the most innovative and market-relevant approaches to ensure the effective transfer of money for our clients across continents, globally,” Diarra said.
Peter Ojo, Chief Executive Officer of VTN 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.”