Nigerian financial technology firm, VTNetwork Limited, has launched an
API that streamlines and squeezes efficiencies in the final mile of
remittances flowing into that country.
VTNetwork Limited, has
launched an API that streamlines and squeezes efficiencies in the final
mile of remittances flowing into that country.
Nigeria received a total of $21 billion from its citizens living abroad
as home-bound remittances in 2014, according to the World Bank, and the
services are expensive. Nigerians, like the rest of their sub-Saharan
neighbors, pay the highest fees globally on remittances.
In the chart below, the topmost line is "sub-Saharan Africa".
The Bank estimates that as much as $100 billion in migrant savings could
be raised annually by developing countries by reducing remittance costs
and agent recruitment costs, and mobilizing diaspora savings and
philanthropic contributions from migrants.
VTNetwork Limited, with its mobile payments brand VCASH, now addresses and
capitalizes on this problem. The just-launched API is a global first and
tackles remittance costs head-on with the release of a unified API to
allow inward remittance and seamless distribution to recipients in
The API will allow international money transfer organizations to
transfer funds directly to Nigerians on their mobile wallets and into
The API will enable remittance companies to take money electronically
from senders globally and channel these funds directly into a
recipient's mobile wallet or bank account in Nigeria. VCASH takes care
of the last mile distribution by notifying the recipients via email and
SMS in real-time.
Peter Ojo, CEO of VTNetwork Limited said, "It is our hope that this solution
will end the long arduous task of creating remittance agents network in
a country of 180 million people, thereby encouraging Nigerians in the diaspora
to send smaller amounts, as low as $20, to their loved ones without
worrying about the cost of delivery."
About VTNETWORK Limited
VTNETWORK LIMITED is a leader in Nigerian payment services. It developed
its platform in 2007 after several years processing transactions led to
research into the peculiarities and challenges for electronic commerce
in Nigeria. Its patent-pending mobile payment platform has been tested
in Nigeria since 2007 with over 2,000,000 registered users and fully
licensed by CBN for mobile payments. The platform is unique due to its
hybrid nature, the redundancy of its fully-fledged capabilities and
management knowledge of Nigerian digital consumers. It serves both
m-payment and e-payment needs in the Nigerian market place. For more
information, visit www.virtualterminalnetwork.com
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