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Nigerians will soon benefit from the decision of the Central Bank of Nigeria (CBN) to allow remittance recipients direct access to the US dollars sent to them from loved ones and business associates overseas.
The new CBN policy allows beneficiaries of remittances to receive inflows in foreign currency through agent banks over the counter or electronically to their domiciliary account. In light of this change, Nigeria’s long-standing leader in fintech innovation, Ibadan-based VTNetwork Limited, announced it will deliver on CBN’s instructions and start payment of forex remittances into Nigeria for all international money transfer operators partners of its VCASH service.
This new liberalized remittance process will increase the inflow of foreign exchange to Nigeria. VTNETWORK Limited and its parent company, a licensed money transmitter and seller of payment instruments in the USA, and other partners are working to implement this new policy leveraging a single API that meets and exceeds the CBN policy guideline.
Dr. Peter Ojo, CEO of VTNETWORK stated that the company fast-tracked development and is now testing the required new capabilities it built into its systems. “We should commence USD payments through our partner deposit money banks throughout Nigeria very soon,” said Ojo. “CBN listened to the market and made the right call. We are ready and expect all stakeholders in Nigeria’s financial services ecosystem to be in a position shortly to play their needed roles and make this come about quickly. New partners looking for a streamlined process to pay remittance recipients in Nigeria should contact us.”
About VCASH
VTNETWORK LIMITED (VCASH) is a leader in Nigeria’s Fintech space. It developed its platform in 2007 after several years of processing transactions led to research into the peculiarities and challenges for electronic commerce in Nigeria. The platform has been tested in Nigeria since 2007, moving billions of Naira monthly with over 6 million registered users. The company is fully licensed by the Central Bank of Nigeria for mobile payments and as an IMTO. 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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