Virtual Terminal Network (VTN), a Nigerian mobile payment company, is reportedly partnering with Western Union Company, a US-based financial services company, to allow VTN customers to deposit Western Union money transfers directly into their VTN VCash accounts for access via their mobile phones. VCash, which is VTN’s mobile payment service, allows subscribers to transfer up to USD 300 via Western Union per transaction, with a maximum of USD 800 per day. The remittances can then be used to pay bills, make bank deposits and transfer funds to other VCash users.
According to data attributed to the World Bank, as of 2012 Nigeria’s mobile phone penetration rate is approximately 65 percent and remittance transfers into the country totaled USD 65 billion. Western Union provides money transfer, communications and network services through approximately 510,000 agent locations in 200 countries and territories as of June 2012. Information on the scale of VTN is not available.
By Brian LeBlanc, Research Associate
About Western Union Company
The Western Union Company, founded in 1851, is a US-based financial services and communications company. Western Union provides money transfer, communications and network services through approximately 510,000 agent locations in 200 countries and territories as of June 2012. Also as of June 2012, Western Union Company reports total assets of USD 9.17 billion.
Sources and Additional Information:
Payment Eye article, http://www.paymenteye.com/2013/03/28/western_union_and_vtn_launch_mobile_money_transfer_service_i/#.UWRyQZOsiSo
MicroCapital article, November 27, 2012, “MICROCAPITAL BRIEF: Virtual Terminal Network (VTN) Boosts Mobile Payment System in Nigeria,” https://www.microcapital.org/microcapital-brief-virtual-terminal-network-vtn-boosts-mobile-payment-system-in-nigeria/
MicroCapital article, October 30, 2012, “MICROCAPTIAL BRIEF: Western Union, IcIcI Bank, MasterCard Unveil Prepaid Card in India,” https://www.microcapital.org/microcapital-brief-western-union-icici-bank-mastercard-unveil-prepaid-card-in-india/
MicroCapital article, March 29, 2012, “MICROCAPITAL BRIEF: Western Union, MTN Launch Mobile Mobey Transfer Service in Uganda,” https://www.microcapital.org/microcapital-brief-western-union-mtn-launch-mobile-money-transfer-service-in-uganda/
MicroCapital Universe Profile: Western Union https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Western+Union
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