At the end of a dinner and networking event organized by VTNetwork Nigeria Ltd at the Civic Centre in Lagos last Saturday, I was convinced that an e-commerce revolution was underway in Nigeria.
The event gathered industry experts and professionals from the banking, telecoms and technology sector to celebrate the success of the VTN mobile payment platform in partnership with Bank PHB.
What is VTN?
VTN – Virtual Terminal Network is a revolutionary hybrid virtual/mobile payment network designed solely for developing economies that allows merchants and retailers to process transactions safely and securely from the Internet and mobile phones.
Simply put, VTN offers the missing link for many online financial solutions in Nigeria, thereby making e-commerce a reality in Nigeria. There are currently 2698 merchants on VTN Network.
Could it be like Paypal?
VTN takes advantage of Nigeria’s huge increase in mobile phone and Internet usage to provide a service that allows business people in Onitsha, for instance, to sell goods and services to people in Bauchi and get paid with VTN, even if the buyers don’t have VTN accounts.
With your VTN merchant account, your sales or services are no longer limited to buyers in your street or town. As a VTN personal account holder, you can load and transfer money to your customers or relations across Nigeria via the Internet or your GSM phone. Also, you can receive money from people anywhere across Nigeria.
VTN behaves like M-PESA in Kenya and Paypal in the U.S. In fact, VTN could become to Nigeria what these two platforms are to their respective countries, making it easier and safer to transact businesses.
Although, I think people will be skeptical (at first) to use the service, as was the case with Paypal when it was introduced in the U.S., it could grow to become the largest payment solution for Africa.
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