Laurel, MD (PRWEB) May 26, 2010
75 million GSM phones are now active in Nigeria. VTN’s mobile/web platform which uses both mobile and internet facilities is at the nexus of the two most powerful economic trends cutting across all sectors of the Nigerian economy.
Today the Nigerian e-commerce industry is virtually non-existent, due to the problem of payment. Virtual Terminal Network’s revolutionary system will make it safe and secure for Nigerian retailers and global merchants to receive payments and finally addresses worldwide concerns about electronic payments from Nigeria. This marks the first time that over 11 million internet users in Nigeria will have a globally-accepted ecommerce payment solution designed for their needs and concerns.
A new Nigerian economy will develop around e-commerce, just as has happened in many parts of the world, marked by higher productivity and lower inflation.
E-commerce speeds searches for goods and services and enables complete transactions. It may also reduce inflation through greater competition, cost savings, and changes in sellers’ price-setting behaviors.
Virtual Terminal Network’s introduction is well-timed. New undersea fiber optic cable that landed in May, 2010 will have a dramatic effect on bandwidth availability and ISP prices. The market is huge, with strong household demand. 42 million of Nigeria’s 150 million citizens are between 20 and 40 years of age, the demographic group with the greatest interest in technology and e-commerce. Telconomics experts see the Nigerian market as having among the greatest broadband opportunities in Africa.
A corresponding trend has been the growth of mobile phones; 75 million GSM phones are now active in Nigeria. VTN’s mobile/web platform which uses both mobile and internet facilities is at the nexus of the two most powerful economic trends cutting across all sectors of the Nigerian economy. “We chose Nigeria as a first launch market in part because of this confluence,” said Mr. Ojo.
How It Works:
Virtual Terminal Network’s online platform is akin to a cash-funded version of PayPal at one end and a cash-funded version of a credit card processor at the other end, PLUS money transfer products that can cross international boundaries – everything financial institution-agnostic and telecom-agnostic.
VTN blends online and physical worlds in a way that works for consumers in cash-based economies. It addresses a growing person-to-person market and is ideally suited for social media and IM payments.
VTN offers dramatic speed and a low cost price structure that allows it to be very profitable while charging very low processing rates and transaction fees. Since it is not credit-based, fraud exposure is much lower and the default exposure is nonexistent.
VTN is a next-generation online platform. It has a light modular and open platform architecture, web 2.0 alignment, and is safe and secure, with additional online capabilities. The significance of the open architecture is that it allows for interoperability – in other words other services providers can “plug in”. For example VTN users can withdraw to their bank accounts directly in Nigeria.
VTN is a closed loop system, designed after 5 years of research into the practical needs of e-commerce for the largely cash based economies of newly emerging markets. It provides Nigerians with a world-class e-commerce /mobile payment solution that cuts across all strata of society, including the 80% of Nigerians who are unbanked.
The soundness of its technology and the competence of its technical team to adapt and modify is unrivaled. VTN is a revolutionary product that will act as catalyst for economic growth in Nigeria.
A Star is Born:
Virtual Terminal Network currently has over 3,500 registered merchants in its pre-launch stage and has begun an ecommerce incubator program to guide these merchants to establish successful websites. VTN also has a rapidly growing number of users. It has processed more than five million transactions safely and efficiently and has now teamed up with Bank PHB, known for promoting innovative approaches to banking in Nigeria.
The VTN platform offers:
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