Nigeria's eTranzact Partners US firm on Mobile/web e-Commerce Payment Solution
LFR Communications Incorporated of the United States of America, the provider of hybrid mobile/web payment network for the emerging economies (VTN), has gone into alliance with eTranzact to allow merchants in Nigeria process payments online or through GSM phones securely.
By the alliance, it is expected that, starting from this month, Nigerians, banked or unbanked, can now accept payments or pay a merchant in the comfort of their home using their GSM or online and experience the same benefits of e-commerce that is long overdue.
In a statement in Abuja , the Chief Executive Officer/Founder of VTN, Mr. Peter Ojo, explained that the synergy between LFR and eTranzact would provide Nigerian businesses end-to-end rapid local and global payment solutions, and serve as catalyst for economic growth nationwide.
According to him, by offering this service similar to the successful prepaid mobile payment deployed by Vodafone in Kenya (M-PESA) and similar solutions in Brazil and Singapore, Nigerians can now begin to connect their online retail store to VTN and focus on building their business rather than worrying about payments.
He said, "With VTN, customers from any bank, or the unbanked with any type of GSM phone with SMS capability across all mobile networks in Nigeria or online access can use the service, thereby advancing the goal of turning Nigeria into a cashless society. Now, that's a change we have been waiting for."
He was optimistic that the partnership would further create jobs and revolutionise the e-commerce sector in Nigeria.
The statement disclosed, "LFR Communications Inc, a leading provider of online payment solutions today announced the commencement of the pilot of a newly introduced e-commerce payment solution that allows users irrespective of their bank and the unbanked alike in Nigeria to participate in e-commerce from all states in Nigeria. VTN is a local e-commerce payment solution that will soon be introduced to wider global merchants by leveraging on the existing online merchants using LFR's network in over 1,000 countries. Merchants in Nigeria can now process payments online or via their GSM phone securely."
Ojo explained further, "In this era of highly competitive online commerce, few businesses can prosper without having an online payment storefront. In fact, you can hardly imagine an online store to be successful without being able to accept a real-time payment over the internet. VTN is proud to be the industry's first truly functioning ecommerce payment network that has successfully leveraged on the existing switching infrastructure of e-Transact Global Limited, one of Nigeria's leading switching companies in part, and prepaid recharge purposely for the Nigerian market considering the challenges that has been preventing similar ideas from taking off in the past."
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