VTN – Tapping Internet And Mobile Market While Creating More Revenue Of GSM Operators In Nigeria

There are two things that you have to know about Nigeria.

• One – That it is one of the countries with the fastest growing population in Africa and,
• Two – it is also where you can find the most Internet and mobile phone users in the region.

Because of these two facts, one would always wonder why e – commerce have not really thrived in the country. In fact most of the entrepreneurs find it an “unsafe†country as far as online transactions are concerned. With very limited credit and debit card systems, a Nigerian would almost always have to stick with going to the bank and depositing money there just to make sure that everything gets settled.

However, all that is about to change with the emergence of VTN or Virtual Terminal Network.

As a company, VTN aims to tap all the Nigerian mobile and Internet users. The goal was to set up an online payment scheme that would assure any entrepreneur or netrepreneur (a person doing his or her business online) out there a hassle free transaction with Nigerians whether locally or internationally.

How did they do this?

The answer is actually quite simple and brilliant. They found out means to use all those cellular phones and Internet connection to directly wire money from one person to another in the most convenient way possible. The whole idea of how the system works can actually be explained in three parts.

First, they would have to sign up to the VTN network for free. To successfully register, they need to submit their personal information along with a valid email address. The email address you entered is where all transaction receipts will be sent.

Second, once an account is set – up, a member is recommended to deposit money to the company’s central account and send the details of the transaction through an email or an SMS. After roughly 24 hours of doing so, all the money he or she deposited will then be transferred to their personal VTN account.

However, if the member virtually has no time to go to the bank, they can also put money in their VTN account with the use of loaded electronic pin numbers that they can get from resellers.

Third, they can use that money in their VTN account to transfer or wire Naira to any local or international entrepreneur. Yes, you read it right, this scheme would work even with international transactions.

As if that is not enough, VTN also made regular daily transactions easier and more convenient for most of the population. For example, a Nigerian can use this payment scheme to pay for their utility bills and they can even load up minutes in their cellular phone without buying any scratch cards, all they need to do is punch in several numbers in their mobile phone and they can load up anytime, anywhere. All those transactions done through the mobile phone makes everything easier not only to the regular folks but it also generates more revenue of GSM operators in Nigeria.

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