Home News & events Press Releases 2009 ValuCard Nigeria Plc unveils V-Money Tranfer to strenghten cashless transactions


Valu-CardValuCard Nigeria Plc (VCN) today unveiled a product called V-Money Transfer, designed to strengthen cashless transactions in Nigeria and to reinforce its leadership role towards a cashless economy.

Speaking with newsmen at a recent media parley in Lagos, the Managing Director of the company, Mr. Kyari Bukar disclosed that the growing rate of impersonation in existing money transfer services, robberies and requests for a quick, safe, secure and convenient money transfer solution are the major reasons why ValuCard is launching this service, the first of its kind in Nigeria. Mr Bukar noted that over the years, the globalization and emigration of Nigerian professionals to more developed economies has resulted in a huge demand for quick, safe and secure money transfer services.

The ValuCard Director disclosed that one of the unique advantages of the service over other money transfer services is that the senders, i.e Visa Cardholders abroad, can transfer funds online from the convenience of their homes and the recipients in Nigeria can collect the funds outside banking hours and without the inconvenience of presenting any form of identification at bank branches, without the risk of identity theft. The transfer of funds is done online via the ValuCard website, www.vmoneytransfer.com, using VbV (Verified by Visa), the secured Internet Payment Solution licensed by Visa International and deployed by ValuCard Nigeria Plc.

Mr. Bukar explained that the process is very simple and convenient. A sender simply logs onto the site, populates the transfer forms and clicks the transfer button. All the recipient requires is to be a valid holder of a Visa or V PAYcard issued by any Nigerian bank that subscribes to the V-Money Transfer Service. This system, he promised, will protect international Visa cardholders against unauthorised use of their card. The system is foolproof as transfers will be validated using intelligent and secure payment solutions developed by ValuCard and Visa, thereby eliminating the risk of fraudsters collecting the money.

In his remark regarding the level of convenience that this solution brings to recipients, the Executive Director of ValuCard, Mr. Agada Apochi, said recipients are able to receive and use money outside banking hours by using their Visa or V PAY cards to buy goods and services or collect Naira from an ATM. This is possible through online-real-time instant credit to the recipient’s card and notification. The recipient may also collect Dollars during banking hours. In addition to the product’s unique security features and convenience of use, it is highly cost effective to senders.

Of these recent advancements, the company’s Business Development Manager, Mr. Ben Edafiadjebre declared: “From a small-scale level in 1993, money transfer has become big business in the country. The money transfer industry is now highly ICT-driven deploying the use of the Internet to move money all over the world. Our V-Money Transfer solution operates beyond limits and knows no boundaries. The introduction of this home-grown, world-class solution coming at this time is therefore a huge relief for Nigerians living in the Diaspora wishing to send money to support their families, invest in business and execute projects in Nigeria.”

ValuCard Nigeria Plc (VCN) is owned by a consortium of Visa International Services Association (Visa) and leading Nigerian banks. Incorporated in 1998, ValuCard Nigeria Plc has transformed from being a local card scheme in Nigeria to a global Payment Card Industry Service Provider. A Prinicpal Member of Visa International, the core services and business of ValuCard Nigeria Plc are Merchant Acquiring and Transaction Processing for the global card payment industry. Other services include Training and Consultancy, sponsorship of banks for Visa Membership as well as development of card payment solutions.


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