Nigerian CommunicationWeek

ValuCard Makes Money Transfer Easy with V-Money

ValuCard Nigeria (VCN) Plc has unveiled the V-Money Transfer, to enthrone cashless transactions and reinforce their leadership role towards a cashless economy.
Kyari Bukar, managing director, disclosed that the growing wave of impersonation in existing money transfer services, robberies, quest for a quick, safe, secure and convenient money transfer solution were the major reasons the company is launching the service which is the first of its kind.
Kyari noted that over the years, globalization and emigration of Nigerian professionals to more developed economies have resulted in a huge demand for quick, safe and secure money transfer service.
He disclosed that one of the unique advantages of the service over other money transfer services is that Visa Cardholders abroad can transfer funds to their loved ones online, from the convenience of their homes, without going to an agent’s shop while the recipients in Nigeria can collect the monies outside banking hours and without the inconvenience of presenting any form of identification at bank branches or the risk of identity theft.
Kyari said that transfer of funds will be done online using “Verified by Visa” (VbV), the secured Internet payment solution licensed by Visa International and deployed by ValuCard Nigeria Plc; while assuring that the system will protect international Visa cardholders against unauthorized use of their card. 
He added that 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. Transfers, according to him, are in favour of only existing bank customers that are Visa and V-Pay cardholders, and whose banks subscribe to the V-Money Transfer service. Thus, the risk of making payment to unknown persons is eliminated, thereby saving the banks and their valued customers, undesirable loss.
While fielding questions from the press, Agada Apochi, executive director of the company said recipients are enabled 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 ATMs.
This he said would be facilitated by online-real-time instant credit to the recipient’s card and notification, and he/she may also collect Dollars during banking hours. He pointed out that in addition to the product’s unique security features and convenience; it is highly cost effective to senders, and the service will be provided through a secure and dedicated website already developed by VCN Plc.
In retrospect, Ben Edafiadjebre, business development manager, VCN Plc said: “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.”
He added that the introduction of their world-class solution coming at this time is a huge relief for Nigerians living in the Diaspora wishing to send money to support their families, invest in businesses and execute projects in Nigeria.
Giving an insight into how the service will work, Musa Jimoh, head of information technology, explained that the transfer channel which is a dedicated website has been built with modern information technology that guarantees round-the-clock availability.
He assured that transactions at the website will be authenticated using the well known VbV, which runs on the 3D secure protocol. This ensures that the cardholder using his card for transaction on the Internet, the bank that issued the card and Visa International are involved in the authentication and authorization of the transaction for the purpose of risk management.
He also informed that in order to avoid payment of funds to fraudsters, all transfers for the benefit of the cardholders will be through the bank where the cardholder already maintains an account and obtained Visa or V-PAY card.
“To enjoy the service, recipients must obtain their Visa or V-PAY card from only banks that subscribe to V-Money Transfer.”

 

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