Commerce is transforming into e-commerce in Nigeria

Owing to LFR Communications, Inc. of hybrid mobile/web payment network for the emerging economies (VTN) and eTranzact partnership Nigerian business will get a powerful ENET backing.

By providing end-to-end local and global payment solutions, creating new jobs and in that way giving a stimulus to e-commerce nationwide, both companies has aimed to advance it.

Laurel, MD, USA- LFR Communications, Inc, a leading provider of online payment solutions, said that solutions their incorporation had introduced enable both banked and unbanked users to act via e-commerce from all the states of the federation.

In addition he said that VTN, a local ecommerce payment solution would be soon introduced among global merchants too.  And the leverage of existing online merchants using LFR's network will assist to its penetration.

VTN's secure payment platform, by means of which merchants in Nigeria could now make payments online or via their GSM phone without enxiety, provides:

-Real-time processing of payments online, in store or anywhere using their GSM phones;

-Secure, redundant, high-speed connectivity to VTN network irrespective of which Bank the customer uses including the unbanked;

-Seamless integration with existing web sites or in house suite of applications or P-to-P payments

-Persistent storage of customer payments history and data protection in accordance with the industry standard

-Unequaled fraud prevention mechanism against phishing schemes

In the up to date world of e-commerce it's very hard to won in pursuit of profits or prosper in business doing without online payment storefront. And an online store will hardly be profitable without being able to accept a real-time payment over Internet.

As for Nigeria, it had already faced such a challenge when payment providers wasn't be able to cater to the needs of Nigerians and most of them couldn't have possibility to use Internet services for over 14 years since the internet commerce appeared in the business field.

But newly created solution was built purposely for the Nigerian market considering the demands that wasn't satisfied.

"Starting in May, 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 ecommerce that is long overdue", says Peter Ojo, a former ODASSS (now DFiD) scholar, CEO and founder of VTN.

VTN became the industry's first truly functioning ecommerce payment network that has successfully leveraged on the existing switching infrastructure of eTranzact Global Limited, one of the Nigeria's leading switching companies in part, and prepaid recharge card loading method similar to mobile payment solution in Kenya (M-PESA), where successful prepaid mobile payment deployed by Vodafone

Offering this service Nigerians can now begin to connect their online retail store to VTN and monitoring their business evolution rather than worrying about payments. And as for the banked and unbanked customers, due to their ability of using offered services via any type of GSM phone with sms capability across all mobile networks in Nigeria or online access, the goal of turning Nigeria into a cashless society is expected to be realized.