UBA Group Plc. Embraces VTN Technology

A press release issued by Graphcard this morning:

Tried, True and Visionary UBA Group Plc Embraces VTN Technology to power ecommerce in Nigeria

Laurel, MD USA : December 12, 2007

The largest bank in Nigeria  and Africa’s emerging global bank, United Bank for Africa Plc (UBA) and LFR Communications, Inc., a ground breaking e-commerce provider, have set in motion technology that will literally shape the future of how e-business is conducted in Nigeria.

“VTN technology will affect the life of every Nigerian, allowing them the ease and freedom of instant and trouble free ecommerce transactions that is long overdue.”  said LFR CEO Peter Ojo.

“VTN” (Virtual Terminal Network), is a mobile/web payment backbone to power ecommerce transactions in Nigeria. Scheduled to launch in January 2008, anyone with access to the internet (home, office, cybercafes), or GSM phone, will have the ability to pay a merchant and receive payments online or via GSM phone in Nigeria in real-time.

VTN’s technology is leveraged on top of the 40 million GSM lines in Nigeria, one of the fastest growing GSM network in the world after China and over 8 million internet users ( up from 200,000 in 2002) with plenty of room for growth considering the dynamic population of over  140 million.

About LFR Communications:

LFR Communications, Inc. operates leading and diversified businesses in markets that are being transformed by the internet.

LFR, the pioneer company behind this technology and many ground-breaking technologies for global commerce, is one of few companies that has demonstrated a thorough understanding of the payment needs in Nigeria since 2003 with practical solutions to address the cash based economy.

About United Bank for Africa Plc (UBA):

United bank for Africa PLC is Nigeria’s largest bank with a total balance sheet gradually pushing towards the N2 trillion mark. UBA operates in multi-jurisdiction with presence in Nigeria, Ghana, the Cayman Islands, the United Kingdom and the United States. UBA’s aggressive expansion strategy means that it would have presence in every major financial center globally.

Widely regarded as the Lion King of the Nigerian banking industry, UBA is poised to become the biggest global bank out of Africa. UBA has by far the largest share of Nigeria’s growing banking population with over 6 million customers and an overwhelming dominance in the number of issued debit and credit cards.

UBA also has the largest network of business offices in sub-Saharan Africa (about 700), about 1000 ATMs, an impressive network of POS terminals and several industry firsts to its credit. UBA’s world-class customer-centric products serve diverse customer segments in the markets it plays in – a one-stop-shop for financial services.

UBA has a plethora of awards giving credence to their performance in their chosen markets. Industry observers strongly believe that UBA, with its visionary management led by Tony Elumelu, has what it takes to dominate financial services in Africa.

UBA’s credentials support LFR’s decision to partner with UBA to launch this landmark project for the Nigerian market. VTN is expected to change the way we work, do business and in deed the way we live!!!
To register as a user of VTN, please visit: http://www.virtualterminalnetwork.com

Partnership enquiries, please contact: [email protected]

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Oluniyi D. Ajao
Oluniyi D. Ajao is an Internet Entrepreneur and Tech Enthusiast based in South Africa. Follow him on twitter @niyyie for more tech updates.


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