US Digital financial services company, P2P Cash says it has opened a new money transfer service from the US states of Georgia and South Carolina to Nigeria.
P2P Cash says the service now offers cross-border money transfers at competitive exchange rates without any transfer fees.
“We are very excited to be adding Nigeria as our seventh remittance destination,” P2P Cash CEO Tom Meredith. “We continue to build our ‘Free Money Transfer’ business model as a new industry standard. This is not a promotional offer. We will never charge the transfer fees that other services do. We hope to motivate other services to take this consumer-friendly approach, eliminating unnecessary fees and letting customers send more money home.”
Peter Ojo, CEO/MD of VTNetwork LTD comments that “the P2P model is unique and that is why we are excited to partner with them for the benefit of Nigerians. We are committed to bringing remittance costs down while increasing inflow to Nigeria.”
P2P Cash says its aggressive no-fee pricing position is possible because of its proprietary Smart Token technology and global disbursement network.
“We built a highly efficient system that leverages the widespread ownership of mobile phones, cloud-based data storage, blockchain innovations and a virtual organizational structure to dramatically reduce the cost of delivering money between accounts across borders,” Meredith adds. “We don’t have to charge a large fee on bank-to-bank or mobile transfers because we don’t have to pay intermediaries, nor do we have to cover the expense of bricks-and-mortar outlets.”
According to him, “We look forward to bringing this new consumer-friendly service to the Nigerian community here in Georgia,” concludes Meredith. “Once we establish the value of the service with the Nigerian community there, we can capitalize on its popularity to take the service nationwide.”
Nigerians and Nigerian-Americans in Georgia and South Carolina can find this new service at http://www.p2pcash.com. Customers may also download the mobile app from the Google Play or Apple Stores.
The Nigerian partner, VTNetwork dba VCASH is a Central Bank of Nigeria (CBN) licensed mobile payment operator and fully licensed International Money Transfer Organization (IMTO).
VTNetwork surpassed all mobile payment operators and all banks in June and July 2016 on NIBSS NIP in terms of value transferred on the Nigeria Interbank Settlement System, according to the provider which hopes to be among the first three most active transactions processor on NIBSS NIP.
The business offers electronic payment services designed for cash-based economies, instant inward remittance settlement in partnership with the finest international remittance organizations, including a full e-commerce platform that has successfully operated since being introduced in May 2008.