">
TechMoran
  • About Us
  • Deals
  • Jobs
  • Motoring
    • Money
  • Pitch Your Startup
  • Submit Your Post
  • Freelance Gigs
  • Travel
  • Men’s Corner
  • Dating
Monday, January 18, 2021
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
No Result
View All Result
TechMoran
">
Home Blockchain

Nigeria’s Money Transfer Service VCASH, to Experiment With Blockchain Technology

Milcah Lukhanyu by Milcah Lukhanyu
3 years ago
in Blockchain
5 min read
0

Related posts

The Four Steps to Purchasing Bitcoin

November 20, 2020
0

Provably Fair Blockchain Algorithms the New Fad in iGaming

November 14, 2020
0

Paxful crypto marketplace partners with Uhuru Wallet

November 11, 2020
0

Top Tech CV Skills in 2020

November 9, 2020
0

One of the most innovative mobile payment operators in Africa has announced the creation of a Blockchain lab, separate from its operations, to experiment on how the technology can help the financial sector of one of the biggest market in Africa, Nigeria.

VBE (VCASH Blockchain Experiment) will bridge the knowledge gap with the goal to place Nigeria at the forefront of this rapidly evolving technology.

Peter Ojo CEO/CTO of the company, VTNETWORK Limited, recalls Nigeria’s slow adoption of technology. “There was a time in Nigeria when electronic communications were not considered legally binding, and banks specifically advised customers against conducting business on the internet. We must get out of the mindset that protects the vested interests of the status quo and VBE will help do this.”

“With blockchains, our focus is to provide young entrepreneurs the opportunity to innovate and build the ecosystem that is relevant to their local realities,” said Ojo. He added there are “immense opportunities” in the areas of Health services/Patient records management, Financial services such as Real Time Gross Settlement and Real Time Net Settlement, Immutability of stored or debit card value, Identity verification, property titles, social security, credit bureaus and insurance, to mention a few.

There is intense interest from central banks in blockchain and cryptocurrency applications with many central banks announcing research initiatives. The Central Bank of Nigeria (CBN) has set up an industry committee with a road-map report expected by the end of February 2018.

READ  Magic Mavo Studios Coin Sale to Disrupt Global $50 Billion Film, Streaming Media Platforms

Market leaders are convinced of the potential of blockchain tech. Visa, Kodak, Barclays, Moneygram, Goldman Sachs and Japan’s Central Bank are just a sampling of high-profile institutions working to unearth the potential of Blockchain. “We will look at industry collaborations, such as the CLS Blockchain Consortium, and leading platforms such as Ripple and Stellar, as components of a way forward,” said Ojo.

In creating VBE, VTNETWORK’s goal is to ensure that Nigerians do not miss out on the knowledge opportunities in this sector. When CBN licensed the business for mobile payments in 2012 the company benefited from its technical foundation; it had started much earlier by building its platform in-house specifically for Nigeria and had experimented with e-commerce payments several years prior. In the past 24 months, the business has processed over ₦247 billion in transactions. The company is also working with partners to increase the volume of remittance to Nigeria banks by introducing cutting-edge technologies to cut the agent time by 90 % in developed countries.

“With blockchains, our focus is to provide young entrepreneurs the opportunity to innovate and build the ecosystem that is relevant to their local realities,” said Ojo. He added there are “immense opportunities” in the areas of Health services/Patient records management, Financial services such as Real Time Gross Settlement and Real Time Net Settlement, Immutability of stored or debit card value, Identity verification, property titles, social security, credit bureaus and insurance, to mention a few.

 

Readers 4,574

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Tags: BitcoinBlockchain
Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

Related Posts

Blockchain

The Four Steps to Purchasing Bitcoin

November 20, 2020
0
Blockchain

Provably Fair Blockchain Algorithms the New Fad in iGaming

November 14, 2020
0
Bitcoin

Paxful crypto marketplace partners with Uhuru Wallet

November 11, 2020
0
Blockchain

Top Tech CV Skills in 2020

November 9, 2020
0
Smartphone with NEO symbol on-screen among piles of golden NEO coins. Blockchain transfers concept. 3D rendering
Blockchain

What is NEO? Can it Be the Finest Altcoin in Which You Can Invest

November 6, 2020
0
Blockchain

Blockchain Joins Major League Sports

November 2, 2020
0
Blockchain

Kenya Embracing Blockchain Technology To Keep Roads Safe

September 22, 2020
0
Blockchain

Blockchain Basics. What you should know before entering this industry

August 27, 2020
0

https://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoB
ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

A salesman checks a customer's iPhone at a mobile phone store in New Delhi, India, July 27, 2016. REUTERS/Adnan Abidi

How To Measure How Much You Walk On Your iPhone

January 17, 2021

How To Scan and Sign Documents Directly From Your iPhone

January 17, 2021

realme to release more phones in 2021 to grow its smartphone market share

January 16, 2021

What You Need To Know To Manage Your Network Effectively

January 16, 2021

Baidu establishes an Intelligent electric vehicle arm to bring autonomous cars on a road near you

January 15, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: