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ValuCard Nigeria granted Payment Terminal Service Provider License

By on September 21, 2011

ValuCard Nigeria Limited has been granted license by the Central Bank of Nigeria, CBN, to operate as Payment Terminal Service Provider, PTSP in Nigeria.

By this development, the company said in a statement, that it is now poised to extend its world-class payment acceptance infrastructural services to all acquirers and merchants in Nigeria.

The company said that it was selected after a rigorous process which involved screening of several other applicants by the CBN.

The company noted that a PTSP is an entity in the Nigerian payment space licensed by the CBN and charged with responsibility to ensure effectiveness of Point of Sale (POS) operations and a proper support/maintenance infrastructure.

The company is a major player in this segment, enabling Nigerians conduct cashless transactions in the country and around the world as a joint acquiring company for Nigerian banks with its secure and reliable acquiring network.

Reacting to the CBN license to ValuCard Nigeria Limited, Vivian Okolo, Head of Department, Acquiring and Merchant Services ValuCard, says, “As a card-neutral company, and with our many years of experience in payments, we are very well positioned to make a huge success of this project and ensure that Nigeria achieves a cashless economy.

“In demonstration of our support for the laudable initiatives of the CBN, ValuCard will invest significantly in creating acceptance infrastructure. The company will also work with various stakeholders including NIBSS, operators of the Payment Terminal Service Aggregator and all Card Schemes including MasterCard, Interswitch, e-tranzact and Visa.”

Okolo said that in addition to the company’s already existing network, it hopes to establish presence in all major towns and cities in Nigeria to help Nigerians simplify their lives, using relevant technology to create payment options that will drive value across all stakeholder segments which is believed will give further momentum to the country’s drive towards an increasingly cashless economy.

One Comment

  1. Anonymous

    September 25, 2011 at 3:43 pm

    I AM HAPPY BECOUSE THIS IS A NEW DEVELOPMENT, I SAY CONGRATULATION NIGERIANS.