LFR Communications has developed a new online payment system that allows Nigerian users to transfer funds easily and cheaply, and participate in real-time e-commerce and settlements.

We have spent the last four years experimenting and understanding the specific needs of Internet users in this region by providing customized services to them, which has helped change course from lost hope to optimism since 2003,” says Peter Ojo, Founder of LFR Communications. “The payment system is in its pilot stages in Nigeria, and it is already generating a buzz among highly regarded bank executives.”

Ojo, an alumnus of the University of Ibadan, Kings College University of London, and the University of Portsmouth, U.K, announced the initiative during a visit to Nigeria, where he presented the ecommerce payment system to Banks. Known as Virtual Terminal Network (VTN), the system is a hybrid (Web / Mobile) payment solution that lets users transfer money to individuals and online merchants for free through a revolutionary Mobiweb Hybrid technology.

“VTN is designed to be a strong channel, enabling any existing local payment initiatives or Banks to plug in within 30 minutes and do what they do best, without worrying about the technology or infrastructure to power a payment network of this magnitude,” says Catherine Berruer, VP of Product Development at LFR Communications. “Who knows? The next Jeff Bezos may be roaming the streets of Lagos right now, wondering how to make his own version of Amazon.com a reality. But without a streamlined way of making payments online as it should be, e-commerce may never be a reality in Africa's largest market.”

VTN offers lower rates and superior service, passing on technology savings to consumers. LFR Communications will initially partner with two of the largest financial service institutions in Nigeria, who will let users fund their VTN accounts through branch networks. The company is also backing four other e-commerce ventures, including a portal for entrepreneurs to connect with investors and raise start-up funds and another portal that leverages VTN to bid for short-term contracts.

“E-commerce as we know it in the West is just about to begin its boom in Africa, as Internet access and consumer patterns grow,” says Ojo. “VTN is there to kickstart the process, with a safe, practical and efficient method of online payments that is unprecedented on the continent.”

Hmn. Seems promising but why put a website that is not ready for business online? Why make an announcement when you're not ready to rock-and-roll? Why the unsolicited blaring music on their homepage?

LFR Communications is the same company behind Graphcard.com
One can only hope they can make a difference in Nigeria's online payment system arena.
Good luck with that.

Make dem land now. Aha!

Since your last post in October, I believe you are now enjoyning VTN now
Good luck.