Press Release

ValuCard gets CBN Payment Terminal Service Provider license

ValuCard Nigeria Limited the leading Payment Industry Service Provider 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 is now poised to extend its world-class payment acceptance infrastructural services to all Acquirers and merchants in Nigeria. The company was selected after a rigorous process which involved screening of several other applicants by the CBN.

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.

ValuCard is the largest 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, HoD, 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.”

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.


-September 19, 2011.

 

Agada Apochi becomes MD/CEO of ValuCard

The Board of ValuCard Nigeria Plc has appointed Mr. Agada Apochi as Managing Director/Chief Executive Officer and Mr. Bisi Onasanya, Group MD/CEO, First Bank of Nigeria (FBN) as Chairman.

Mr. Onasanya takes over as from Philips Oduoza, the Group MD/CEO of UBA as Chairman and will lead the company to new heights through his wealth of experience.

Mr. Apochi is the company’s fourth CEO and the first through internal succession since inception. He was until the appointment ValuCard’s Executive Director. The decision on both appointments was taken at the company’s 72nd Board meeting which held on Friday, August 19, 2011. Mr. Apochi’s appointment resulted from rigorous internal and external search. He takes over from Mr. Kyari Bukar, the first indigenous CEO of ValuCard who resigned after a successful career with the company to take up responsibility as CEO in another organization. Mr. Apochi joined the services of ValuCard Nigeria Plc in 2005. Prior to his appointment as Executive Director, he worked at various times in different capacities including Group Head Corporate Services, General Counsel and Company Secretary.

He had the responsibility of directly driving the strategy and growth initiatives of ValuCard. He worked previously with Union Bank of Nigeria Plc and FSB International Bank Plc (now Fidelity Bank Plc) and served on the Board of ValuCard as Alternate Director. Mr. Apochi is an alumnus of the University of Jos, Lagos Business School and Bank Card Business School in Cambridge with several academic honors and awards including University Prize for Best Graduating Student. He was called to the Nigerian Bar in 1992 after his subsequent qualification as a Barrister & Solicitor of the Supreme Court of Nigeria. He is also a Chartered Mediator & Conciliator.

 

At ValuCard Nigeria Limited (VCN), we have transformed from being a local Payment Card scheme to becoming a global Payment Card Industry Service Provider!

By this transformation, we no longer have or support any payment card that is branded with our corporate name, logo or trademark. Also, we no longer deploy signage at merchant locations, ATMs, etc that indicate usage or acceptance of cards issued under our name, logo or trademark.

We now provide services in compliance with international best practices and standards; enabling issuance and usage of cards under international card schemes, beginning with the global leader in payment, Visa International Services Association, which is now a shareholder of our Company and is working with us to develop the Nigeria market.

To prepare for our new services, our infrastructure, systems and processes have since met both EMV and PCI-DSS (Payment Card Industry Data Security Standard) certifications.

Our name remains ValuCard Nigeria Limited.

Our Product/Service Offerings to Merchants/Retailers in Nigeria

Our services and solutions are now beyond limits, beyond boundaries and beyond borders; and include:

  • Merchant Acquiring Services: By this function, we enable Merchants or Retailers to accept Visa cards as a means of payment for goods and services at physical outlets and over the Internet. We are building the most secure, reliable and largest Point of Sale (PoS) infrastructure in Africa. Before the end of year 2009, over 50,000 Point of Sale terminals will be enabled on our acquiring network for acceptance of payment cards, sale of lottery tickets, airtime vending, bill payments, funds transfer, stock management, etc.
  • Bill Payment, Distributorship, Retail and Collection Solutions: We enable companies, government agencies, etc. to collect bill payments, taxes, etc. and also provide services such as telephone recharge, etc. 24/7 through our Point of Sale network.
  • Financial Settlement Services: as an extension of our Merchant Acquiring Service, we also offer financial settlement services to Card Schemes.

Our Service Offerings to the Global Banking Industry

  • Processing Services: This service is provided to banks and any institution that meets global best standards and issues EMV-compliant cards to their customers or deploys acceptance devices such as ATM (Automatic Teller Machine) and PoS (Point of Sale) Terminals that are used for acceptance of EMV-compliant cards.
  • Supply and Personalization of Payment Cards: We supply and personalize payment cards to the banks and other institutions.
  • We sponsor banks for Visa membership
  • We certify payment devices and equipment for vendors in the Payment Card industry.
  • We offer various trainings and other forms of consultancy services to the banking community and other stakeholders in the Payment Card Industry.

 

Our Product/Service Offerings to Visa Cardholders

  • Business-to-Business Payment solutions (B2B-PS): Our B2B payment solutions are designed to enable corporate organizations to pay for their retail purchases conveniently and securely and in the process control and manage their expenses effectively and efficiently.
  • V-Money Transfer Service (VMT): This service is especially designed to enable Nigerians in the Diaspora who carry Visa cards to remit money securely and conveniently via the internet to their friends and relations in Nigeria. Furthermore, it gives recipients instant access to the funds outside banking hours by giving them the option of using their Visa cards to pay for goods and services immediately at merchant locations or to withdraw cash at ATMs. This service also enables Visa cardholders to transfer Naira from one card to another within Nigeria.
  • Non-Resident Investors’ Payment Solution (NRI-PS): This solution enables foreign investors to invest their money in the Nigeria capital market conveniently and securely from the confines of their homes or offices, via the Internet and without the risk of losing money to agents or advisers with whom they may not have prior contract or relationship.

Our Achievements

  • ValuCard Nigeria Limited is the only service provider in the Payment Card Industry in Nigeria today that is EMV Levels I and II Certified and which fully supports Smart Card (Chip) Technology.
  • We are also the only Payment Card Industry service provider that has received the Payment Card Industry – Data Security Standard (PCI-DSS) certification in Nigeria.
  • We are the only Payment Card Industry service provider that plays the combined roles of Acquirer and Processor. This combined role is one of our major differentiating competences. It gives us the ability to deliver unique customized Payment Card solutions.
  • ValuCard is the only non-bank institution in Nigeria that is a Principal Member of a global Card brand, Visa International.
  • Our Points of Sale devices have enabled all the major Hotels, Restaurants and Airlines in Nigeria to accept Visa cards as means of payment for their goods and services, online real-time, thereby boosting their clientele base and customer patronage.
  • For the first time in the history of Card Payments in Nigeria, retailers in our network are now able to earn additional income from our Point of Sale devices while accepting cards as a means of payment.
  • As a Principal Member of Visa International, we have sponsored 20 Nigerian Banks to become Visa Members. We are currently facilitating the membership of more banks.
  • Our Issuer-Processing services now enable Nigerian Banks to issue both domestic and international Visa cards to their customers. By this service, international Visa cards issued by Nigerian Banks can now be used to pay for goods and services at points of sale abroad or over the internet.
  • Our ATM Acquirer Processing services have enabled many Nigerian banks to upgrade their ATMs to EMV Level II status. The service has also enabled Visa cardholders to make withdrawals at many ATMs in Nigeria. Through our efforts Nigerian banks are now able to accept Visa Cards at their ATMs.
  • Through our efforts Nigerian companies can now co-brand Visa card.

 

 

 

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