Digital Payments in Nigeria: Empowering Financial Inclusion in the Modern Era

In the modern era, financial inclusion is no longer a luxury but a necessity. Access to financial services, especially in emerging economies like Nigeria, plays a pivotal role in improving the livelihoods of the underprivileged and driving economic growth. As a result, digital payments have emerged as a potent tool in achieving these goals. 

Digital Payments methods

Understanding Financial Inclusion

To begin with, financial inclusion is the process of ensuring that individuals and businesses have access to affordable, convenient, and secure financial services. These services can range from simple savings and payment accounts to more complex financial products like loans and insurance. In the context of Nigeria, achieving financial inclusion is crucial due to the significant portion of the population that remains unbanked or underbanked.

To demonstrate this, the World Bank’s Global Findex Database reported that, as of 2017, only 40% of adults in Nigeria had access to formal financial services. The government and various stakeholders recognized this as an issue that needed to be addressed. Digital payments are seen as a means to bridge this gap.

The Rise of Digital Payments in Nigeria

  • MOBILE PHONE PENETRATION

First and foremost, Nigeria has one of the highest mobile phone penetration rates in Africa. According to the Nigerian Communications Commission (NCC), there were over 196 million mobile subscribers in Nigeria as of 2020. This widespread use of mobile phones serves as the foundation for digital payment systems.

  • GOVERNMENT INITIATIVES

Moreover, the Central Bank of Nigeria (CBN) has actively promoted financial inclusion through various policies and initiatives. The “Cashless Nigeria” policy and the “National Financial Inclusion Strategy” have played crucial roles in encouraging the adoption of digital payments.

  • FINTECH INNOVATION

Furthermore, the rise of fintech companies in Nigeria has introduced a wave of innovative financial products and services. These companies have leveraged technology to provide digital payment solutions that cater to the needs of a wide range of customers, including those in underserved and rural areas.

Key Digital Payment Methods in Nigeria

Digital payments have had a transformative impact on financial inclusion in Nigeria. Here are some of the ways in which they have empowered individuals and businesses:

  • ACCESSIBILITY:

In particular, digital payment methods are accessible to individuals regardless of their location. Rural and underserved areas have seen a significant improvement in access to financial services through mobile apps and USSD banking.

  • AFFORDABILITY:

Also, digital payments are often more cost-effective than traditional banking. There are fewer fees associated with maintaining digital wallets or conducting transactions through mobile phones.

  • SECURITY:

Digital payments provide a secure way to store and transfer money, reducing the risks associated with carrying cash.

  • INCLUSION OF INFORMAL SECTOR

Many individuals engaged in the informal sector, such as small traders and artisans, now have access to financial services, enabling them to save and grow their businesses.

  • FINANCIAL LITERACY

The use of digital payments has contributed to an increase in financial literacy among Nigerians. Users become more familiar with banking concepts and practices through regular use.

Challenges and Opportunities

While digital payments have made significant strides in Nigeria, several challenges and opportunities remain:

  • INFRASTRUCTURE AND CONNECTIVITY

Limited access to the internet and mobile network coverage in some rural areas can hinder the growth of digital payments. Investments in infrastructure are needed to address this issue.

  • CYBER-SECURITY

With the growth of digital payments, the risk of cybercrimes and fraud has also increased. There is a need for robust cybersecurity measures and awareness campaigns to protect users.

  • FINANCIAL LITERACY

Despite the increase in financial literacy due to digital payments, there is still a need for educational campaigns to enhance users’ understanding of digital financial services.

  • PARTNERSHIP

Collaboration between financial institutions, fintech companies like Vtpass, and telecom operators can foster the development of innovative solutions and improve financial inclusion.

  • CROSS-BORDER TRANSACTION

Enhancing the capabilities for cross-border digital transactions can facilitate international trade and the influx of remittances.

CONCLUSION

Digital payments in Nigeria have emerged as a powerful tool in advancing financial inclusion. The widespread adoption of mobile phones, coupled with government initiatives and fintech innovation, has enabled millions to access affordable and secure financial services. While challenges remain, the future looks promising as the digital payments landscape continues to evolve, making strides in improving the financial well-being of Nigerians and propelling the nation towards greater economic growth. Financial inclusion is not just a buzzword but a tangible goal within reach, thanks to the modern era of digital payments.

To conclude, as Nigeria continues to develop its digital payments ecosystem, it is imperative that all stakeholders – government, financial institutions, fintech companies, and consumers – work together to overcome challenges and seize opportunities to ensure that financial inclusion becomes a reality for all. The journey has begun, and the destination is a more prosperous and financially inclusive Nigeria.

UPDATE TO THE VTPASS API TRANSACTIONS VIEW PAGE

We have some exciting news to share that will make managing your transactions a breeze. We are delighted to announce a major change to our transactions view page. This change is aimed at enhancing your overall experience.

At VTpass, we understand the importance of staying ahead of the curve and continuously improving our platform to meet your evolving needs. With this in mind, we have meticulously crafted a revamped Transactions View page.

With this update, we have set out to achieve two key objectives: first, to enhance your understanding of the status of each transaction initiated, and second, to provide you with powerful features that make navigating your transactions effortless. We’re confident that this revamp will empower you to take control of your transactions like never before.

PERUSE TO UNDERSTAND EACH STAGE OF TRANSACTION PROCESS.

As of this point, the API TRANS STATUS INSIGHT indicates that this transaction is pending. This means that you have been charged for this transaction, but the value is yet to be delivered as the transaction is processed by the service provider. You are advised not to refund your customer. In this case, feedback is expected to arrive within minutes of initiating the transaction.

Within minutes of initiating this transaction, you should click the “Re-check Status” button to get further insight into this transaction. This will open up a “Transaction Resolution” screen as shown in Image B below.

It will take a few minutes for this page to load successfully, and the results will be either of the following:

SUCCESSFUL TRANSACTION

transaction completed view on the transactions view page.

This will confirm to you that the transaction was successful, and value has been delivered to the customer. A successful transaction means that the customer has received value for the product or service they paid for, and that their payment was processed without any issues.

FAILED TRANSACTION

transaction failed view on the transactions view page.

In case the window transits into this page, it simply means that the transaction failed, and could not be completed. In the event of this, we can assure you that you won’t be charged for this transaction. The window transition indicates that the transaction was unsuccessful and therefore it did not go through to the payment processor. As such, no charges have been made to your account and you will not be billed for the attempted transaction.

transaction reversed view on the transactions view page.

In this view, it means that the transaction failed, and couldn’t be delivered. The difference is that your wallet may be debited. Per adventure, if your wallet was debited in the process, it will be reversed automatically.

It is noteworthy that in the previous scenario where the transaction returned as FAILED, your wallet wouldn’t be debited. But in this case, your wallet, although previously been debited, would be refunded and the charges would be charged.

transaction resolved view on the transactions view page.

Stay tuned as we roll out this exciting updates in the coming days. In the meantime, don’t hesitate to contact our dedicated support team if you have questions or need assistance. We value your feedback, and we’re eager to hear your thoughts on the revamped Transactions View page.

Thank you for being part of our journey as we enhance our platform to serve you better. Here’s to smoother transactions!

At vtpass.com, we make for quick and convenient means of paying all pending bills. Just by logging in to ppp.vtpass.com, you can pay for your phone airtime- Etisalat, AirtelMTNGLO; your TV subscriptionelectricity billsdata subscription and so on.

Didn’t Get JAMB e-PIN: What To Do

Firstly, to get your JAMB e-PIN, you should ensure you make your purchase using a reliable platform like VTpass. Bill payments made through VTpass are superfast. And you get value immediately. However, we know there are a few cases where you might not have gotten your JAMB e-PIN immediately. This could be due to a number of reasons. This will help you get your JAMB e-PIN in such cases

At VTpass, we are particular that you get instant value for services you pay for when you need it. By simply logging on to ppp.vtpass.com, you get to conveniently pay for everyday services. From airtime and data subscriptions. to electricity bills, cable tv subscriptions, insurance bills and education bills, VTpass has you covered. Upon using some of these services like the JAMB e-PIN purchase, you will need to receive a PIN to complete your registration. In rare cases, you may not receive this e-PIN immediately due to service breakdown, poor network issues, or maybe a drained phone battery.

Firstly, do not panic. You have not been scammed. VTpass has been delivering top notch service to customers for years. Should in case you did not receive your JAMB e-PIN after making payment through the platform, all you need to do is follow any of the steps below.

Contact Support

You can contact support via a number of channels.

  1. The Live Chat
  2. Calling our helpline
  3. Sending an email
  4. Social Media
  1. Firstly, the Live Chat feature gives you instant access to our 24/7 support centre just by clicking on “help” and “start live chat” from the VTPASS Mobile App or by logging on to ppp.vtpass.com from your phone browser and clicking on “online – chat with us” at the bottom right. All you need to do is provide them with the phone number/email address linked to your e-PIN purchase, and your profile code, and your complaint will be resolved.
  2. Secondly, calling our helpline is always advised if you have an urgent issue that needs resolution. Our helpline is always available to give you 24-hour dedicated support. That’s right, getting that issue resolved is as simple as dialling 08138752358 now!
  3. Thirdly, You can send a mail to support@vtpass.com now and we’ll help you resolve any issue you have. Just provide the phone number/email address linked to your e-PIN purchase, and your profile code, and your email will be treated promptly.
  4. Finally, you can also get your issues resolved by sending a DM to us via InstagramTwitter or Facebook with the necessary details of your transaction.

In conclusion, bill payments on ppp.vtpass.com are superfast, easy and convenient. In addition, you get 24/7 access to our support team to help you through any glitch you might have. Why don’t you try us today?

How To Buy and Use 2022 JAMB e-Pin

Need a step by step guide on how to buy and use 2022 JAMB e-PIN? Look no further. We’re here to help. The 2022 JAMB e-PIN (UTME/Direct Entry) is now available on VTpass. Sale has commenced and is scheduled to close on the 26th of March, 2022. Candidates are advised to register before registration closes.

The JAMB e-PIN is a necessity before you can register for the examination for candidates seeking admission into tertiary institutions. You can purchase your JAMB e-PIN easily on VTpass to process your registration. That’s not all however. We have put together this resource to help you walk through how to buy and use 2022 JAMB e-PIN in 5 simple steps.

5 Easy Steps To Buy And Use JAMB e-PIN

Follow these steps and you won’t have any problem completing your JAMB registration, whether you’re a UTME candidate or a Direct Entry candidate.

1. Firstly, candidate should have obtained their NIN as directed by JAMB

In line with JAMB’s directive, only candidates who have obtained their NIN can register for the examination. You can dial *346# on any service provider to retrieve your NIN, or head over to a registration centre to get yours.

2. Secondly, SMS ‘NIN’, space and your 11 digit NIN number to 55019. For example, send (NIN 00123456789) to 55019.

3. Thirdly, Get Profile Code

After sending message to 55019, you’ll receive an SMS response with your 10-digit profile code and your registered name with NIMC. This 10 digit profile code is important as you will not be able to purchase JAMB e-PIN without it.

4. Next, visit ppp.vtpass.com/jamb and buy e-PIN using the 10-digit profile code you received via SMS. Your e-PIN is immediately sent to you via email, SMS, web and the VTpass app.

5. Lastly, candidate then presents the received e-PIN at any JAMB accredited CBT centre to register. Registration complete!

Note: The cell phone number used for sending ‘NIN’ to 55019 is automatically linked to the candidate’s name supplied by NIMC and will be used in all communications related to his/her application/examination. What are you waiting for? Head over to ppp.vtpass.com now to buy your 2022 JAMB e-PINs now!

How To Fund Your VTpass Wallet

If you’re a new user to the VTpass platform and would like a faster way to make your payments without having to use your debit card all the time, here’s how to fund your VTpass wallet. First, what is a wallet?

The image of a nice small, foldable leather wallet tucked carefully into the back of your jean trousers quickly comes to mind as a guy. If the image in your mind is not nice, change your wallet. Lol. For the ladies, it’s that stylish fashionable purse that holds all things precious to you. You find all manner of things in wallets these days. From sim cards and sim packs, to receipts. From ID cards to complementary cards. from earrings to pins. Even the downright ridiculous can be found in wallets, like paper. Let’s just not bother to dabble into the world of all the things that can be found in a woman’s wallet.

All these are great. There is however one important thing missing. Money! All wallets/ purses carry money. The money is either in physical form or in an ATM card in the wallet. Money, for instance, is one of the major reasons losing your wallet hurts. For example, you often remember how much you had in the wallet before it went missing. Subsequently, I can’t be the only one who searches every corner of his wallet when sapa hits.

Consequently, all these are well and good, and the reason we are teaching you how to fund your VTpass wallet.

What’s a VTpass Wallet?

We have established that wallets help hold cash and are handy when you need urgent cash to make quick and easy payment. In the same vein, your VTpass wallet helps you pay for services on VTpass swiftly. In other words, you can now buy airtime and data, pay TV subscriptions and electricity bills, purchase insurance covers and pay education bills at the click of a button, right from your VTpass wallet. Yes! Likewise, it’s easy to use.

How to fund your wallet

To fund/credit your wallet, simply do these:

  1. Firstly, Log on to ppp.vtpass.com
  2. Log in with your registered email and password.
  3. Click “Credit Wallet” as it appears on the dashboard.
  4. Enter the amount you want to credit into your wallet.
  5. Proceed to payment and choose your desired payment option.
  6. Make payment and your wallet is credited immediately.

That’s it. Now you can start funding your wallet easily and making payments for products on VTpass, superfast.

Pay For GOTV Using USSD With VTpass

It’s the era of the *something#, so how about we let you know that you can now pay for GOtv using USSD with VTpass? Yes, these days, there are so many payment options open to customers. VTpass makes it possible for you to make payment via any channel of your choice.

Firstly, one of the choices available to you is to make payment using your debit card. You can also pay using your VTpass wallet, doing a direct Bank Transfer, or paying by QR. However, we would be focusing on walking you through paying using the USSD feature on VTpass.

How To Pay For GOTV Using USSD With VTpass

Using the USSD feature on VTpass is really easy and straightforward. Simply follow the steps below:

  1. Log on to ppp.vtpass.com/gotv
  2. Input your IUC number.
  3. Select “Renew current bouquet” if you wish to stay on your current bouquet or “Change Bouquet” if you desire to upgrade or downgrade to another bouquet of your choice.
  4. Fill in other required fields and proceed to payment.
  5. Click on “pay with bank transfer” and select the USSD option to pay with USSD.
  6. Choose your bank and make the transfer by dialling the unique USSD code generated on your screen.

When you complete this payment, kindly click on the “I’ve completed the payment” button and our system will auto-confirm your payment. That’s all. You immediately get reconnected on the GOtv package you paid for and can continue to enjoy your world of unbeatable entertainment.

Similarly, VTpass also gives you the ability to buy airtime and data, pay other TV subscriptions and electricity bills, buy insurance covers and pay education bills, all while offering you a variety of payment options and superfast delivery of value! Try us! You’d definitely recommend to others afterwards. Visit ppp.vtpass.com now

What To Do When You Don’t Receive Token

All things being equal, every time you pay bills using VTpass, you should receive your token immediately; some peculiar cases may arise though, so here’s what to do when you don’t receive token.

At VTpass, our utmost priority is making sure you get immediate value for the services you pay for when you need it. By logging on to ppp.vtpass.com, you get to conveniently pay for everyday services. These services range from airtime and data subscriptions. to electricity bills, cable tv subscriptions, insurance bills and education bills. Upon using some of these services like electricity, you may need to receive a token. In rare cases, you may not receive this token immediately due to service breakdown or poor network issues. To better understand the reasons why you may not receive your token immediately, please click here.

In cases where you do not receive the token at all however after making a payment and you need it urgently, there’s a way to get it. We have built in a tool on the VTpass dashboard where you can regenerate your token by yourself when you do not receive it, due to certain hindrances

What To Do

In a case where you have made payment for a service and are yet to receive your token, simply log in to your VTpass dashboard from a Chrome browser. At the top of your dashboard, you’ll see an icon saying “find my token.”

Click on the “find my token” icon or visit the unique url https://vtpass.com/find-my-token.

Next, input your meter number and the phone number linked to your transaction, then click on the “search” button.

Our system immediately helps you pull out your token and displays it to you. You also get the option to download your transaction receipt and see all the necessary details. That’s what to do when you don’t receive token. Should you have lost any of your tokens and wish to recover it, you can use this tool to get it back.

As always, VTpass remains the number 1 bills payment platform that offers you seamless payment and swift delivery of the value for which you pay for. This is one of the tools we have built in place to aid you always get prompt value, irrespective of any irregularities that may arise.

In conclusion, bills payment with ppp.vtpass.com is superfast, easy and very convenient. Just a few clicks and you’re done. In addition, you get 24/7 access to our support team to help you through any glitch you might have. Why don’t you try us today?

How To Suspend Your DSTV Subscription

Imagine you’re going on a vacation and will be away from your TV for a while. What happens to your DSTV subscription then? What about when you have to go on a work trip and there’s no one else at home? You don’t want your active DSTV subscription to go to waste without anyone using it, not in this economy. In such cases, here’s what you can do to suspend your DSTV subscription temporarily.

Although DSTV is a prepaid service (you pay before you watch) subscribers are allowed to suspend their account for the period of 7 – 14 days (1 – 2 weeks) twice in a year. It’s true. Subscribers prefer pay-per-view but we’ll make do with what we have. It comes with a catch though.

  • You can only suspend your account twice in a year.
  • You must have an active subscription validity of at least 7 days before applying for suspension.
  • Make the suspension request 2 days before the desired date of suspension.
  • You can only suspend your account for a minimum of 7 days and maximum of 14 days at a go.

How To Go About It

To suspend your DSTV subscription temporarily, here are three ways you can go about it. The only thing you need is a scanned copy of your ID card which could be your national ID Card, Voter Card or International Passport. To suspend your DSTV account temporarily, just:

  1. Send a suspension request mail to “suspension@ng.multichoice.com” with the subject as “Temporal service suspension of DSTV account” stating your account details with the scanned copy of your id card attached.
  2. Or put your request through to DSTV support on 234 908 236 8533, supply them all details to verify that the account belongs to you and they’ll guide you on what to do.
  3. Alternatively, you may prefer to visit any DSTV service centre around you. Go with valid ID and request for your account to be temporarily suspended.

To reconnect your account after suspension, you need to do nothing. Your account is automatically reconnected once the suspension time elapses. Of course, making DSTV, data, airtime, electricity, insurance, GOTV, Startimes and other payments is easy peasy when you use VTpass!

How To Pay Your DSTV Bill Through Transfer

Paying your DSTV bill doesn’t have to be stressful, but knowing the options available to you is key. With VTpass, you can easily pay your DSTV bills and renew your subscription at the click of a button through your card, but what happens when you don’t have one?

Firstly, using VTpass, you have a variety of options open to you. You can either choose to pay using the USSD feature, using your wallet, or making a direct transfer to stay connected to your world of entertainment. If your debit card has expired, or you just don’t want to go through the sometimes tedious process of providing your card details, you can just easily make a transfer to complete your payment.

It’s pretty simple. You can make this payment right from your mobile phone, or get to the a banking hall. To pay your DSTV bill using the transfer method, simply follow the steps below and you’re done in a few clicks.

DSTV bill
  1. Log on to ppp.vtpass.com
  2. Go to “Pay tv subscription” and select DSTV.
  3. Select bouquet and fill in smart card number. Also provide contact details as required.
  4. Proceed to payment and select the “pay with bank transfer” option. Subsequently, account details for the transfer to be made will be displayed on screen.
  5. Make the transfer and tap the “I’ve sent the money” button.

Just like that, VTpass makes your payment on your behalf. It’s as easy as click, pay and go.

Contacting Support is also easy, should you need it. You can always chat us on our Live-chat platform on the website or app, email us at support@vtpass.com or call our hotline; 08138752358 to get instant support.

Easy DSTV Payment With VTpass Wallet

Want to know how to make easy DSTV payment with VTpass wallet? You’re on the right post. Having your wallet funded with VTpass has so many advantages, but here’s one. Remember how it feels when you run out of cash, and then you find cash you had forgotten you had in your pocket or wallet?

Similarly, having your VTpass wallet funded for your transaction needs can be quite helpful. Just ask Shina, who needed to pay his DSTV bill but had run out of funds. He remembered he still had some funds in his VTpass wallet and used it to make his DSTV payment instantly. That’s only possible because he had previously funded his wallet.

It is our aim at VTpass to continue to make all bills payment easy for you. There are numerous options open to you when renewing your DSTV subscription and making payment with VTpass, like the Bank Transfer, USSD method, card payment but this is all about the wallet funding method.

How To Use VTpass Wallet

To pay your DSTV bills on VTpass using wallet funding, just follow these few steps:

  1. Visit ppp.vtpass.com or open the mobile app from your device.
  2. Click on “Pay TV Subscription” and select DSTV.
  3. Select desired bouquet, fill Smartcard number and contact details.
  4. Confirm details and proceed to payment. Subsequently, you will be required to select your payment method.
  5. Tap on “pay with vtpass wallet” to complete your payment.

As a result, the payment would be deducted from your wallet balance automatically. This means you can fund your VTpass wallet at a go so you don’t have to fill in payment details every time. Please note that if your wallet balance is not sufficient for the transaction you are attempting to carry out, it will not be successful.

Similarly, funding your VTpass wallet is very easy to do. What are you waiting for? Fund your VTpass wallet now and start experiencing stress-free payments.