Fintech processes $200 million as transaction volumes hit 2,548%
Vfinancial technology firm, VPD Money, has worked with partners in the industry to process a cumulated volume of over $200 million worth of transactions with volume rising to over 2,548 per cent for its customers since inception of operations two years ago.
The neo-bank with dreams for Nigerian businesses, especially small and medium enterprises (SMEs), signed strategic partnership with key players in the industry both at home and abroad, which has enabled it to onboard over 50,000 customers to date.
VPD Money has leveraged on partnerships to introduce unifying wallet, bank account and AI-powered savings experience at a very affordable cost, thereby, lowering barrier to entry and providing access and opportunities to the outrageous over 1.7 billion unbanked people in the world (350 million of which are in Africa), as well as giving them the capability to create a “customised-banking” experience.
VPD Money’s Co-founder and Senior Product & Project Manager, Mohammed Adeleke Liadi, said, “the fintech startup instead of creating another typical incumbent or commercial bank, that have not catered to the unbanked or creating another generic digital bank, created a soothing platform for the unbanked and underserved. The unbanked people don’t necessarily mean they don’t have a job but the cost of entry to financial service is just too high for them.
“Both individuals and businesses (SMEs) are using VPD Money services at the moment to customise their own banking experience as they deem fit. That’s why we tag it the “Bank of You.”
As a fintech platform, he said, VPD Money provides a reliable, fast and convenient way for individuals and businesses to manage their finances, regardless of the recent physical cash shortage in Nigeria. “With VPD Money, you can access your funds anytime, anywhere and make transactions with ease. With VPD Money, individuals and businesses can carry out their financial transactions without the need for physical cash.”
Mohammed said, “Our platform offers instant notification of payments, reduced costs, and a better user experience; thus, making VPD Money a reliable option for cashless transactions during this cash crunch. In a real sense, VPD Money is the only fintech at the moment really offering free transfers for our users.”
“Because of the architecture of VPD Money technology, baring the current issues in the country, it is obvious that the financial institutions has not penetrated through the hinterlands of the country, especially North, as well as some parts of the South- mostly out of Lagos and we know the incumbents can’t solve this.
“We have structured our technology stacks and deployed our solution in such a way that it addresses those in the hinterlands and aids their ability to spend without dependencies on cash. The market size is huge: Over 1.7 billion unbanked people globally, over 350 million of which are in Africa and over 75 million in Nigeria- with this figure, there is a lot to do to address the unbanked,” he said.