Fintech processes $200M as transaction volumes hit 2548% | The Guardian Nigeria News
Vfinancial technology firm, VPD Money, has worked with industry partners to process an accumulated volume of over $200 million worth of transactions with the volume increasing over 2548 percent for clients since its inception two years ago.
The neo-bank with dreams for Nigerian businesses, especially small and medium enterprises (SMEs), signed strategic partnerships with key players in the industry both at home and abroad, which has enabled it to bring in over 50,000 customers to date.
VPD Money has leveraged partnerships to introduce a unified wallet, bank account and AI-powered savings experience at a highly affordable price, thereby lowering the barrier to entry and providing access and opportunity to the staggering over 1.7 billion unbanked people in the world (350 million of whom are in Africa), as well as giving them the opportunity to create a “personalised banking experience”.
VPD Money’s co-founder and senior product and project manager, Mohammed Adeleke Liadi, said: “instead of creating another typical established or commercial bank, the fintech startup, which has not catered to the unbanked or created another generic digital bank, created a reassuring platform for the unbanked and underserved The unbanked doesn’t necessarily mean they don’t have a job, but the cost of getting into financial services is just too high for them.
“Both individuals and businesses (SMEs) currently use VPD Money services to customize their own banking experience as they see fit. That’s why we brand it as 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 money anytime, anywhere and make transactions easily. 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 monetary crisis. In a real sense, VPD Money is the only fintech at the moment that truly offers free transfers for our users.”
“Due to the architecture of the VPD Money technology, apart from the current issues in the country, it is obvious that the financial institutions have not penetrated through the interior of the country, especially the North as well as some parts of the South – mostly outside Lagos and we know that the incumbents cannot solve this.
“We have structured our technology stacks and deployed our solution in such a way that it addresses them in the hinterland and helps their ability to spend without dependence on cash. The market size is huge: Over 1.7 billion unbanked people globally, of which over 350 million are in Africa and over 75 million in Nigeria – with this number there is a lot to do to address the unbanked, he said.
