Emma Okonji
VPD Money, Pan-Africa’s fintech company has revealed that it worked with partners in the industry to process $200 million worth of transaction with volume at over 2,548 per cent for its customers since it commenced operations two years ago.
The neo-bank with big dreams for the Nigerian businesses especially small and medium enterprises (SMEs), signed strategic partnership with key players in the industry, both home and abroad, which has enabled it to onboard over 50,000 customers to date.
VPD Money is a Pan-African fintech that 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 over 1.7 billion unbanked people in the world, of which 350 million are in Africa, as well as giving them the capability to create a customized-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, was a soothing platform for the unbanked and underserved.
“The unbanked people doesn’t necessarily mean they don’t have a job, but the cost of entry to financial service is just too high for them.
“They have uncertainty to the benefits of being in the financial realm and of course, a rational decision, hence, they stay unbanked,” he said.
“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,” he added.
As a fintech platform, he said, VPD Money would provide 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,” Liadi said.
According to him, “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 real sense, VPD Money is the only fintech at the moment really offering free transfers for our users.
“With the architecture of VPD Money technology, baring the current issues in the country, it is obvious that the financial institutions have 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, “matter of fact.”
Liadi further said, “VPD Money’s relentlessness and aspirations to address the unbanked people was not just restricted to Nigeria alone.
“We have deployed our MVP in Nigeria- being our country of origin, because we are well experienced in this terrain; then spreading our tentacles outside the shores of Nigeria. While we have our footprint in Nigeria, we have our global ambition, hence, we are registered in the UK and America.
“We are aware that expansion to other countries can’t be achieved alone and that’s why we’ve already started to develop various strategic partnerships within and outside the shores of Nigeria. We know we can achieve this with our speed, solution and security, hence, we expect to be in at least two other countries in Q4 of 2023, as part of our phase one expansion,” Liadi added.
