Despite the rapid growth of mobile money, Africa’s path to financial inclusion faces significant hurdles.
Millions remain excluded due to low digital literacy, limited smartphone penetration, and inadequate internet infrastructure.
These factors have hampered the efforts of Mobile Network Operators (MNOs) – the mobile payments leaders in Africa – to close the financial inclusion gap.
To ensure the MNOs and other financial institutions overcome these challenges, VeryPay has announced its ambitious plans to bring financial inclusion to millions of underserved Africans over the next decade.
This announcement comes as the company prepares to take part in both the upcoming AFSIC 2024 – the largest annual Africa Investors Event held outside Africa, and Mobile World Congress Africa 2024, where it will showcase its technology solutions to industry leaders, partners, and investors.
“Our mission is to partner with Mobile Network Operators (MNOs) and other financial institutions to overcome these challenges. “Our solution is designed to work for everyone, regardless of their tech-savviness or device ownership,” said Oluwaseun Solanke, CEO of Verypay.
“We’re focusing on sectors that are the backbone of African economies,” Solanke explained.
“By making payment transactions easier and more accessible, we’re not just improving individual lives; we’re contributing to the continent’s overall economic growth.”
The platform developed by VeryPay Holding – a part of Verysell Group, is a transaction engine and NFC token management system that integrates with any e-wallet.
Mobile Network Operators can use the platform as a companion solution to run a contactless payment card scheme without needing issuers, acquirers, or payment service providers and under their own brand.
With VeryPay, multiple payment tokens like cards and bracelets can be added to a single wallet, extending reach to those without a smartphone. Any subscriber can be set up as a merchant to accept digital payments, even those without a bank account.
The organisation’s ambitious timeline aims to reach 100 million users by 2034 – a goal that aligns with the broader African agenda for financial inclusion.
The company will share its vision and strategies at the upcoming AFSIC 2024 forum on 7 -9 October in London, United Kingdom and at Mobile World Congress Africa 2024 on 29 – 31 October in Kigali, Rwanda
Verysell Group – established in 1990 with its headquarters in Switzerland, stands at the forefront of the global software development industry.
The core of the group’s business is two software development centres in Vietnam dedicated to building software for clients and proprietary products such as VeryPay.
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