PennyTree in pact with VFD to offer seamless payment system to businesses

L-R: Abayomi Ogunjobi, director and co-founder of PennyTree; Adeniyi Adenubi, executive director of Governance, Government & Subsidiary Relations at VFD Group, and Ayo Ogunlowo, director of Treegar Global and co-founder at PennyTree.

Determined to empower merchants with a dependable payment platform, particularly at this time of cashless policy, PennyTree has partnered with VFD Group to strengthen its payment system and offer opportunities to businesses in Nigeria.

The partnership is the first in a series of planned collaborations with VFD Group and is a way of providing opportunities for cross-pollinating business transactions in order to achieve success.

Abayomi Ogunjobi, director and co-founder at PennyTree, said the collaboration will present a unique opportunity to explore valuable solutions for the retail market, value chain growth opportunities for businesses, and establish an interaction of business transactions.

“PennyTree represents the future of the retail banking and financial services in Nigeria and this collaboration opens up opportunities to continue to empower merchants with a dependable platform and a seamless system for their financial transactions,” Ogunjobi said.

Adeniyi Adenubi, executive director of Governance, Government & Subsidiary Relations at VFD Group, described the partnership as an opportunity to pave the way for the future of banking and financial technology in Nigeria.

“We are always excited to contribute to the growth of the industry, and partnering with a fast-growing financial services company like PennyTree gives us the opportunity to continue to do this. Our partnership provides an opportunity for both sides to contribute to the growing SME sector while also empowering the financial growth of individuals in general,” Adenubi said.

PennyTree is a portfolio company of Treegar Global that offers regular banking services such as sending and receiving money, utility bills payment, and savings for individuals and businesses. It also provides banking services like receiving payments, generating and sending invoices and receipts to customers, and keeping track of inflow and outflow for merchants.

Ayo Ogunlowo, director of Treegar Global and co-founder at PennyTree, said that with VFD Group’s experience and Treegar’s rapid growth and expansion plans, the collaboration will transform the financial services and asset management landscape in the country.

“Treegar Global is a proprietary investment company with a portfolio of companies ranging from financial services, asset management, lending services, retail banking, and waste recycling. PennyTree is one of our portfolio companies currently simplifying access to banking services for business owners, and individuals and this partnership with VFD Group means that we can continue to do this at a larger scale, and we are working closely to explore other opportunities,” Ayo said.