VPD Money, a pan-African fintech, that delivers high-quality personal banking services and business bank apps for the unbanked in Africa and beyond hit 2,548 percent customer transaction volume in two years.
According to the company, since its inception it has processed over $200 million worth of transactions with volume rising to over 2,548 percent of transactions on customer growth.
The neo-bank which has big dreams for Nigerian businesses especially small and medium enterprises (SMEs), has signed a strategic partnership with key players in the industry both at home and abroad, which has enabled it to on-boarded over 50,000 customers to date.
Mohammed Adeleke Liadi, VPD Money’s Co-founder and Senior Product & Project Manager, said the fintech startup instead of creating another typical incumbent or commercial bank, that has not catered to the unbanked or created 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. They have uncertainty about the benefits of being in the financial realm and of course, a rational decision, hence, they stay unbanked,”
“Both individuals and businesses (SMEs) are using VPD Money services at the moment to customize their own banking experience as they deem fit. That’s why we tag it the “Bank of You”, he said.
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The company noted that its platform has leveraged partnerships to introduce a unifying wallet, bank account, and AI-powered savings experience at a very affordable cost, thereby lowering the 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 “customized-banking” experience.
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 the 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 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,” he said.
Going further, Mohammed said VPD Money’s relentlessness and aspirations to address the unbanked people are 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.”
