Financial services and lifestyle apps that offer users money management tools, instant access to a digital wallet and bank account, VPD Money, has revealed that its transaction volume rose to over $200 million, showing a 2,548 percent increase since it launched in 2021.
The startup stated that it had been able to bring over 50,000 customers to date, having created a reassuring platform for the unbanked and underserved.
The company’s co-founder and senior product and project manager, Mohammed Liadi said, “We have 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 simply too high for them. They have uncertainty about the benefits of being in the financial realm and of course a rational decision, therefore they remain unbanked.
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“With VPD Money, you can access your money anytime, anywhere and make transactions easily. With VPD Money, individuals and companies can carry out their financial transactions without the need for physical cash. Our platform offers instant notification of payments, reduced costs and a better user experience; thus making VPD Money a reliable alternative for cashless transactions during this monetary crisis.”
As a fintech platform, he revealed that 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. He further added that VPD Money is the only fintech currently offering free transfers for transactions.
VPD money, formerly known as VoguePayDigital, was launched in 2020 and is the first African digital banking app that enables users to have a multi-currency wallet linked to their card experience. The platform seeks not only to improve the user experience, but also to reduce the cost of transactions for individuals and businesses.
The platform aims to combine the benefits and strengths of a virtual wallet, a bank account and a card experience to create a true borderless account by leveraging modern solutions such as digital onboarding experience (KYC), AI and machine learning. The startup seeks to eliminate the problem and costs associated with having multiple currency cards through a single combined solution.
VPD money was developed to enable African small and medium enterprises (SMEs) and individuals to transact easily in Africa and globally. Users receive cashback on most of the in-app services to help them save on a “save as you spend” basis.
