Vfinancial technology firm, VPD Money, has worked with partners in the sector to handle a cumulated volume of over $200 million worth of transactions with volume climbing to over 2,548 per cent for its customers since inception of operations two years ago.
The Guardian reports that the neo-bank with aspirations for Nigerian companies, particularly small and medium-sized businesses, struck strategic partnerships with leading companies in the sector both domestically and overseas, allowing it to enroll over 50,000 customers to far.
VPD Money has taken use of partnerships to launch a unified wallet, bank account, and AI-powered savings experience at a very affordable price, decreasing entry barriers and granting access and opportunities to the staggering over 1.7 billion people worldwide as well as giving them the ability to create a customised banking experience.
According to the senior product manager and co-founder of VPD Money, Mohamed Adeleke Liadi, “the fintech firm established a soothing platform for the unbanked and underserved, instead of developing another traditional incumbent or commercial bank that hasn’t catered to the unbanked. Those who are unbanked don’t necessarily indicate they are unemployed; rather, it may be that the barrier to entry for financial services is simply too great for them.
“VPD Money services are currently being used by both people and businesses to personalize their own banking experiences as they see fit. We call it the “Bank of You” because of this.”
According to him, despite the recent physical cash shortage in Nigeria, VPD Money’s fintech platform offers consumers and businesses a dependable, quick, and practical solution to manage their finances. “With VPD Money, you can easily conduct transactions and access your money from any location, at any time. With VPD Money, people and organizations can carry out their financial transactions without the need for actual cash.”
In this time of financial difficulty, Mohammed remarked, “Our technology provides instant notification of payments, lower expenses, and a better user experience, making VPD Money a dependable option for cashless transactions. In a practical sense, VPD Money is the only fintech now providing our members with free transfers.
“We know the incumbents can’t solve this because of the architecture of VPD Money technology, baring the current problems in the country. It is obvious that financial institutions have not penetrated through the hinterlands of the country, especially the North and some areas of the South, primarily out of Lagos.
“We have designed our technology stacks and implemented our solution in a way that targets the hinterlands and supports their ability to purchase without relying on currency. The market size is huge: With over 1.7 billion unbanked individuals worldwide, including over 350 million in Africa and over 75 million in Nigeria, there is more work to be done to address the unbanked,” he said.
