Since starting operations two years ago, the financial technology company VPD Money has collaborated with partners in the sector to process a total volume of over $200 million in transactions, with volume increasing by over 2,548 percent for its customers.
The neo-bank with aspirations for Nigerian companies, particularly small and medium-sized businesses (SMEs), struck strategic partnerships with leading companies in the sector both domestically and overseas, allowing it to enroll over 50,000 customers to far.
In order to lower entry barriers and give access and opportunities to the shocking 1.7 billion unbanked people in the world (350 million of whom are in Africa), VPD Money has used partnerships to introduce a unified wallet, bank account, and AI-powered savings experience at a very affordable cost. This also gives them the ability to create a “customised-banking” experience.
According to Mohamed Adeleke Liadi, senior product manager and co-founder of VPD Money, “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.
“Both individuals and businesses (SMEs) are using VPD Money services at the moment to customise their own banking experience as they deem fit. That’s why we tag it the “Bank of You.”
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 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.”
Mohamed remarked, “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 a 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 has 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.”
“We have structured our technology stacks and deployed our solution in such a way that it addresses those in the hinterlands and aids their ability to spend without dependencies on cash. The market size is huge: Over 1.7 billion unbanked people globally, over 350 million of which are in Africa and over 75 million in Nigeria- with this figure, there is a lot to do to address the unbanked,” he said.
