Financial services and lifestyle app that offer users money management tools, instant access to a digital wallet, and bank account, VPD Money, has disclosed that its transaction volume rose to over $200m, which showed a 2,548 percent increase since it commenced operations in 2021.
The startup stated that it had been able to onboard over 50,000 customers to date, having created a soothing platform for the unbanked and underserved.
The company’s Co-Founder and Senior Product and Project Manager, Mohammed Liadi said, “We have 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 services 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.
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“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. 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.”
As a fintech platform, he disclosed 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 at the moment offering free transfers for transactions.
Launched in 2020, VPD money formerly known as VoguePayDigital is the first African digital banking app that enables its users to have a multi-currency wallet linked to their card experience. The platform seeks not only to improve user’s experience but also reduce the cost of transactions for individuals and businesses.
The platform aims to combine the benefit and strength of a virtual wallet, a bank account, and a card experience in order to create a true borderless account, 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 within Africa and globally. Users receive cash back on most of the embedded services within the app, to help them save on a ‘save as you spend’ basis.