A new digital bank app, VPD Money, that will eliminate banking and foreign exchange transactions costs and allow for accelerated local and international trade, has been launched.
Mr. Michael Femi Simeon, the chief executive officer of VPD.Money, the boldest fintech company in Africa, said VPD.Money -formerly called VoguePayDigital- is the first African digital banking app that enable its users to have multi-currency wallet linked to their card experience.
He said that the platform would not only improve user experience but also reduce the cost of transactions for individuals and businesses.
VPD.Money, he stressed, would eliminate the problem and costs associated with having multiply currency cards through a single combined solution.
According to him, VPD.Money was developed to enable African small and medium enterprises (SMEs) and individuals, to transact easily within Africa and globally.
Presently, only 15 percent of Intra-African trade is taking place and VPD.Money is determined to maximise the African trade potential.
He noted that VPD.Money rewards its users with discounts in form of cash backs. “Users of the platform have access to pay for cable TV subscriptions, electricity bills, events, cinema bookings and access to food vendors.
“Users receive cash back on most of the embedded services within the app. The spirit is to help users save on ‘save as you spend’ basis. This is especially crucial in the Covid-19 era.”
With VPD.Money, he confirmed that the aim is to reduce transaction costs by 80 percent and offer support tools for businesses through a pending ‘Business Account’ feature.
He concluded that the new platform aimed to combine the benefit and strength of a virtual wallet, a bank account and card experience in order to create a true borderless account, leveraging on modern solutions such as digital onboarding experience (KYC), AI, machine learning, RegTech and partnerships.