A new digital bank app, ‘VPD. Money ‘ has been launched into the market to eliminate banking and foreign exchange transactions’ costs.
Chief Executive Officer of VPD.Money, Michael Femi Simeon stated that the new solution would also stir local and international trade.
Simeon said that VPD.Money, formerly branded 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 would also reduce the cost of transactions for individuals and businesses.
According to him, the innovation was developed to enable African small and medium enterprises (SMEs) and individuals to transact easily within Africa and globally.
He noted that VPD.Money rewards users with discounts in form of cash backs.
He said, “Presently, only 15 per cent of intra-African trade is taking place. We are determined to maximise the African trade potential.
“Users have access to pay for cable TV subscriptions, electricity bills, events, cinema bookings and access to food vendors.
“They will also 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.
Simeon said VPD.Money sought to reduce transaction costs by 80 per cent and offer support tools for businesses through a pending ‘Business Account’ feature.
“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. This is a birth of a 21st century financial services experience.”