Nigeria’s Fin-Tech industry is expecting a major boost, especially with VoguePay’s recent launch of a new digital transaction platform that allows for exchange of several currencies including bitcoin payments.
VoguePay.com, a leading online payment aggregator in Nigeria has launched the VoguePay 3.0 targeted at small and medium scale enterprises (SMEs) with focus on empowering businesses to improve their revenue collections by allowing them to send and receive payments from local and international customers.
The platform which currently allows merchants to accept payment in US dollars, euros, South African rands, Ghana Cedis, Nigerian naira and Bitcoin payments creates an enablement for global market trading.
Speaking at a press briefing held at the company’s head office in Lagos, Micheal Femi Simeon, Chief Executive Officer of VoguePay said that the new solution helps to to “remove the invisible barriers restricting free trade.”
Simeon noted that over the years, the company has grown to become the fastest growing fintech company in West Africa that has not raised external funding while supporting more than 60,000 merchants across North Americas, Europe, Asia and Africa.
Businesses using VoguePay can now enjoy competitive transaction fees while receiving payments from their customers through multiple channels like cash, card payment, direct bank transfers, QR codes and bitcoin.
The new platform also ensures improved e-commerce transaction success rates and offer more business support tools.
Leke Ojikutu, co-founder and Chief technology officer noted that existing VoguePay users don’t need to do anything as their account will be migrated to the new platform. He noted that security and safety of financial transactions are now three times more secure, even as the company seeks to comply with PCI DSS certification which is a mark of trust by industry standards.
In his remarks, Wole Ogunlade, the company’s head of digital media and strategy noted that the new product is more intuitive to use as the company invested in designing an improved user experience for users and also increased the channels for users to pay on the platform.
Quam Ojikutu, operations officer of VoguePay, said that in addition to allowing merchants to receive payment from anyone globally, VoguePay has the right partnerships to onboard merchants from different countries and remit payments to them in their preferred currencies like euro, dollar, rands, cedi, naira and bitcoin depending on the country they opened their account.
He further added that the launch of the new platform is part of an overall strategy to launch Africa’s first blockchain-powered digital bank by the second quarter of 2018. He noted that with the digital bank, VoguePay infrastructure will be suited to serve the needs of the Diasporas.