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Fintech, VPD Money Transaction Volume Growth Rate Hits 2,548%, Processes Over $200m
VPD Money, Pan-Africa’s fastest growing fintech, has worked with partners in the industry to process a cumulated volume of over $200 million worth of transaction with volume rising to over 2,548 per cent for its customers since inception of operation two years ago.
The neo-bank with big dreams for the Nigerian businesses especially small and medium enterprises (SMEs), signed strategic partnership with key players in the industry both home and abroad, which has enabled it to on boarded over 50,000 customers to date.
VPD Money is a Pan-African fintech that has leveraged on partnerships to introduced unifying wallet, bank account and AI-powered savings experience at a very affordable cost, thereby lowering barrier to entry and providing access and opportunities to the outrageous over 1.7 billion unbanked people in the world (350 million of which are in Africa), as well as giving them the capability to create a “customized-banking” experience.
VPD Money’s Co-founder and Senior Product & Project Manager, Mohammed Adeleke Liadi, said the fintech startup instead of creating another typical incumbent or commercial bank, that have not catered to the unbanked or creating another generic digital bank, created a soothing platform for the unbanked and underserved.
“The unbanked people doesn’t necessarily mean they don’t have a job but the cost of entry to financial service is just too high for them. They have uncertainty to the benefits of being in the financial realm and of course, a rational decision, hence, they stay unbanked,” he said.
“Both individuals and businesses (SMEs) are using VPD Money services at the moment to customize their own banking experience as they deem fit. That’s why we tag it the “Bank of You”.
As a fintech platform, he said, VPD Money provides a reliable, fast and convenient way for individuals and businesses to manage their finances, regardless of the recent physical cash shortage in Nigeria.
“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.”
Mohammed said, “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 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 matter of fact.
Going further, Mohammed said VPD Money’s relentlessness and aspirations to address the unbanked people is not just restricted to Nigeria alone. “We have deployed our MVP in Nigeria- being our country of origin, because we are well experienced in this terrain; then spreading our tentacles outside the shores of Nigeria. While we have our footprint in Nigeria, we have our global ambition, hence, we are registered in the UK and America.
“We are aware that expansion to other countries can’t be achieved alone and that’s why we’ve already started to develop various strategic partnerships within and outside the shores of Nigeria. We know we can achieve this with our speed, solution and security, hence, we expect to be in at least two other countries in Q4 of 2023, as part of our phase one expansion.
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
Governor Peter Mbah of Enugu State, has approved the allocation of a parcel of land in Enugu, the state capital, for the establishment of a state-of-the-art Digital Fabrication Centre by the Industrial Training Fund.
Mbah announced this while receiving a delegation from the Industrial Training Fund on a courtesy visit to the Government House, Enugu.
The ITF disclosed this on Friday in a statement signed by its Director of Press and Public Relations, Thomas Ngor.
According to the statement, Mbah described the proposed project as timely and aligned with his administration’s vision of transforming Enugu into a leading destination for investment, innovation and technology-driven industrial development.
He noted that the future of economic prosperity lies in deliberate investments in human capital and emerging technologies, adding that the state has continued to create an enabling environment for innovation, enterprise and sustainable growth.
The governor explained that his administration has made technical education compulsory in the state’s basic education system, with emphasis on digital literacy, robotics and mechatronics to prepare learners for the future of work.
According to him, many traditional trades are now driven by digital technologies, making it imperative to equip young people with relevant technical competencies that will enable them to compete globally and contribute meaningfully to economic development.
Governor Mbah further disclosed that his administration has built smart schools across the state, equipped with robotics centres, mechatronics laboratories and other modern learning facilities, to prepare youths for the evolving global economy.
He noted that artificial intelligence is expected to contribute about $20tn to the global economy in the coming years.
He therefore stressed that the state must be intentional about upskilling its citizens, adding that the establishment of the ITF Digital Fabrication Centre will significantly strengthen the state’s drive to build a knowledge-based economy, foster innovation, promote local manufacturing and create employment opportunities for its growing youthful population.
Earlier, Afiz Ogun, the Director-General of the ITF, who led the delegation, said that upon his appointment by President Bola Tinubu, he was mandated to upskill Nigerian artisans to international standards.
He explained that the Fund subsequently repositioned its technical and vocational skills development efforts through strategic initiatives, including the Skill-Up Artisans Programme, which is designed to train, certify and license Nigerian artisans to international standards.
Ogun disclosed that the Fund had already established a Digital Fabrication Centre in Ikeja, Lagos, with the capacity to produce more than 400 different products. He therefore requested the allocation of land in Enugu State to establish a similar centre with the same production capacity.
According to him, the initiative is aimed at promoting industrialisation, reducing dependence on imports and preparing Nigerians for opportunities in the Fourth Industrial Revolution.
He also reaffirmed the Fund’s readiness to enter into public-private partnerships that will transform Nigeria’s artisanal ecosystem.
Ogun further noted that digital technologies, including artificial intelligence, robotics and computer-aided manufacturing, are rapidly transforming the global economy, making it imperative for Nigeria to deliberately invest in upskilling its workforce to remain globally competitive.
The ITF delegation was later conducted on a guided tour of facilities at one of the smart schools established by the Enugu State Government.
Glovo, a multi-category tech company, has announced its integration into the generative AI ecosystem with the launch of its “Shopping Assistant” for ChatGPT and Claude. Users can now discover retail products, compare prices, and seamlessly order any item using natural conversational language with the AI systems.
The Glovo experience inside such platforms introduces a conversational commerce model that shifts from a search-based web to an intent-based web. Rather than navigating traditional app menus and filters, users can express needs, such as asking for a “last-minute gift for a coffee lover under ₦50,000”, and the assistant handles semantic search, location validation, and product curation.
A Seamless, Concierge-Like Experience
Once both platforms have been connected through either ChatGPT or Claude apps, the user will be able to have a multi-turn dialogue where the assistant remembers context and constraints, such as budget caps. Users receive a visual carousel of up to five highly customised product options available at local stores. Each product displays its image, name, store details and ratings, and price. While the search and discovery experience takes place directly on the Generative AI platforms, selecting a product via the “view on Glovo” button takes the user to the Glovo mobile or web app, where the payment and final purchase are exclusively completed.
Strategic Focus on Retail and Growth
Glovo is prioritising the retail and grocery sectors for this initial launch, capturing the established habit of using AI for product research. Generative AI has driven a significant jump in retail traffic globally, so this first-mover advantage aims to meet customers where they are meeting Gen AI daily, and ensure it captures high-intent organic traffic as search behaviours evolve.
“We’re always looking for ways to meet our customers where they already are. Being available on Claude and ChatGPT means people can discover what Glovo has to offer as part of a natural conversation, with no friction. Glovo has always been about being the everyday app that provides choice and convenience, and this is another step in that direction”, said Shiro Theuri, Chief Technology Officer at Glovo.
How to look for products in the Glovo app through ChatGPT or Claude
- The user must sync ChatGPT or Claude with the Glovo app with the plug-in.
- Once synced, the user must type in @glovo followed by their request.
- The AI platform displays a carousel with 5 available options for the user.
- If the user wants to purchase any of the products or continue searching within the Glovo app, they must click “View on Glovo”, which will redirect the user to the Glovo app or website.
- After the order is confirmed, the store will prepare the item(s) and the courier will head up to the pick-up location. The user will receive the order in minutes.
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