This post is an excerpt from an interview, with our CEO & Co-founder, Mr Michael Femi Simeon.
A lot is happening in FinTech space generally. And this is visible from the amount of activities happening in InsurTech, e-payments, lending and so on.
One of the major trends we have noticed is that more fintech companies will be rolling out banking-like services. A lot of these are happening in US, China and Europe.
As a result, the competition between FINTECH and traditional banks is heating up. From our own perspective at VoguePay, we have already developed all the banking suite even more now. But the way we deployed, we would be working with various banking institutions across microfinance, retail and investment banking to provide efficiency to increase customer capabilities, analytics and transactions.
To achieve this, voguepay will be turning into a digital bank built by harmonizing KYC (Know Your Customer) and creating a borderless banking experience.
At VoguePay, we believe that the future of banking will be as easy as being able to roam with your bank account, just as you will do with your GSM number.
For instance, if you have a mobile phone and you travel to another country like Ghana or UK, your mobile phone will still work without you getting in touch with the network operator in those localities.
The digital bank capabilities that we have created will be given to a lot of banks and some banks have already started taking advantage of it and would be deploying those capabilities this year. The difference between what we do is the unique experience and the service they provide.
Interestingly, we are very glad that we would be starting it out from Nigeria, although some countries in the Gulf region want to quickly take advantage of it to be the first mover in the market.
But we are proud Nigerians and we want to give it to certain banks and let Nigeria experience and enjoy the benefits. It would change how we Nigerians save today and by that we mean, it would change how you invest today.
It would change how you travel in terms of how you source your money to travel, how you move; your relationship with your transaction will change. We just can’t wait to really go live with some of these things.
We have been working on this solution for about 14 months and it will be launched to more than 6 million users.