5 Lessons we learnt from our CEO’s interview with the author of Disrupting Africa on PowerFM 98.7

On 25th August, 2016, the co-founder and CEO of VoguePay, Michael Simeon had an exclusive chat with PowerFM; a leading South Africa online radio. Speaking from UK, Michael was a guest on Power FM 98.7’s weekly innovation segment with Victor Kgomoeswana.

You can listen to the interview here.

His host on the show, Nnamdi Oranye is the author of Africa’s first book “Disrupting Africa” that chronicles the lives of innovators and entrepreneurs changing the African landscape. Nnamdi has been named amongst the 100 most influential names in Africa’s telecoms, media and ICT industry by the AfricaCom100 Research Board. He is also an innovation contributor to Destiny Man, South Africa’s premium business and lifestyle magazine.

Here are my 5 major takeaways from the interview

  • What the name “VoguePay” really means.

When the company launched in 2012, the name VoguePay was chosen because it symbolizes a modern way of doing things. At that time, small business owners in Nigeria were disgruntled with the big players who wanted them to pay an exorbitant amount of money (typically $1,000) to integrate online payment gateway. Hence, with a choice of name that stands for “modern” and a pricing that is “FREE” VoguePay disrupted the online payment space in Nigeria.

  • How VoguePay differs from PayPal and others

There is an obvious dearth of financial engagement within Africa, between Africans and the world at large. For example, most debit/credit cards issued in most African countries are not cross continent and some are not even Internet enabled; therefore limiting a large group of people, regardless of class from participating in cross-border fund transfers and transactions. This is the opportunity that VoguePay is positioned to bring to Africa and Africans in diaspora.

The dream of the founders is to create a payment bridge between Africa and the rest of the world. Using VoguePay, SMEs can now collect payment from their customers from anywhere in the world (in the buyers currency or its alternate), we process the payment and repatriate the payment to the seller in their local currency. Using our turnkey payment solution, we will control the whole FX experience between the buyer and seller in an instant.

  • Is VoguePay {really} secure?

VoguePay has “baked in” a robust security network. This includes several layers of security vigilance to prevent money laundering or fraudulent transactions. It is important to note that since most cyber crimes work like network, we also collaborate with security agencies to combat cyber crime as well as ensure we create adequate awareness to our users.

The Electronic Payment Providers Association of Nigeria (ePPAN) ran a feature story on the complex algorithms we employ for combating cyber security. You can download the full report here

  • The Market Audience VoguePay is addressing?

VoguePay is SME focused. We are helping small businesses all over the world take the first step to eCommerce. In the last 4 years, over 17,000 SMEs have been started receiving payment online using our free payment integration module, opening SMEs to a global market from Nigeria or any part of the world. In the next three years, we are optimistic that our focused market audience will help us to build a $5billion company in the next three years.

  • The future of Bitcoin in the African market

Given the hurdle of payment in Africa, Bitcoin offers an easy way to transfer money across Africa. There is still a low adoption of bitcoin in some part of Africa. In Nigeria, VoguePay was the first online payment gateway to introduce Bitcoin trading via a partnership with Ice3 in 2015.

For Bitcoin exchange to grow, there is a need for creating market awareness about the benefits, educating people about security concerns like how to lock their chains etc. VoguePay is championing this in our market. Also, we are due to announce our blockchain and other crypto-currency initiatives.

You can sign up a FREE account on VoguePay here.

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