The oldest continent in the world has a huge problem: the sending and receiving of money. Africa “boasts” the highest remittance fees and cross-country transaction payments is not easy at all.
The problem with payment facilitation in the country comes from the fact that anyone wishing to make a payment from outside Africa needs to convert his or her currency to the local one. This action costs a high remittance fee and the only party that benefits from it is the payment processor. This whole “ordeal” inhibits the many trade opportunities that could exist if there were no such payment issues.
Receiving goods and services should be easy. That is why VoguePay is on a mission to lower the barrier to entry for merchants and individuals across the world. We are creating a suite of services that encompasses the whole experience of setting up and receiving payments online.
VoguePay allows its users to send and receive money in any currency. The platform is low-cost for both individual and business registrations. According to a news article from Crypto Briefing, the startup currently serves well above 100,000 small and medium-sized businesses from around the world, while processing over $1,000,000 each and every day.
Apart from its core operations, VoguePay is now working with the top 10 banking institutions in Africa to help them digitize their customers offerings.
VoguePay also helps individuals receive credit. A huge problem in Africa is the cash-only transaction “past”, which means that a lot of individuals do not have a credit history and are usually hard to get “banked”.