By Wale Oguntokun
With the advent of innovative technology, there has been a massive disruption in the financial services sector. Commercial banks no longer enjoy the monopoly of online payment services, as an emergence of FinTechs has encroached into what, hitherto, had been the exclusive preserve of commercial banks within the financial ecosystem.
Gone are the days, when one would have to rely solely on banks to sort their financial transactions. FinTechs, through the application of modern technology, has enabled a password-protected method that verifies and allows the transfer of funds over an electronic funds transfer, (EFT).
The system is managed, such that, the information systems facilitate and manage transaction-oriented applications for retrieval of transaction processing.
An online payment solution provider in the FinTech space that has found itself, deeply rooted in this narrative, is VoguePay.
In Nigeria payments through digital means continues to hit the mainstream, with its popularity spreading across all sectors. VoguePay is not left out of this fantastic application of technology to make online payment a seamless transaction.
So what has made VoguePay to stand out?
Although, VoguePay started out as a payment solution provider, it has reinvented herself to a border-less digital bank, with powerful innovations that will be unveiled by the end of the first quarter of 2019.
The new upgrade, which positions itself as 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.
To achieve this, VoguePay will be turning into a digital bank, built by harmonizing KYC, (Know Your Customer) and creating a border-less banking experience.
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.
Interestingly, this feature will first be made available to the Nigerian users, although some countries in the Gulf region want to quickly take advantage of it to be the first mover in the market.
The new digital bank by VoguePay is expected to change how Nigerians save today and by that we mean it would change how you invest today. How Nigerians travel in terms of how you source your money to travel, how you move; your relationship with your transaction will change.