• Advertise
  • Jobs
  • Freelance Gigs
  • Motoring
  • Money
Thursday, May 26, 2022
  • Login
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists
No Result
View All Result
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists
No Result
View All Result
TechMoran
No Result
View All Result
Home Fintech

VeelPay wants to be Africa’s PayPal, with affordable instant money transfers & payments to almost anyone globally

VeelPay, a new fintech platform is set to launch to enable instant money transfers from anywhere to anywhere around the globe with state-of-the-earth encryption technology for secure transactions.

The platform, which has been in stealth mode for a while, aims to allow users to send and receive money, store funds, pay bills via credit card or M-Pesa and buy airtime across major mobile networks in Africa and is in the process of introducing affordable medical insurance packages across Africa. In addition, it will have an investment platform connecting investors to companies that are investor-ready.

The burden of high transaction fees

Speaking to TechMoran, Vivian Kang’ethe, the Kenyan-based co-founder said the firm currently has 10 employees and is on-boarding users by day to ease them the burden of high transaction fees incurred on money transfer platforms, help their businesses accept digital payments and give them proper investment opportunities or enough capital to start their own businesses.

“Yes,in as much as the company is new,it is solving what we intended it to. People are able to transact affordably, able to make reliable investments, able to get access to business loans/capital for their projects, able to get affordable healthcare and much more,” Kang’ethe said. “We do have plans to expand geographically and product wise. Currently we are in Kenya, we want to expand to Africa and the world at large,I mean… VeelPay is global!”

VeePay sees mobile money firms and telcos and banks as its biggest competitors because most of them are running to offer this services on their platforms ut VeePay aims to be the mother super-app with all financial services in one platform. it also looks to accept cryptocurrencies in the near future. VeePay is yet to raise any external capital but is open to investors from around the world.

Cryptocurrency is becoming more mainstream

According to Kang’ethe, cryptocurrency is becoming more mainstream, and business owners need to consider offering this as a payment option to customers. Cryptocurrency offers better payment security because cryptocurrencies do not need third-party verification. She adds that when a customer pays with cryptocurrency, their data isn’t stored in a centralized hub where data breaches commonly occur. Crypto, to her, will end the scenario where customers reverse transactions fraudulently but cryptocurrency will eliminate all that,as once a cryptocurrency payment goes through, it is permanent.

“Transactions can be refunded only by the party receiving the funds,” Kang’ethe said. “Businesses that accept cryptocurrency should be prepared for the possibility of customers requesting refunds, and keep track of how much money each customer has paid. Cryptocurrency payments have the potential of creating a more borderless and globalized economy, as well as fighting financial inequality by bringing fast and secured financial services to people without access to a bank.”

Fintechs are powerful tools

Fintechs are powerful tools in democratizing finance in advanced and developing economies, and they are also increasing customer retention for merchants through speed and convenience, whilst providing customers with personalized experiences through AI and machine learning.

Kang’ethe believes Veepay will play a huge role in the Kenyan ecosystem if it picks up. “Fintechs in Kenya have become catalysts for traditional banking. Fintechs in Kenya are offering solutions to traditional banking by leveraging connectivity, mobile technologies and data analysis. So I would say Fintech companies in Kenya are on track in keeping up with modern trends in the financial digital world.”

Readers 257

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

James Musoba

James Musoba

Studying Africa's startup and technology scene. I always look forward to discovering new exciting inventions and vibrant entrepreneurs.

Related Posts

develoPPP Ventures to grant up to 100,000 euros to startups in Ghana & East Africa for suitable growth
Startups

develoPPP Ventures to grant up to 100,000 euros to startups in Ghana & East Africa for suitable growth

by James Musoba
May 26, 2022
0

develoPPP Ventures is looking for Ghana, Kenya and Tanzania-based startups to apply for a grant of up to 100,000 euros...

Nigerian crypto exchange Yellow Card launches in Ivory Coast.
Startups

Nigerian crypto exchange Yellow Card launches in Ivory Coast.

by Weddy Thuranira
May 26, 2022
0

Nigerian cryptocurrency exchange Yellow Card has added Ivory Coast to its list of 16 countries where it operates as it continues to expand across Africa, Since its debut in Nigeria in 2018, Yellow Card has made it their mission to bring financial freedom to all by making it simple for anybody, wherever in Africa, to buy cryptocurrency at the best rates using cash, mobile money, cards, and bank transfers. Ivory Coast's Yellow Card country manager, Sylvio Contayon, is optimistic about the journey ahead, claiming that the country is an untapped market with an increasing number of crypto enthusiasts. Yellow Card, which was founded in 2018 and launched in Nigeria in 2019, allows anyone in Africa...

Solar Sister & LivelyHoods Kenya merge to bring clean energy to millions of people in sub-Saharan Africa
Solar

Solar Sister & LivelyHoods Kenya merge to bring clean energy to millions of people in sub-Saharan Africa

by James Musoba
May 26, 2022
0

Solar Sister, Inc. and LivelyHoods Kenya have merged in a move expected to bring economic opportunity and clean energy to...

Esaal, Egypt’s online health and wellness platform raises $1.7M to expand across the MENA region

Esaal, Egypt’s online health and wellness platform raises $1.7M to expand across the MENA region

May 26, 2022
GSMA improves Women’s Digital Safety with Mobile Tokenisation 

GSMA improves Women’s Digital Safety with Mobile Tokenisation 

May 26, 2022
Equity bank rolls out chatbot on WhatsApp, Facebook Messenger, and Telegram.

Equity bank rolls out chatbot on WhatsApp, Facebook Messenger, and Telegram.

May 25, 2022
Please login to join discussion
  • Advertise
  • Jobs
  • Freelance Gigs
  • Motoring
  • Money

© 2022 TechMoran Ltd, All Rights Reserved.

No Result
View All Result
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists

© 2022 TechMoran Ltd, All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
%d bloggers like this: