Tech

VeryPay is Transforming African Value Chains with its E-Wallet Companion Solution

In a world where over 350 million citizens navigate a cash-dominant economy without the safety net of traditional banking, VeryPay aims to be a transformative force for financial inclusion and accessibility for citizens across Africa. 

Without a proven financial history, merchants have limited access to lending and operate with low security and high risk of theft, fraud, and counterfeit money. As a result, they can’t scale their business operations, the growth of value chains becomes limited, and economic progress halts. 

VeryPay partners with Mobile Network Operators (MNOs) to digitise daily spend, enabling speed and convenience and expanding financial access by creating digital financial records for everyone. 

The VeryPay e-wallet companion solution is redefining financial ecosystems across many sectors such as retail, agriculture, transportation, and education. These sectors are long overdue for a digital uplift that fosters financial inclusion and drives economic growth across the continent. 

Bridging the Digital Divide with VeryPay 

At its core, VeryPay serves as a conduit for financial inclusion, partnering with Mobile Network Operators (MNOs) to digitise daily transactions. It creates a digital financial footprint for users who were previously invisible to the formal financial system. By doing so, it empowers MNOs to extend financial services to the underbanked, catalysing economic advancement. 

One of the other major factors that has widened the gap is the lack of smartphone usage and reaching last-mile users in remote areas. To combat this challenge, VeryPay develops partnerships with MNO’s to run pilot projects with a commitment to helping educate consumers on the benefits of digitisation and the value of mobile money.  

Spotlight on MWC Kigali 2023 

As lead sponsor at Mobile World Congress Kigali in Rwanda on October 17th-19th, 2023, VeryPay’s Chief Commercial Officer, David Drever joined world renowned fintech leaders on the Vision and Strategy stage.  

With the theme of Digital Transformation in Africa, David’s presentation underscored the far-reaching impacts mobile money can have on sectors like agribusiness. He explained how VeryPay provides the layer of technology that plays a pivotal role in aiding MNOs to scale their operations while expanding financial inclusion and economic progress. 

“VeryPay delivers the digital payment infrastructure to power the whole ecosystem,” said David on the Vision and Strategy stage at MWC Kigali 2023. 

A Game-Changer for FinTech in Africa 

VeryPay is not just another fintech solution. It’s a transaction engine and payment token system that seamlessly integrates with any eWallet. It allows Mobile Money Operators to run their own contactless payment schemes without the complexity of issuers, acquirers, or payment service providers. Tailored to tackle Africa’s unique challenges, VeryPay is unlocking possibilities for more inclusive, efficient, and accessible financial ecosystems for all. 

Strategic Partnerships: The Path to Inclusion 

VeryPay is in discussions with leading telcos in Africa to form partnerships that will pave the way for a digital revolution. Together they will expand the reach and impact of mobile money, digitising financial services for millions. It’s a collaborative effort towards bridging financial gaps that spur economic growth.

The Future of Agribusiness with VeryPay Technology 

In the realm of agribusiness, the VeryPay team has observed the lack of digital financial records as a long-term stumbling block for merchants and farmers, limiting their access to essential financial services.  

VeryPay is addressing this challenge head-on. Their digital farmer registry, endorsed by aggregators and Farmer Associations, is a game-changer. It collects vital data for credit assessments, accelerates loan issuance, and reduces acquisition costs. Loans are efficiently managed through VeryPay’s group eWallets, ensuring even those without personal smartphones can participate via sub-wallets and VeryPay cards. 

Farmers, armed with VeryPay payment tokens, can effortlessly purchase crucial supplies like seeds and fertilisers. It’s a perfect blend of technology and financial inclusion, making sure every farmer is part of a dynamic, inclusive financial ecosystem. 

Envisioning an Inclusive African Economy 

As they reflect on their achievements, including their experience at MWC Kigali, VeryPay stands as a beacon of innovation, inclusion, and economic progression. Their vision extends beyond the present; it’s about nurturing key partnerships in specific value chains, promoting education, and advocating for the widespread adoption of mobile money and digital financial records. 

The journey to a financially inclusive Africa goes beyond mere transactions. It’s about transforming communities, empowering ecosystems and building a financially inclusive future for every African citizen. 

VeryPay’s presence at MWC Kigali, where CCO David Drever shared their vision for a financially inclusive Africa, was a testament to their commitment to transforming value chains across the continent with their unique payment technology solutions. Discover more about VeryPay’s innovative approach and its impact on various sectors by visiting www.verypay.ch