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Errandpay Takes On African FinTechs, MFBs And MFIs With Agency Banking And PoS Terminals
Abiola Bonuola
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In 2018, Errandpay Chief Technology Officer; Paul Dureke and his Co-Founders went on an adventure to Sub-Saharan Africa. Typical of tourists, they visited a country without enough United States Dollars and had to seek diverse options to convert any available cash they had to the local currency available.

Unfortunately for these Founders, they quickly found out that their international Commercial Debit Cards and other payment options were useless. They began to think of how many other people experienced the same problem and slowly, the idea to build a fintech like Errandpay began.

Today, Errandpay offers agency banking applications and affordable point of sales (PoS) terminals to Fintechs, Microfinance Banks and Microfinance Institutions across Ghana, Nigeria, Kenya, Rwanda, Cameroon, Côte d’Ivoire, Uganda, and the Benin Republic.

So far, Errandpay has had partnerships across Africa to access over 100,000 payout points and has now served over one million customers with its 12,000 direct payout locations in the continent.

How Does Errandpay Help FinTechs, MFBs and MFIs?

Quite simply, the platform allows an “aboki” in Kaduna to operate a PoS machine that can serve his entire neighborhood. This “aboki” also has access to information about how his family and friends can repay loans, earn money, and share financial burdens. Information any Fintech, MFB and MFI will be happy to have.

Errandpay can make lending, insurance and investment products, credit card payments, registration for different services and so on easier so its partners can avoid unreasonably high charges.

Any bank or financial institution can also easily be integrated on Errandpay’s API, and this serves as an opportunity for them to leverage the platform to expand its reach across Africa. More people have access to financial services and more banks have access to more customers.

Regular problems that FinTechs MFBs and MFIs face like recruiting and managing developers, setting, and meeting timelines, projecting, collecting, and aggregating vendors, negotiating with other banks, customer onboarding and documentation can now be reduced.

While answering questions from the press on its unique approach to MFBs, MFIs and FinTech’s, Paul Dureke explained that the platform has been successful because the team has focused all resources on providing technology that can cater to the African markets and financial institutions.

“With Africa in mind from day one, we have built technology that has considered several use cases, integrated multiple corridors, and can facilitate the operations of other financial institutions. Building technology is difficult and time-consuming, so we have made developer-friendly and easy-to-integrate APIs readily available for all our partners. From white labeled services to aggregation of major services and an ability to integrate seamlessly to any core banking platform in Africa, Errandpay’s features are fully customisable to the needs of any potential partner. FinTechs, MFBs and MFIs can worry less about building technologies and focus more on strengthening their structures through the platform.”

The Company is licensed as a Super-Agent in Nigeria by the CBN’s Payment Service Bank license and has since had a 50% month-on-month growth rate.

Does Errandpay Make Any Money?

Definitely, Errandpay makes money from every transaction made and every time, their API is being used. However, the Company requires major collaborations in the financial sector to boost the inclusion it seeks to redress in Africa.

“In the past ten years across the Sub-Saharan Africa region, collaboration has driven the fintech revolution. One of ErrandPay’s core strategies is collaborations with Microfinance banks, financial institutions, Aggregators, agents, fintech companies and lots more. We have built our technology for ambitious banks, organisations, Founders and CEOs looking to scale super-fast,” stated Ajibola Awojobi; CEO, Errandpay.

Onboarding on Errandpay is free. The platform is accessible on errandpay.com or via the mobile app on both the iOS and Android devices, while its ever-supportive technical team are available 24/7 at hello@errandpay.com.

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How Errandpay is driving financial inclusion across Sub-Saharan Africa by powering Fintechs, MFBs and MFIs 
Abiola Bonuola
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Many financial organisations believe that Fintechs, Microfinance Banks (MFBs), and Microfinance Institutions (MFIs) are seventh heavens in the global effort to alleviate poverty in Sub-Saharan Africa. Unfortunately, this impression is very far from reality. 

Filtering through the World Bank’s 2021 report on Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19, one would find that over 65% of the region still has limited access to deposit and credit facilities provided by financial institutions.

Not only are these financial services essential to the growth of small and medium-scale enterprises (SMEs), they are integral to improving the money markets and fostering social development amongst individuals. 

Fintechs, MFIs and MFBs require more technologically-driven solutions, proper bookkeeping and reporting mechanisms, clear credit policies and better internal controls to provide these life-altering services. Fortunately, Errandpay’s robust agency banking and mobile money models promise to enhance such solutions. 

Errandpay is a fintech company operating across Nigeria, Ghana, Kenya and Uganda, providing financial services providers with agency banking applications and affordable point of sales (PoS) terminals, amongst other innovative products for processing real-time transactions. 

The company’s agency banking solution is entirely white label and reduces major obstacles in go-to-market strategies banks experience. Banking stressors like recruiting and managing developers, setting and meeting timelines, projecting, collecting and aggregating vendors, negotiating with other banks, customer onboarding and documentation are eliminated. Time spent on these stressors is reduced from years, sometimes months, to days. 

Agency banking, also known as branchless banking, usually allows banks to expand their branches, reach and customers by using authorised agents who can offer banking services like deposit and credit facilities using authorised PoS machines. 

A more detailed description; Aliyu, an Hausa retailer in the North Eastern part of Nigeria, has been authorised to operate a PoS machine by a bank. Aliyu helps his family, neighbours, and friends send, receive and withdraw money using his PoS machine. Through Aliyu, the bank can reach more customers in indigenous areas. Aliyu can earn additional income from commissions from each transaction he processes on his PoS device. 

As an agent, Aliyu is in the best position to help his bank make lending decisions because he is more familiar with his customers. He knows their repayment capacity, financial stability, credit ratings, etc. These insights can help his bank maintain its asset quality. 

Errandpay is passionate about driving financial inclusion by ensuring its API can easily be integrated by any financial institution planning to leverage the platform to expedite its expansion plans across the continent.

In a recent chat with Errandpay’s Chief Technology Officer, CTO Paul Dureke, he explained that the platform helps facilitate the operations of other financial institutions, 

“Building technology is difficult and time-consuming, so we have made developer-friendly and easy-to-integrate APIs readily available for all our partners. From white labelled services to aggregation of major services and an ability to integrate seamlessly to any core banking platform in Africa, Errandpay’s features are fully customisable to the needs of any potential partner. Fintechs, MFBs and MFIs can worry less about building technologies and focus more on strengthening their structures through the platform”.

Errandpay’s vision is to transform authorised agents into human MFBs. However, this dream can only be actualised through more partnerships.

“As we have rightly seen in the past 10 years across the Sub Saharan Africa region, the fintech revolution has been chiefly driven by collaboration. One of ErrandPay’s core strategies is collaborations with Microfinance banks, financial institutions, Aggregators, agents, fintech companies and lots more. We have built our technology for ambitious banks, organisations, Founders and CEOs looking to scale super fast,” stated Paul Dureke. 

Since March 2022, Errandpay’s products have significantly improved many people’s financial lives through its 15 special fintech partners across Africa. The platform can facilitate lending, insurance and investment products, credit card payments, registration for different services and so on, while its partners avoid additional charges for using the platform.  
Onboarding on Errandpay is free. The platform is accessible on errandpay.com and/or its app on iOS and Android devices, while its ever-supportive technical team can be reached at hello@errandpay.com. 

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Engaging The Government Is Crucial To The Technology And Innovation Ecosystem – VFD Group’s Executive Director, Niyi Adenubi.
Abiola Bonuola
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As many organizations pivot to the technology industry and emerging markets continue to evolve, engaging governments and policy leaders has become imperative for corporate bodies to improve economic growth in Sub-Saharan Africa.

Niyi Adenubi who leads the Governance, Government & Subsidiary Relations at VFD Group Plc, a sector agnostic, proprietary investment company, has encouraged top and budding players in the innovation ecosystem to engage the relevant stakeholders for the development of the sector.

Speaking at a panel session on “the role of regulation & ease of doing business in reviving employment” at the LSETF Employment Summit in Lagos, Niyi stressed that, “Tech enthusiasts need to be in the room where policy conversations are being had to create a macro-environment that empowers diverse communities.”

On building these inclusive communities, he added that, “VFD Group is a sector investor and is constantly on the lookout for spirited engagements that can further growth. We believe engagement is important and we are always ready to start these conversations. Fintech has been exciting for us and we see other relevant sectors growing. We are encouraged by the government of Lagos State and we will do more to drive the conversation.”

Adenubi’s session which was moderated by Managing Partner, TNP, Baba Alakolaro, had in attendance intelligent and resourceful individuals from the corporate world including Special Adviser to the President of Nigeria on Ease of Doing Business, Dr. Jumoke Oduwole; CEO, Nigeria Economic Summit Group, Olaoye Jaiyeola; Stears Head of Intelligence, Michael Famoroti and CEO, Happy Coffee, Princess Adeyinka Tekenah.

Adenubi is a financier and investor with more than 15 years of experience working in Private Equity, Venture Capital, Financial Advisory, Institutional and Corporate banking, Investment management and other consulting sectors. He has played exceptional advisory roles to numerous firms in Nigeria and the United Kingdom, most notably with the Royal Bank of Scotland and ATOS Consulting.

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Vbank Makes Valentine Extra Special For Singles At Trueflutter Love Fest
Abiola Bonuola
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Nigeria’s leading digital bank, Vbank made the season of Valentine extra special by bringing single men and women together to mingle and connect with potential partners at the Trueflutter Love Fest, CCX Lounge, Lagos. 

Cupid’s golden arrows struck many unattached men and women as they celebrated love, danced together, played fun party games and tasted exotic food and cocktails. 

Beautiful women in sultry dresses were serenaded by charming men while they participated in games in different teams. Two lucky singles won luxurious prizes; a Spa and Dinner date at facilities in the city. Vbank spiced up the day further by ensuring more singles won gift items from a raffle draw. 

The day of romance was filled with sweet conversations, chemistry and laughter as many passionate people had the opportunity to shoot shots at each other. In the spirit of love, a free photo booth sponsored by the digital bank captured many memories as toasts were made to the future.  

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Laycon Dazzles Fans With Captivating Performance At Vbank Icons Fest
Abiola Bonuola
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It was all vibes and thrills for Fierce Nation fans as BBNaija Lockdown Winner and upcoming rapper, Laycon stunned all his fans and delivered a captivating performance at the Vbank funded Icons Fest in Lagos.

The 28-year-old rapper took to the stage to perform all his songs including singles from his three albums; ‘Shall We Begin’, ‘I am Laycon’ and ‘Who Is Laycon’ featuring hits like Hip Hop, Drunk In Love, Fall for me, Verified, god Body and many more.

The Icons Fest which was hosted by Kenny Blaq had popular Afrobeat artists and celebrities; Mr Real, Bella Shmurda, Zlatan, Small Doktor, Ruger, LAX, BlaqBonez, Joeboy, Neo, IllBliss and WhiteMoney in attendance.

Laycon was cheered on by BBNaija ex-housemates; Nengi, Beatrice, Niyi, JayPaul, Sammie, Yerins, Boma, Tacha and Anto who showed up for the Star in stylish casual outfits.

In its commitment to empowering entrepreneurs and business owners in Nigeria, Vbank had

an inbuilt Vbank experience centre where the audience could participate in games and fun activities and win different prizes.

Speaking on the Icons Fest sponsorship, Senior Product Manager, Vbank; Ebere Ahaotu stated that, “We care about entrepreneurs like Laycon who are driven, innovative and not afraid to take chances. He has proven to be a force in the industry with his strong fan base and musical prowess. To us, he represents the ultimate entrepreneur and we can’t wait to see him thrive in his journey.”

Vbank is Nigeria’s foremost digital bank powered by VFD Microfinance Bank. For more information, visit vbank.ng

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Excited Fan Cries For Laycon On Icons Fest Stage 
Abiola Bonuola
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On 28 December 2021, Laycon enthralled his popular fan group, Icons with more than twelve songs from his three albums at his Icons Fest hosted by Vbank.

Surprisingly, a female member of the Icons group couldn’t control her emotions and burst into tears after she was invited on stage to sing along with the rapper. 

Touched by her gesture, Laycon embraced her in a warm hug and continued to sing to her.

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Vbank Hosts Lagos Margarita Festival, Thrills Turn Up Kings And Queens
Abiola Bonuola
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“Detty December” came early for Party Kings and Queens at the anticipated 2021 Lagos Margarita Festival sponsored by Vbank. Renowned Disk Jockeys: DJ Lambo, DJ Poppaey, DJ Obi and DJ Tgarbs teamed up with Festival Hosts: Sheye Banks and Ada Ohh, taking their Turn Up fans by storm over the weekend in Lagos. 

While taking shots of premium Margaritas, tequila-based drinks and eating easy finger foods, top celebrities, fans, and guests got to party and play a variety of board and party games. The Vbank funded Festival pulled performances from top artists like Avala, Fave, Ruger and more.

Also in attendance were Popular Video Jockey and TV Personality; VJ Adams, The Beat FM Morning Rush OAP; Adaeze Mokaeze, YouTubers and TikTok couple; Henry and Kaityln Agassi and many others.

Before the Festival, three businesses, Crossroads Texmex Restuarant & Bar, Sao Cafe Lagos, and The House, were voted by the city’s people as the best places to get Margaritas in Lagos. The three business outlets won cash prizes by creating different variations of the best Margaritas during the Vbank Margalympics. 

Judges for the Vbank Competition, Community Lead, Lagos Foodie Association; Edache Obe, Nigeria’s Food/Wine Critic; Opeyemi Famakin, and Afrolems Creative Director; Atim Ukoh visited all three outlets for drinking and tasting sessions to determine the winner.  

The Festival themed “Salt the Rim” is one of Vbank’s many initiatives targeted at supporting and propagating entrepreneurial and economic development in Nigeria. 

Commenting on the partnership, Managing Director, VFD MFB, Gbenga Omolokun, stated that,

“At Vbank, we believe that every entrepreneur has the right to experience business development. We are always ready to innovate and challenge entrepreneurs and small and medium enterprises to grow and be the best they can be in every industry in Nigeria”. 

Vbank is Nigeria’s foremost digital bank powered by VFD Microfinance Bank. Users can download the V app by VFD on Play and iOS app stores. For more information, visit vbank.ng

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Vbank Sponsors Women In Tech Global; Upskills 1,000 Women and Girls in STEM 
Abiola Bonuola
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In alignment with its CSR objectives, Vbank, Nigeria’s foremost digital bank has announced its intention to support the core mission of Women In Tech Global, Nigeria chapter to close the gender gap and help women embrace technology in the country through its WIT Nigeria Makeathon. 

The WIT Nigeria Makeathon, the inaugural program of Women in Tech Global, Nigeria chapter was launched on Tuesday, November 23, 2021, and aims to empower 1000 girls and women spread across rural and urban settlements across Nigeria over a period of three months by upskilling them with varying degrees of digital, deep tech, and soft skills such as Product Design, Product Management, Software development, Data Science and Digital Marketing required within the technology ecosystem. 

Commenting on the partnership, Managing Director, VFD MFB, Gbenga Omolokun, said: 

‘’Our involvement with Women In Tech Global, Nigeria chapter is based on an alignment of our objectives and bridging the gap of women currently working in the Technology space. Technology is the future, and there needs to be a deliberate and concerted effort to ensure women are provided with access to the requisite skills to thrive in this future”. 

Omolokun added: “In 2020, the tech sector only had an estimated 28.8% of women employed. This disproportion can be attributed to several factors, chief amongst them being an overwhelming absence of skilled women and girls in this sector. To this end, Vbank has decided to take the lead in ensuring the tech sector in Nigeria adequately accommodates skilled women who will pursue and succeed in the Science, Technology, Engineering and Mathematics (STEM) career. It’s not easy, however, balancing the short and long term is key to delivering sustainable, profitable growth that is good for our shareholders, users, and the entire sector. We believe our commitment here will be instrumental in the growth and development of the sector”. 

As an innovative brand, increasing the participation of women in Science, Technology, Engineering and Mathematics is a business imperative. Vbank is invested in creating and fostering a STEM workforce that includes women and builds on the major contributions that women have made to the sector. By encouraging future talent – and supporting the immense talent we already employ – we can ensure that future generations of all backgrounds are empowered to lead. 

Launched on March 25, 2020, Vbank is a next-generation bank powered by VFD Microfinance Bank. The digital bank has onboarded over 500,000 individuals and businesses and processed transactions worth billions on its mobile banking platform across Nigeria. Vbank can be accessed on all iOS and Android devices

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2021 Nigeria Fintech Week: Vbank Leads Discourse On Innovative Payment Systems
Abiola Bonuola
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As fintech companies proffer financial solutions to the needs of many Nigerians, foremost digital bank, Vbank is taking the lead to drive discussions on changing the perception of people regarding their relationship with their bank.

The leading bank took up the baton during a panel session at the just concluded Nigeria Fintech Week held in Lagos between October 25 and 29, 2021. The session deliberated on the topic; “Disruption Disrupted’ and how the Covid-19 pandemic disrupted business activities for tech companies around the world including fintech.

Representing Vbank at the session, Senior Product Manager; Ebere Ahaotu urged participants to embrace new technology and maintained that,

“The future belongs to fintech who can remain agile while continuously exploring and adopting innovative, new ways of doing things. These are the businesses that will thrive in the face of disruptions”.

The Vbank sponsored Nigeria Fintech Week brought together over one million participants from multiple locations in and out of Nigeria.

Commenting on the event, Managing Director, VFD Microfinance Bank, Gbenga Omolokun, reiterated the need for stakeholders to collaborate while deepening financial services utilization and inclusion.

‘’There is a need to focus on strengthening collaboration to ensure fintech adoption, deepen financial service utilization and inclusion. We need to build a fintech roadmap for the country and make sure technology plays an active role in financial inclusion for many unbanked Nigerians”, Omolokun said.

Launched on March 25, 2020, Vbank is a next-generation bank powered by VFD Microfinance Bank. The digital bank has onboarded over 250,000 individuals and businesses and processed transactions worth billions on its mobile banking platform across Nigeria. Vbank can be accessed all over the world on iOS and Android devices. 

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Nigerian Fintech Company, Shecluded Secures Google Grant To Drive Financial Inclusion For African Women
Abiola Bonuola
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Leading Nigerian fintech company, Shecluded has been awarded an equity free grant funding by Google for Startups through the Black Founders Fund Africa to develop its technology-enabled platform for women. This funding will enable Shecluded to provide more access to financial services and business resources to women in Africa. 

The grant will be used to build Shecluded’s mobile application – expanding its capacity to simultaneously process thousands of loan applications and service requests. It will also enable the set up of operations across key regions in Nigeria and West Africa, increase its marketing efforts, and staff strength to meet growing demand.

Founded in 2019 by Ifeoma Uddoh, Shecluded has so far disbursed over $1 million in growth loans. The company has also enabled 17,500+ women with access to business development support, wealth advisory, health insurance, credit education, as well as financial and business literacy resources.

In line with its dedication to nurturing and enabling women for financial growth and business success, Shecluded is now focused on advancing its resources and developing an even more simplified and accessible technology platform.

“Our mission is to put more money in women’s hands and adopting more advanced technology will allow us to reach more women. We are super excited about this grant, as well as the mentorship and support that comes with it. We look forward to all the meaningful impact it will make for the women in our network” said Ifeoma Uddoh, Founder/CEO of Shecluded. “At Shecluded, we are seeing firsthand the urgent need for women to easily access key financial growth services. We believe that an advanced technology platform will go a long way to improve our ability to reach and provide these important resources to more women across more regions/locations.”

Shecluded has participated in several global programs aimed at driving the conversation of reducing inequalities and inclusive finance for women – including UK-Nigeria Tech Hub – Gender-inclusive economy Nasdaq, NASDAQ Milestone Makers (Spring 2021), US Consulate Academy for Women Entrepreneurs (AWE 2021), Financial Alliance for Women and the Women & Fintech Forum (WFTF Asia, 2021). 

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About Shecluded

Shecluded is the #1 financial service and business resource company for women. The company’s mission is to enable women to attain and enjoy financial freedom by providing simplified access to financial growth services and business resources such as loans, wealth advisory, goal-based savings, business support, health insurance cover, and more.

Website: https://shecluded.com/
Instagram & Twitter: @shecluded

About Black Founders Fund:
Black Founders Fund, is a Google for startups program giving access to funding to startups in Africa. This fund provides grants, Google platform credits, and technical support to early-stage startups in Africa to grow their companies and create meaningful impact in their communities. The fund aims to bridge the existing fundraising gap for startup founders in Africa’s fast-growing technology landscape.

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