African online payment service VoguePay has revealed plans to capture the African market as it seeks to diversify its operations beyond the Nigerian market.
VoguePay is a payment processing company that can send and receive money from Africa: 95% of its business is B2C and 5% B2B. It has over 100,000 registered users and 50,000 active users. 80% of them are in Nigeria but the rest are international customers in places like the USA, China and the Philippines.
It is now keen on capturing the African market to expand its reach and diversify its customer base. “Our business is trying to tap into Africa and Nigeria predominantly (at the moment),” Michael Simeon, Co-Founder and CEO, VoguePay told All Africa News.
“We have customers in London selling services to Nigerians. Someone can pay for those services in Lekki and our customers (who have sold the service) can collect their funds in London (or internationally).”
VoguePay recently revealed astonishing month-on-month growth figures, placing its monthly growth rate at an astronomical 220%. This is despite local challenges faced in Nigeria with regards to settlement problems, a result of poor oil revenues for Nigeria which led to the scarcity of foreign currency. “In 18 months to two years we should have a million customers,” Simeon confirmed.
But Simeon confirmed that the payment service is keen to expand its footprint across the African continent and has its immediate sight set on the ECOWAS region, the West African economic bloc. “We’d like to capture the ECOWAS region and see ourselves forming partnerships elsewhere in Africa”