The Chief Executive Officer of VoguePay Limited, Michael Simeon has said that the company processed over $1 million transaction daily.
He attributed the results to VoguePay’s partners and people who have been following the journey over the years.
VoguePay launched its free integration with over 17,000 SMEs online for the first time as they previously could not afford the $1,000 fee the incumbent was charging those days.
With the idea of enabling business owners in Nigeria to accept payment online, VoguePay, a user-friendly online payment platform that allows sending and receiving of payment easily from anyone, in any currency has become a financial technology company that processes over a $1 million transactions daily.
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He said VoguePay has offices in Bahrain, Estonia, UK and Nigeria providing service support to clients and partners in Ghana and Uganda.
“Our customers cut across all continents as we are an international company with focus to provide solution that will link this continent to the rest of the world.”
Enumerating what other fintech entrepreneurs can learn from VoguePay’s success, Simeon said that startups will survive without raising funds, but they cannot make it without paying customers.
He therefore urged them to devote more energy to growing the business through revenues than to chase for funding.
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“The energy of building customer is highly valuable than VC funding. What I would say is, entrepreneurs should always look at strategy that will take them to the top and not to the bottom. And they should never think that because someone gave you money that means that you are already successful”
Simeon identified positive policy formulation by industry regulators towards to building the industry.
“I am really hoping that there would be positive policies towards technology advancement because it is the key driver to our economic growth, and not oil.
“Even though the price of oil is what Nigeria is depending on for foreign exchange, oil is already facing existential threats from two angles”, he said.
He added that people are spending billions developing new products like lithium battery, electric vehicles and solar energy alternatives which will affect purchase of crude oil.
“The technology is coming into place, they’re replacing these things. As a nation, we don’t have to wait until things collapse before we start making adjustments.
“You can see why it must be in the interest of the government to invest in technology to ensure that we don’t lag behind,” he said.