Digital banking application Vult, pioneered by Velmie, plants roots in Sierra Leone, aiming to enhance financial accessibility and inclusion.
In a significant stride for financial empowerment in Africa, Velmie, a global banking technology firm, has unveiled Sierra Leone's first digital banking super app, Vult. According to Paul Shumsky, Velmie's Chief Marketing Officer, this isn't merely an app; it's a robust foundation for financial empowerment in Africa.
Slava Ivashkin, CEO of Velmie, expressed pride in contributing to this transformation, stating that Vult is more than just a product, it's part of a larger mission to foster genuine, inclusive financial change. The project, developed in less than six months, showcases how scalable, API-driven technology can accelerate financial inclusion.
Vult integrates multiple financial services, including mobile money, card transactions, banking features, and bill payments, within a single, user-friendly platform. This comprehensive ecosystem offers a digital wallet for transactions such as bill payments, utility purchases, airtime top-ups, and local tax payments. It also issues Visa prepaid cards accepted widely online and in-store, allowing users to shop, pay for subscriptions, and withdraw cash from supported ATMs.
Users can send and receive money locally and internationally, including cross-border transactions, and transfer funds directly between mobile money services like Orange Money and Afrimoney via the app. Vult Pay integrates with business applications to facilitate payments and efficient cash management, supporting both individual users and merchants.
The latest VULTe 3.0 app version features a smarter dashboard for faster money management, real-time notifications, and quick account opening without branch visits. It also includes hotel and flight bookings directly within the app, a Buy Now, Pay Later marketplace for flexible shopping payments, and the ability to manage USSD settings. The app leverages AI-powered recommendations for smarter banking, direct debit capabilities to fund Polaris Bank accounts quickly, and exclusive deals for users, enhancing convenience and engagement.
Regulatory certification ensures the app's compliance and security. Vult is a licensed fintech certified by the Bank of Sierra Leone. This assurance of safety and legitimacy is crucial for the app's success in promoting financial inclusion and simplifying both banking and lifestyle activities in Sierra Leone.
Aminata Bangura, Vult's head of product, emphasized the quality of financial services provided by Vult to Sierra Leoneans. She expressed pride in the solution tailored to the Sierra Leonean market and its readiness for expansion, saying, "We're proud to provide quality financial services to Sierra Leoneans, and this is just the beginning."
The launch of Vult represents a significant leap for digital finance in Sierra Leone. The World Bank has recognised steady improvements in financial inclusion across Sub-Saharan Africa, driven by mobile money services. However, there is still progress to be made in ensuring equitable access for various groups, including women, low-income individuals, and those with limited education. The launch of Vult offers enhanced financial access to unbanked individuals and dependable tools for those who already use traditional banking services.
The project demonstrates the power of innovation by combining cutting-edge technology with in-depth community insights. Velmie collaborated with Metro Cable, a local broadband provider, to bring the project to life. The modular and adaptable design allows for rapid deployment and scalability for future growth.
In conclusion, Vult, Sierra Leone's first digital banking super app, offers a comprehensive platform focused on transforming the country's financial landscape. Its user-friendly design, versatility, and commitment to financial inclusion make it an essential tool for promoting digital finance in Sierra Leone.
- The first digital banking super app in Sierra Leone, Vult, integrates various financial services such as mobile money, card transactions, and bill payments, aiming to foster financial inclusion and enhance lifestyles via technology.
- Vult's comprehensive ecosystem includes a digital wallet for transactions, Visa prepaid cards, and features like airtime top-ups, utility purchases, and local tax payments, showcasing technology's role in simplifying banking and general-news activities.
- The By Now, Pay Later marketplace within Vult caters to flexible shopping payments, demonstrating the app's commitment to transforming Sierra Leone's financial landscape, particularly by promoting financial inclusion and empowerment.
