Nigerian fintech Vella Finance launches platform for SMEs

Nigerian Fintech finance has launched a new user interface and new products as part of a platform that helps streamline cross-border payments for small and medium-sized business (SME) owners in Africa.

Vella 2.0 unites TradFi with DeFi and crypto rails to provide these SME owners with alternative payment solutions, Vella Finance said in a press release emailed to PYMNTS on Friday (Oct 7).

“Our long-term goal at Vella is to become the preferred payment partner for the 80% of businesses that originate from Africa,” Co-Founder and COO of Vella Finance. Tolu Adedayo he said in the statement.

Solutions offered by Vella include Global Pay, which helps businesses send money to partners in 80 countries; Vella Boost, which helps companies invest cash flow that would otherwise sit idle; and Fintech-as-a-Service (FaaS), which helps businesses become crypto-enabled to manage integrated finance, cards, wallets, and payments, according to the release.

“The sweet spot for Vellas is our ability to overlay regular traditional finance that businesses are already familiar with, on top of crypto infrastructures,” said the CEO of Vella Finance. afolabi brand he said in the statement. “First we were merchants, then small business facilitators; we share first-hand experience from the perspective of a small business owner.”

As PYMNTS reported in March, SMEs and entrepreneurs play a critical role in the overall development of most economies, especially in emerging regions like Africa.

Read more: Customized payment solutions unlock growth for Africa’s underserved self-employed segment

In fact, the percentage of working-age adult entrepreneurs was found to be higher in Africa than any other continent in the world, according to the findings of a research study on African entrepreneurs published by the Tony Elumelu Foundation in collaboration with the University from Stanford.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

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