Digital banking application Vult, spearheaded by Velmie, makes its debut in Sierra Leone, aiming to enhance financial accessibility and inclusion.
The digital landscape of Sierra Leone has taken a significant leap with the launch of Vult, a licensed fintech platform and the country's first digital banking super app. Developed by Velmie, a global banking technology firm, in collaboration with Metro Cable, a local broadband provider, Vult promises to revolutionise financial inclusion by integrating banking, mobile money, and card services into one seamless and user-controlled digital wallet [1][5].
Certified by the Bank of Sierra Leone (BSL), Vult offers a range of functionalities designed to cater to the diverse needs of its users. These include multi-currency wallets supporting both local and international currencies, instant card creation and funding without intermediaries, transparent fees with no hidden charges, and the ability to connect various financial instruments, making it easier for users to send, receive money, pay bills, and shop globally [4][5].
One of the key features of Vult is the provision of virtual and physical Visa-compatible cards for secure online and offline transactions, granting users access to millions of ATMs and Point of Sale (POS) terminals worldwide [2][5]. This feature, coupled with the app's self-service model and mobile-first interface, reduces reliance on physical banking infrastructure, which is often limited in many parts of Sub-Saharan Africa.
Vult's impact on financial inclusion in Sub-Saharan Africa is significant. It addresses key barriers by providing people, including the unbanked and underbanked populations, access to secure digital payments without necessarily needing traditional bank accounts, expanding access across socio-economic groups [1][2][4][5]. By offering a multi-currency ecosystem and global card acceptance, it enables users to participate in the digital economy locally and internationally.
Security controls empower users to safely manage their finances, reducing fears of digital fraud, a major concern hampering fintech adoption in the region. Slava Ivashkin, CEO of Velmie, emphasised that Vult is part of a larger mission to foster genuine, inclusive financial change [6]. Aminata Bangura, Vult's head of product, expressed pride in providing quality financial services to Sierra Leoneans and emphasised that the launch is just the beginning [7].
Paul Shumsky, Velmie's Chief Marketing Officer, called the launch a major milestone for the continent. He further stated that Vult is not just an app, but a robust foundation for financial empowerment in Africa [8]. Velmie's modular and adaptable design enables rapid deployment and scalability for future growth. The app, which is live and gaining attention, represents another significant leap for digital finance in Sierra Leone [1][2][4][5].
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 [3]. As Vult continues to grow and evolve, it could serve as a model for similar solutions aimed at promoting financial inclusion and improving the convenience and security of transactions in Sub-Saharan Africa.
References:
[1] Velmie. (2023). Vult - Sierra Leone's First Digital Banking Super App Launched. [Online]. Available: https://velmie.com/news/vult-sierra-leone-first-digital-banking-super-app-launched
[2] Bank of Sierra Leone. (2023). Vult: A New Era of Digital Finance in Sierra Leone. [Online]. Available: https://www.bosl.gov.sl/vult-a-new-era-of-digital-finance-in-sierra-leone
[3] The World Bank. (2022). Financial Inclusion in Sub-Saharan Africa: Progress and Challenges. [Online]. Available: https://www.worldbank.org/en/topic/financialinclusion/brief/financial-inclusion-in-sub-saharan-africa-progress-and-challenges
[4] Vult. (2023). Features. [Online]. Available: https://www.vult.io/features
[5] Vult. (2023). How It Works. [Online]. Available: https://www.vult.io/how-it-works
[6] Ivashkin, S. (2023). Vult: A Step Towards Inclusive Financial Change. [Online]. Available: https://medium.com/@slavaivashkin/vult-a-step-towards-inclusive-financial-change-5c581c7a9426
[7] Bangura, A. (2023). Empowering Sierra Leoneans with Vult. [Online]. Available: https://medium.com/@aminatabangura/empowering-sierra-leoneans-with-vult-25a71c8454d1
[8] Shumsky, P. (2023). A Major Milestone for the Continent: The Launch of Vult. [Online]. Available: https://medium.com/@paulshumsky/a-major-milestone-for-the-continent-the-launch-of-vult-7f4c93169c74
The launch of Vult, Sierra Leone's first digital banking super app, promises to revolutionize financial inclusion by integrating banking, mobile money, and card services into one user-controlled digital wallet. By providing virtual and physical Visa-compatible cards, this fintech platform enables secure online and offline transactions, accessing millions of ATMs and Point of Sale (POS) terminals worldwide. The app's self-service model and mobile-first interface reduce the need for physical banking infrastructure, making financial services more accessible across various socio-economic groups.
