Volume5 Issue3_Larger_2019_Finalised

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Financewww.londonbusinessjournal.co.ukOVER $1 MILLION A DAYAND JUST GETTING STARTED!Michael Simeon first dipped his toe in business waters whilestill in college and continued on the entrepreneurial path eversince. Today VoguePay (his UK-based fintech operationserving the African market) processes over $1 million a day. Here hespeaks to Ronnie Ajoku on entrepreneurship and growth28Volume 5 Issue 3, 201 9www.londonbusinessjournal.co.uk
Financewww.londonbusinessjournal.co.ukAs I speak to MichaelSimeon one thing isapparent — he is extremelypassionate about what he does andenjoys it. Like many entrepreneurshe started off doing something elsebefore striking gold with VoguePay.“It happened that my journey intoentrepreneurship began with realestate investment. I bought my firstreal estate portfolio while in collegein the UK and have not looked backsince then. Today, I work with otherpassionate CoFounders who havegone through a similar route inbusiness with modest successes tofound Vogue Web Solution; a fintechcompany with an innovative paymentsolution (VoguePay) and other valueaddedservices.”While many African countries areclassified as 'emerging markets' andare full of potential for the rightbusiness investors, one huge problemhas been that of financial transactions.This is where VoguePay comes in and ithas become one of the fastest growingfintechs serving the African market —proving that fast and safe transactions areavailable with a few clicks.“When we started VoguePay, the idea ofonline payment was not new,” saysSimeon. “But we launched because werealised the potential of connectingpeople and businesses for commerce in anunderserved market; in Africa wherepayment is still complex and fragmented.By filling the gap we built the paymentbridge that connected businesses in Africato the rest of the world. Today, we supportmore than 100,000 global merchants andwe continue to innovate more withsolutions that speak to the needs ofborderless commerce.”In his opinion, the unjustly high cost oftransactions to Africa that previouslyexisted was a setback for many hoping todeal with countries on the continent. Thishe says was more of a stumbling blockthan anything else.“The real problem with payment to and fromAfrica is not lack of trust, it is mostly becauseof the high cost of such transactions comparedto other markets. Despite this, according toofficial figures, over $34 billion remittance wassent in 2017 with forecast for 2019 projected at$89billion. This is apart from exportpurchases for goods and services.Volume 5 Issue 3, 201 9www.londonbusinessjournal.co.uk29
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Page 9 and 10: Events: THE LONDON ASIAN BUSINESS A
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Page 22 and 23: Cover Story: Andrea Leadsomwww.lond
Page 24 and 25: Creativitywww.londonbusinessjournal
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Page 32 and 33: Financewww.londonbusinessjournal.co
Page 34 and 35: Investingwww.londonbusinessjournal.
Page 36 and 37: Women in Businesswww.londonbusiness
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Page 58 and 59: Human Resourceswww.londonbusinessjo
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