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15.10.2021

VoguePay Payment System for Brokers

The service was founded in 2012 in Nigeria. It is currently one of the largest online payment platforms in Africa. The brand has offices in following countries: 

  • Lagos, Nigeria 
  • London, England 

The provider offers customers the option to use multiple accounts at once. First of all, we are talking about a personal account intended for daily money transfers between users. In the meantime, Forex brokers can use a business account, aimed to process and provide fast online transfers from business customers using various payment gateways. 

The brand’s primary goal is to help small and medium-sized businesses in Nigeria transfer funds and receive online payments from customers. The provider offered a cheaper and more affordable payment solution to successfully compete with more expensive foreign products. It is worth noting that a broker does not need to reside in Nigeria to take advantage of the full range of services from VoguePay. 

Features of Exchange Rates and Fees 

Please be aware that you will need to pay a 1.5% commission for each transfer to send funds. When it comes to international transfers, the service offers a flat commission of $5. Besides, a payee will also be required to cover the applicable fees and commissions for a withdrawal. 

Forex brokers that offer its services outside of Nigeria bear the following commission costs: 

  • Seller verification. When setting up and installing the service, you will need to pay $19.99 as a verification fee. 
  • Money transfer commission. If your customers pay for services using a bank card, the commission will be up to $5, regardless of the transfer amount. 
  • Additional commission for withdrawing funds. If your customers withdraw funds from a bank card using VoguePay, commission payments can range from 1.5% but not more than $5. 

Benefits of Using VoguePay 

The VoguePay does not have an upper limit on the transfer amount. Still, this is far from the only advantage of the payment solution. 

Pros: 

  • Convenient mobile app that is used to conduct online transactions 24/7. 
  • Free extension to install on the website. Easy, quick installation of buttons for organizing payment processes on Drupal and Joomla websites. 
  • The service accepts online transfers in various currencies from almost anywhere in the world. 
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