Vesicash, a Nigerian fintech startup, has recently announced its expansion into four African markets and launched its Merchant of Record (MoR) product. Vesicash was founded in 2018 to facilitate online payments for businesses in Africa. Its flagship digital escrow product now serves over 5,000 businesses.
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Tomisin Adeshiyan, Vesicash’s Co-founder and Head of New Market Expansion, said that they are excited to introduce their Merchant of Record technology in several African markets, including Ghana, Rwanda, Zambia and Egypt. The company aims to provide businesses with innovative payment solutions to help them scale into new markets seamlessly.
The process of expanding to new markets can be complex, requiring businesses to incorporate in the new market, sign up and integrate multiple local payment partners, pay taxes and develop a customer resolution framework in line with the regulations of the new market. Vesicash’s MoR product handles the payment from customers, compliance and payout to the business, which reduces the operational overhead and allows businesses to focus on localizing their product, packaging and marketing.
