Africa Reports

In this section of the interview with David Morema, CEO of Virtual Pay, he explains why the company has been cautious about extending its services to the retail market. Morema highlights that the primary challenge lies in client acquisition and market penetration, which can be both resource-intensive and slow when targeting individual consumers.

Instead, Virtual Pay has chosen to focus on its core clientele: banks and larger financial institutions. According to Morema, this strategic focus enables the company to maximize its impact by providing seamless, white-labelled payment solutions that these institutions can offer to their own clients. He emphasizes that Virtual Pay does not view itself as a competitor to banks and financial institutions. Rather, the company positions itself as a collaborator and partner, enhancing the financial ecosystem by helping banks deliver cutting-edge payment services under their own brand.

This approach, Morema explains, not only aligns with Virtual Pay’s strengths but also allows for scalable growth and sustained innovation within the financial services sector.