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Woven Finance has entered into partnerships with VFD Bank and Globus Bank to improve how businesses collect payments in Nigeria. The fintech company aims to simplify and speed up collections, making it easier for businesses to receive money from customers across different banks.
The move comes as Nigeria continues to adopt more digital financial solutions. Businesses often face delays when trying to collect payments, due to settlement issues, incomplete data, and fragmented payment systems. These challenges can disrupt operations and reduce trust between businesses and their customers.
By working directly with VFD and Globus, Woven Finance has created settlement pipelines that make collections faster and more reliable. These connections allow for quicker routing of payments and better reconciliation of accounts. Businesses now have more control over their cash flow and greater clarity through automated reports.
“Our goal is simple: make money movement feel instant, transparent, and painless,” said Frank Ugwulali, Head of Product & Partnerships at Woven Finance.
The company provides several tools to support merchants, such as virtual accounts, secure payment links, and systems that handle reconciliation automatically. With these partnerships in place, businesses in sectors like retail, education, technology, and logistics can manage collections more effectively.
Woven Finance also plans to launch a mobile app that will make these tools available to a wider group of users. This includes small businesses, individual professionals, and independent entrepreneurs. The app will offer the same financial infrastructure that larger companies use, making it easier for smaller players to handle collections and manage finances.
The company is also working on building more integrations behind the scenes. This includes working with banks, financial switches, and platforms to connect systems and allow payments to flow smoothly. Woven Finance’s open-API model means that its tools can be added to other platforms, making it easier for developers and business owners to customise their payment solutions.
Woven Finance is a Nigerian fintech company dedicated to building infrastructure-grade digital payment tools for businesses. Its platform encompasses virtual accounts, QR and card-based payments, payment links, and automated reconciliation, all significantly enhanced by its strategic partnerships with VFD Bank, Globus Bank, and other key financial institutions
