PRODUCT UPDATE

Vella Finance
4 min readOct 19, 2022

Introducing Dom Pay and Payout: Businesses in Nigeria Can Now Send Money To Any Domiciliary Bank Account in Nigeria Without A Trip To The Bank.

Following the successful launch of Invoice by Vella — a feature that enables businesses in Africa to create, process and manage an unlimited number of professional invoices for free, we are thrilled to announce the launch of two new features, Dom Pay and Payout.

It is no news that the current economic and financial climate of Nigeria does not particularly favor businesses, most especially, small businesses who are struggling to keep the lights on and find their footing in their respective industries. Nigerian businesses owners are regularly confronted with new hurdles that pose a threat to the growth and success of their business.

As a fintech company, a core part of our mission is to equip small to medium sized businesses in Nigeria and Africa at large with tools that will support business growth and empower them to scale new heights in their respective industries. Our newly launched products, Dom Pay and Payout stem from this mission as they will help businesses in Nigeria move money freely without limitations.

Send Money To Any Domiciliary Bank Account in Nigeria Seamlessly!

A domiciliary account comes in handy for individuals and businesses who perform international business dealings that involve foreign currencies. For Nigerians, a domiciliary account serves multiple purposes that include saving in dollars, sending and receiving money abroad, performing international transactions etc. With our latest feature, Dom Pay, individuals and businesses can say goodbye to regular trips to the bank to deposit money in their domiciliary account. Dom Pay allows individuals and businesses to send money to any domiciliary account in Nigeria from the comfort of their homes and places of business.

Benefits of using Dom pay

  • Convenient: Say goodbye to frequent bank trips and frustrating queues.
  • Zero Paperwork: You can send money to any domiciliary account in Nigeria without submitting any document.
  • Secure: No third party or middlemen involved.
  • Low cost: Transfer to any domiciliary bank account has a flat fee of $10.
  • Fast processing: Money will reflect in the Domiciliary bank account in less than 24 hours.

Currently, this service is only available for customers that have accounts with Access Bank, Fidelity Bank, Guaranty Trust Bank, UBA, Wema Bank, Zenith Bank, Polaris Bank and First Bank.

How to send money to a domiciliary bank account in Nigeria.

Using Dom Pay, Individuals and corporate bodies in Nigeria can send money to personal and other domiciliary bank accounts in Nigeria by following these simple steps;

  • Log into your account
  • Tap Do More with Vella
  • Select Vella Pay and click Dom Pay
  • Tap New Payment and Select Country, Purpose and Wallet
  • Enter the amount to send
  • Input Beneficiary Bank Details
  • Enter Beneficiary Billing information
  • Scan through the transaction summary
  • Authorize transaction with your 4-digit pin.
  • Tap Confirm

The Domiciliary bank account will be funded in less than 24 hours.

Payout: Send Money To Your Customers and Corporate Bodies Easily.

Sending and receiving money is a part of everyday operations for businesses in Nigeria. Whether you are sending money to a corporate body or refunding a customer due to the unavailability of a product, it is important to have payment tools that make transactions seamless at your disposal.

Our newly launched product, Payout, is an effective tool for businesses to send money directly to the bank account of customers and corporate bodies easily. Using Payout, businesses in Nigeria can avoid money transfer delays that are typical with Nigerian banks. However, it is important to note that this service is available for verified merchants only.

Things to Note about Payout include;

  1. You can access it on only our web currently.
  2. Verified merchants can make direct bank transfers to customers or fellow business owners using their NGNT wallets only.
  3. The minimum amount for transfer is N1,000
  4. The payout is directly to the bank account of the customer or corporate body.
  5. Only Nigerian merchants that have been verified on our platform can use this service.

How Does Payout Work?

For instance, you recently completed a giveaway on your business page and you have your winner already who is a regular customer, you can easily make a bank transfer to the customer using Payout. All you have to do is Visit our webhttps://vella.finance/

  • Sign into your account
  • At the left side bar, Click Payments and select Payout
  • Tap New Payout and click Single Payout
  • Enter Customer’s Bank Account details
  • Scan through the transaction summary
  • Authorize payout with your 4-digit pin
  • Click confirm

The recipient’s bank account will be credited instantly.

We aim to keep simplifying payments for businesses in Africa with our products and services.

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Vella Finance

Help Africans pay and receive money wherever, with cash or crypto!