Vult

Vult: Sierra Leone's Digital Financial Innovator

Vult represents a significant leap forward in Sierra Leone's digital financial landscape. Operating as a flagship product of Metro Cable (SL) Limited, a company registered with the Office of the Administrator and Registrar General (OARG) under Company Registration No. CR-2022-01345, Vult was founded in 2022. Its headquarters are located at 37a Wilkinson Road, Freetown, serving as a hub for its expanding operations. This initiative is wholly owned by Metro Cable SL Limited, benefiting from a strategic technology partnership and minority investment from Velmie (UK) Ltd.

Vult's business model is centered on being a comprehensive digital wallet super-app, seamlessly integrating various financial services onto a single platform. Its target market is broad, encompassing the unbanked and underbanked populations of Sierra Leone, who can access services via USSD and mobile-only channels. It also caters to banked customers seeking unified multi-currency wallets and the convenience of virtual and physical cards. Furthermore, Vult provides essential solutions for small merchants and enterprises, enabling them to accept payments through Point of Sale (POS) devices and QR-code collections, thereby fostering digital commerce.

The company is steered by a capable management team, including Pierre Johnson as Chief Operating Officer, Aminata Bangura as Head of Product, Cyril Carlos Macauley overseeing Business Operations and Project Management, and Thomas Combay leading Sales & Distribution. David Tamba A. Kpakima is recognized as a co-founder and an influential early customer. A crucial point for potential users to understand is that Vult currently does not offer any personal, business, salary, or SME loan products. Its focus remains on facilitating digital transactions, payments, and secure money management.

Core Financial Services and Associated Fees

While Vult does not extend credit, its suite of digital financial services is robust and designed to empower users with convenient money management tools. The primary offerings revolve around its versatile wallet and card services, which are fundamental to its super-app vision.

Wallet and Card Services

• Multi-Currency Wallets: Vult allows users to hold and manage funds in both the Sierra Leonean Leone (SLL) and the US Dollar (USD). This multi-currency capability is highly beneficial for individuals and businesses engaged in international transactions or those seeking to hedge against local currency fluctuations.
• Wallet Top-Up Methods: Users can easily fund their Vult wallets through various channels. These include direct bank transfers, leveraging partner mobile money services such as Monime via USSD, and linking existing Visa or Mastercard debit/credit cards for online top-ups.
• Virtual and Physical Cards: Vult issues both virtual and physical cards through OneAfriq (GTP), which are accepted globally wherever Visa and Mastercard are honored. The virtual cards offer instant access for online purchases, while the physical cards provide the flexibility of in-store payments and ATM withdrawals.
• Merchant Solutions: For businesses, Vult provides merchant services through Vult Pay Point terminals and QR-code collection systems. These solutions enable small enterprises to accept digital payments efficiently, reducing reliance on cash and streamlining their financial operations.

Fees and Terms

Understanding the fee structure is essential for Vult users. The company strives for transparency, with charges generally associated with specific transactions rather than account maintenance.

• Wallet Funding: Fees for topping up wallets range from 0% to 1%, depending on the channel used. Online payments typically incur a 1% charge.
• Card Issuance: There is a fee of approximately USD 3 for virtual card issuance and USD 8 for physical cards. These figures are subject to verification and may change.
• ATM Withdrawal: Users withdrawing cash from ATMs using their Vult-issued cards will be charged 1.5% of the withdrawn amount, with a minimum charge of USD 2.
• Bill Payments & P2P Transfers: Transactions such as paying bills or sending money to other Vult users (person-to-person transfers) generally incur a fee ranging from 0.5% to 1% per transaction.
• Account Maintenance: Vult notably does not charge any monthly or annual account maintenance fees, making it an attractive option for regular use.
• Late Payment / Overdraft: As Vult does not offer loan products or credit facilities, fees related to late payments or overdrafts are not applicable.

Operational Reach, Technology, and User Engagement

Vult's operational strategy heavily leverages digital channels and an expanding physical presence to maximize its reach and user engagement across Sierra Leone. The technological backbone and user-centric design of its platforms are key to its success.

Application Channels and Onboarding

Accessing Vult's services is designed to be convenient and inclusive:

• Mobile App: The Vult mobile application is available for both iOS devices (via the App Store) and Android smartphones (via Google Play, boasting over 100,000 downloads). This serves as the primary gateway for smartphone users.
• USSD: For non-smartphone users or those with limited internet access, Vult provides a USSD code (*223#) accessible via Airtel and Orange networks, ensuring broader financial inclusion.
• Website: A dedicated Vult web portal (vultme.io) is available, particularly for business onboarding and managing more complex account functionalities.
• Physical Locations: Metro Cable customer service centers in Freetown, Bo, and Makeni offer in-person support and assistance for users who prefer face-to-face interaction.

Know Your Customer (KYC) and Onboarding Process

Vult employs a fully digital sign-up process, adhering to regulatory standards for identity verification. New users typically need to provide their phone number, email address, and self-upload a valid identification document (such as a passport or national ID), accompanied by a selfie verification. For business accounts, enhanced due diligence is performed, requiring company registration documents and the signing of an indemnity form.

Credit Scoring and Underwriting

It is important to reiterate that Vult does not engage in lending operations; therefore, credit scoring and underwriting processes for loans are not applicable to its current service offerings.

Disbursement and Cash-Out Methods

Funds within the Vult ecosystem can be moved and accessed efficiently:

• To Wallet: Transfers within the Vult app or via USSD are instant.
• To Bank Account: Vult has live integrations with major local banks, including Rokel Commercial Bank, GTBank, and Access Bank, allowing seamless transfers from Vult wallets to bank accounts.
• Cash-Out: Users can convert their digital funds to physical cash through Vult Pay Point agents located across its network or by using their physical Visa/Mastercard at ATMs.

Mobile App Features and Digital Presence

The Vult mobile app is at the heart of its user experience, offering a comprehensive suite of features:

• Multi-Currency Wallets: Manage both SLL and USD accounts from a single interface.
• Virtual/Physical Cards: Request, manage, and track card usage.
• Transaction Insights: Detailed overview of spending and transaction history.
• Fraud Controls: Features like card freeze/unfreeze options provide users with enhanced security.
• Budget-Planning Tools: Aid users in managing their finances more effectively.

Beyond the app, Vult maintains an active digital presence via its website (vultme.io) and a strong following on professional platforms like LinkedIn, with over 21,000 followers.

Geographic Coverage and Customer Base

Vult's services boast nationwide online and USSD coverage, reaching all districts of Sierra Leone. Its physical footprint includes an agent network in key cities like Freetown, Bo, and Makeni, along with over 30 merchant locations in provincial towns. By Q1 2025, Vult projected 334,000 downloads, with approximately 13,000 active accounts and 2,500 cards issued within six months of launch, demonstrating significant growth. Transaction volumes saw a 62% month-on-month increase, and wallet balances rose by 355%. Vult primarily targets urban and peri-urban demographics aged 18–45, including digitally-savvy professionals and small merchants.

Regulatory Landscape and Market Standing

Understanding Vult's regulatory framework and its position within Sierra Leone's competitive financial services market is crucial for assessing its stability and future potential.

Regulatory Status and Compliance

Vult operates under the strict oversight of the Bank of Sierra Leone, holding a fintech sandbox license as part of Metro Cable SL Limited. This regulatory approval signifies that Vult's innovative digital services are monitored and comply with national financial regulations. Beyond the central bank, Vult adheres to compliance standards set by the Office of the Administrator and Registrar General (OARG) and the National Revenue Authority (NRA) for tax and ITAS compliance.

Compliance with local financial regulations, particularly Anti-Money Laundering (AML) and Know Your Customer (KYC) guidelines, is paramount. Vult employs digital verification methods aligned with Bank of Sierra Leone directives and ensures data encryption during transit to protect user information. Furthermore, consumer protection is embedded through transparent fee structures, an in-app dispute resolution mechanism, and users' rights to de-register and request data deletion. To date, no regulatory actions or penalties have been publicly reported against Vult.

Competitive Landscape and Differentiation

The financial services market in Sierra Leone is evolving, with several players offering distinct services. Vult's competitive position is shaped by its unique digital super-app approach:

• BMT Sierra Leone: Primarily a microfinance institution, BMT focuses on providing microfinance loans and savings products through physical branches. Vult differentiates itself by offering a digital-first ecosystem centered on payments and cards, rather than credit.
• SureBucks (SL Microfinance): This competitor specializes in SME and salary loans. Again, Vult's distinction lies in its lack of lending products, instead concentrating on digital wallets, card issuance, and comprehensive merchant services.
• Mobile Money (e.g., Airtel Money): Traditional mobile money services largely focus on P2P transfers and bill payments, often exclusively via USSD. Vult, while also offering USSD, extends its capabilities significantly with multi-currency wallets, virtual and physical cards, and deeper bank integrations, positioning itself as a more advanced digital financial ecosystem.

Vult holds a significant market position as the first-mover in the digital super-app space in Sierra Leone. Within its first year, it garnered downloads from approximately 10% of smartphone users (100,000 downloads against an estimated 1 million smartphone population). Its growth trajectory includes plans to introduce micro-credit and savings products in the near future, indicating an expansion of its service portfolio. Vult has forged key partnerships with banks like Rokel Commercial Bank, GTBank, and Access Bank for interbank transfers, and with telco giants Airtel and Orange for USSD integration. Its technology backbone is supported by Velmie for the core banking platform and OneAfriq for card issuance, leveraging Metro Cable's own internet infrastructure as a broadband provider.

Navigating Vult: Advice for Potential Users

For individuals and businesses in Sierra Leone considering Vult, it is essential to have a clear understanding of its services, benefits, and limitations, especially concerning its current offering.

Clarifying Vult's Service Offering

First and foremost, potential users must understand that Vult is a digital financial super-app designed for payments, money management, and facilitating digital commerce, not for obtaining loans. If your primary need is a loan – be it personal, business, or salary-based – Vult is currently not the provider to turn to. For credit facilities, you would need to explore traditional banks, microfinance institutions like BMT or SureBucks, or other lending platforms available in Sierra Leone.

Maximizing Your Vult Experience

For those seeking efficient digital money solutions, Vult offers considerable advantages:

• Understand the Fee Structure: Before conducting any transaction, familiarize yourself with Vult's transparent fee schedule for wallet top-ups, card issuance, ATM withdrawals, bill payments, and P2P transfers. This helps in managing your finances effectively and avoiding unexpected charges.
• Utilize Multi-Currency Wallets: If you deal with international transactions or frequently receive remittances in USD, Vult's multi-currency wallet can be highly beneficial for managing foreign currency balances directly.
• Leverage Virtual and Physical Cards: Use the virtual card for secure online shopping, and the physical card for in-store purchases and global ATM access. The ability to freeze and unfreeze cards directly from the app adds an extra layer of security against unauthorized use.
• Explore Merchant Solutions: For small business owners, adopting Vult Pay Point terminals or QR-code collections can significantly streamline payment acceptance, reduce cash handling risks, and provide better transaction records.
• Secure Your Account: Always protect your login credentials, enable two-factor authentication if available, and regularly monitor your transaction history for any suspicious activity. The in-app fraud controls are powerful tools; learn how to use them.

Customer Support and Engagement

Should you encounter any issues or require assistance, Vult provides multiple customer service channels:

• In-App Chat: Often the quickest way to get support, with reported average response times of around two hours.
• Email: You can reach out via email to [email protected] for more detailed inquiries, though response times may be longer, averaging around 24 hours.
• Phone Support: Contact Vult directly at +232 79 041957 for immediate concerns.
• Physical Centers: For complex issues or in-person assistance, visit Metro Cable customer service centers in Freetown, Bo, or Makeni.

Vult stands as a pioneering force in Sierra Leone's digital financial inclusion, offering a powerful platform for managing money, making payments, and facilitating business transactions. By understanding its core services and operational nuances, users can effectively harness the benefits of this innovative super-app.