July 20, 2024

Cape Verde: Vinti4 network reports record 416 million Escudos profit in 2023

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Cape Verde: Vinti4 network reports record 416 million Escudos profit in 2023

Cape Verde: Vinti4 network reports record 416 million Escudos profit in 2023

The renowned Cape Verdean network Vinti4 achieved profits totaling approximately 416 million escudos last year, marking its highest-ever financial performance, according to the Interbank Company and Payment System (SISP).

Citing the Agência Lusa news agency, SISP’s annual report highlighted a substantial 42.36% increase in profits, primarily driven by heightened sales and service delivery.

SISP disclosed that Vinti4 saw an influx of 257 million escudos, with the fair value of VISA shares valued at 82.8 million escudos contributing significantly to the network’s robust financial outcomes.

Throughout 2023, Vinti4 facilitated 55.5 million transactions, reflecting a notable 16.4% rise in transaction volume from the previous year.

The report, sourced by Agência Lusa, indicated that transactions worth 168.757 million escudos were conducted through the network during the year.

The positive financial results underscore Vinti4’s pivotal role in the banking and payment sectors, reinforcing its position as a key player in financial technology and service innovation in the region.

The substantial increase in transaction volume and revenue attests to Vinti4’s successful adaptation to evolving market dynamics and consumer preferences, positioning it favorably amidst competitive landscapes.

SISP’s announcement of these record profits signals a robust performance amid broader economic challenges, illustrating resilience and strategic acumen in navigating complex financial environments.

As Vinti4 continues to expand its footprint and enhance service offerings, stakeholders anticipate sustained growth and further advancements in financial accessibility and digital payment solutions across its network.

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