Neo-Banking App – Kuda Reaches A Total of N55.8trn Transaction Value

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Neo-Banking App - Kuda Reaches A Total of N55.8trn Transaction Value
Neo-Banking App - Kuda Reaches A Total of N55.8trn Transaction Value

Over the course of its last five years of business, Kuda Technologies claims to have raised close to $100 million in capital.

The CEO of the company mentioned that Kuda Technologies is based in the UK and aims to increase accessibility to money. In the meantime, the CBN has declared that it will soon change its mind and permit mobile money providers, such as Kuda.

Kuda Technologies’ CEO, Babs Ogundeyi, disclosed on Wednesday, May 29, that the business had raised over $100 million in funding over the previous five years.

The information was disclosed by Ogundeyi at the GITEX Africa conference held in Morocco. “We have raised nearly $100 million since our August 2019 launch in Nigeria,” Ogundeyi stated during the panel discussion “Beyond the Starting Lane: Navigating Advanced Funding.”

Speaking further, he emphasised how international investors’ lack of familiarity with the local ecosystem makes it difficult for African companies to seek outside funding. Given that the majority of funding originates from Western investors, he pointed out that Kuda Technologies has its headquarters in the UK to make finance more accessible. “We are headquartered in the UK, but we are Africa-focused, and there is a reason why we are headquartered in the UK. It’s very much related to access to funding. The capital comes primarily from the west. It’s easier to attract capital in those jurisdictions,” he revealed.

Adding, he underlined that getting finance is a difficult process, particularly in Africa where there is a lack of confidence. CBN updates on the validity of account opening had previously revealed that the CBN had prohibited fintech companies from creating new client accounts because of anomalies in its Know Your Customer (KYC) guidelines.

The Central Bank of Nigeria (CBN) said in a recent report that it will soon change its mind and permit mobile money providers, including fintech companies OPay, Palmpay, Kuda Bank, and Moniepoint, to start taking new clients again in the coming months. This was revealed by CBN governor Olayemi Cardoso on Tuesday, May 21, 2024, at the conclusion of the apex bank’s 295th Monetary Policy Committee (MPC) in Abuja. Kuda breaks new record: Kuda Microfinance Bank is reportedly celebrating reaching a record-breaking 7 million clients overall.

Following the banking and finance news, since it launched in 2019, the Nigerian neo-banking app has said that its total transaction value has reached N55.8 trillion. Furthermore, it stated that it is dissecting numerous new packages for its clientele, encompassing new wage loans and additional offerings.