Sterling Bank Partners Ekiti Government On Electronic Medical Record

Brand Spur
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Sterling Bank Partners Ekiti Government On Electronic Medical Record

Sterling Bank Plc partners Ekiti State Government and Helium Health on the installation of an Electronic Medical Record (EMR) system in hospitals in the state to provide robust digital healthcare service delivery to the people.

The bank disclosed this in a statement following the signing of a Memorandum of Understanding (MoU) in Ado-Ekiti, the Ekiti State Capital.

Sterling Bank noted that the health sector is one of the five sectors where it is focusing investments under its HEART’s of Sterling programme in a bid to make an impact in the Nigerian economy. The other sectors are Education, Agriculture, Renewable Energy and Transportation.

Speaking on the partnership, Group Head for Health in Sterling Bank, Mrs. Ibironke Akinmade, noted that health care will greatly improve in Ekiti by the time the EMR is fully in place. This will bring an end to the practice of carrying files from office to office in hospitals and clinics across the state.

She added that mismanagement of data would also become a thing of the past.

Describing the EMR initiative as a laudable project, Mrs. Akinmade expressed the bank’s appreciation to Governor Kayode Fayemi of Ekiti State and his team for allowing the bank to play a significant part in the effort to improve on health care delivery in the state.

She said the partnership aims to digitise most of the hospitals in Ekiti State in a bid to improve the health care and well being of everyone in the state. The initiative will also make medical access easier for the people in the state, she said.

“By just going to any hospital and providing their phone numbers, citizens can have access to their medical records and enjoy better data engagement. This will reduce leakages and provide access visibility while people will enjoy better medical attention. Sterling Bank had set aside money for this project six months ago. We had already done it in other states and we plan to go to as many states as possible.

“Health is one of the five pillars of Sterling Bank. It is a sector that is very dear to us as a bank because we are very passionate about the well being of every Nigerian. Rather than just do our traditional business, we want to enrich lives,” she said.

Head of Regional Growth Public Sector with Helium Health,Mr. AbiolaOsunniyi said the agreement will enable critical health infrastructure for digitisation of four hospitals in Ekiti that will be used as pilots before expanding to other hospitals.

“The essence is to digitise the patients’ data so that our doctors can access them easily for improved and quick healthcare delivery. One of the core mandates of the state government is the delivery of quality health care to the citizens. So, as a private organisation, we want to support the state government through the provision of technology in hospitals.

“We have done this partnership with AkwaIbom and Lagos, primarily around bridging the existing gap that exists in patients’ data because there is usually a gap. The old days when patients’ data are kept primarily on papers are over.

“In most cases, patients’ records got lost, but with the provision of this digital infrastructure, their data can be protected. In cases of lost patient data, doctors may ask patients to repeat treatments (operations, tests etc. ) that might be deleterious to the patients. We plan to introduce an electronic medical record (EMR) system so that at the mention of a patient’s name, the records will be displayed. Accurate health care data and storage can affect healthcare administration positively, “he said.

Furthermore, the Ekiti State Commissioner for Health Dr. OyebanjiFilani said the project will remove redundancy in hospitals and inject modernity into the healthcare system in the state.

He said technology is a critical weapon that can strengthen the health sector through accurate collection, processing and storage of health care records that will improve quality of healthcare services by providers.

“Digitisation process in health system all over the world helps to reduce wastages and redundancy as well as inject transparency and accountability into medical facilities. I know there will be a tremendous improvement in the keeping of health care records and significantly improved turnaround time in the delivery of healthcare services in our facilities with this technological intervention,” Hon Commissioner Filani said.

Agusto & Co. Affirms The ‘A+’ Rating Assigned To Coronation Merchant Bank Limited

Agusto and Co.
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Agusto & Co. Affirms The ‘A+’ Rating Assigned To Coronation Merchant Bank Limited

Agusto & Co. affirms the ‘A+’ rating assigned to Coronation Merchant Bank Limited.

The rating reflects the Bank’s good asset quality, good capitalization, satisfactory profitability and experienced management team.

Nonetheless, the rating is constrained by obligor concentration in the Bank’s loan book and a funding mix tilted largely to more expensive funding sources (typical of merchant banks in Nigeria).

The fragile macroeconomic climate and prevailing industry risk also negatively impact the Bank’s rating.

Airtel Africa Adds 9.3M Subscribers; Mobile Data Customer Base up 14.8%

Esan Bolaji
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Airtel Africa Adds 9.3M Subscribers; Mobile Data Customer Base up 14.8%

Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa,  reported in its results for the quarter ended 30 June 2021 that its customer base grew by 8.4% to 120.8 million (from 111.5 million in H1 2020), with increased penetration across mobile data (customer base up 14.8%) and mobile money services (customer base up 24.6%).

Brand Spur gathered that the slowdown in customer base growth was due to new SIM registration regulations in Nigeria; excluding Nigeria, the customer base grew by 15.9%.

Raghunath Mandava, chief executive officer, on the trading update, explained,

“Our total customer base has returned to growth with acceleration in our East Africa and Francophone regions and despite continuing negative net additions in Nigeria. With the easing of these restrictions in late April, we have since been able to gradually increase locations for activations in line with regulatory compliance across Nigeria, and we have begun adding new customers.

Our continued focus on modernisation and rollout of our network, along with simplifying our products and improving our distribution, have all helped us to make handsome gains on our ARPUs across voice, data and mobile money. Our robust operating model and solid execution should enable us to continue our profitable growth.”

Airtel africa
The logo of telecommunications company Airtel is pictured on an umbrella and chairs set up by vendors in Abuja. REUTERS/Afolabi Sotunde

Key Financial and Operational Performance Highlights

  • Q1’22 Reported revenue grew by 30.7% to $1,112m, with constant currency growth of 33.1%. Revenue growth partially benefitted from a weakened quarter in the prior year during the peak of Covid-19 restrictions across the region. Even after adjusting for these effects, revenue growth rates for Airtel Africa, service segments and reporting regions were all ahead of Q4’21 trends.
  • Strong revenue growth was recorded across all regions: Nigeria up 38.2%, East Africa up 32.8% and Francophone Africa up 24.9%; and across key services, with revenues for voice up 26.0%, data up 37.4% and mobile money up 53.7%.
  • Operating profit was $352m, up 67.6% in reported currency and 73.9% in constant currency.
  • Profit after tax more than doubled to $142m, up 148.7%, largely due to the higher operating profits along with stable net finance costs which more than offset the increase in tax charges due to increased profits

Yele Bademosi steps down as CEO of Bundle Africa

Brand Spur
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Yele Bademosi steps down as CEO of Bundle Africa

Yele Bademosi, Founder of Microtraction and former Director at Binance Labs, has officially stepped down as CEO of Bundle Africa, a social payments app for cash and cryptocurrency.

The founder made this disclosure in a blog post on Saturday. According to him, he was stepping down to explore other areas that needed support in the African crypto community. Emmanuel Babalola, the current director of Binance Africa, has been appointed to take over Yele’s role as the interim CEO of the company.

Bundle Africa
Yele Bademosi

Yele Bademosi noted that his mission remains the same,

“To drive the adoption of digital currency across Africa, with the many economic opportunities that come with it. I truly believe that blockchain technology and crypto are critical players in Africa’s economic transformation and I will continue to gear my efforts towards supporting and growing the nascent crypto community in Africa and other emerging markets.

With all the new and interesting developments happening within the space, I am super excited to see where this journey takes me next.”

Yele is leaving the company he founded over two years ago on good terms. Bundle Africa started as an incubated startup within the Binance ecosystem.

Bundle Africa

At the time, Yele was still Director of Binance Labs, the venture arm of the crypto platform (Binance) where he was charged with developing Africa’s blockchain ecosystem.

International Breweries Reports N11.3B Loss in Q2 2021

Brand Spur
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International Breweries Reports N11.3B Loss in Q2 2021

International Breweries Plc reported in its Q2 financial statements that its revenue rose to N42.99 billion in Q2 2021, against the corresponding period. However, the brewer’s loss before tax stood at N13.66bn in Q2 2201, from a loss of N4.29bn in Q2 2020; while loss after tax stood at N11.31bn in Q2 2021 from a loss of N3.71bn in Q2 2020.

According to the financial result obtained by Brand Spur, International Breweries‘ gross profit, therefore, rose by 165% YoY to N8.93bn in Q2 2021. Operating expense increased by 52% YoY to N11.27bn in Q2 2021, driven by higher marketing expense (+220% YoY to N4.71bn) during the period.

HERO LAGER BEER BRANDSPURNG_2

The brewer incurred an operating loss (Y-o-Y), as the operating income generated could not cover operating expenses in Q2 2021. However, the operating loss incurred in Q2 2021 (N2.33bn) was improved relative to the operating loss incurred in Q2 2020 (N4.05bn).

Non-operating loss, however, worsened by 4,631% YoY to N11.32bn in Q2 2021, resulting from realised and unrealised foreign exchange losses.

Dun & Bradstreet Grew Revenue by 25.9% to $1Billion in H1 2021

Brand Spur
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Dun & Bradstreet Grew Revenue by 25.9% to $1Billion in H1 2021

Dun & Bradstreet Holdings, Inc., a leading global provider of business decisioning data and analytics, today announced unaudited financial results for the second quarter ended June 30, 2021.

Dun & Bradstreet’s revenue for the six months ended June 30, 2021, was $1,025.4 million, an increase of 25.9% and 24.8% on a constant currency basis compared to the six months ended June 30, 2020, which includes the net impact of lower deferred revenue purchase accounting adjustments of $19.3 million.

  • Adjusted Revenue for the six months ended June 30, 2021, was $1,030.0 million, an increase of 26.5% and 25.4% on a constant currency basis compared to the six months ended June 30, 2020. Excluding the net impact of the Bisnode acquisition, organic revenue, before the effect of foreign exchange, was $855.6 million, an increase of 4.4% compared to the six months ended June 30, 2020, which also included a 2.4 percentage point impact from the net impact of lower deferred revenue purchase accounting adjustments of $19.3 million.
  • Net loss for the six months ended June 30, 2021, was $76.7 million, or diluted loss per share of $0.18, compared to a net loss of $166.1 million, or diluted loss per share of $0.53 for the prior-year period. Adjusted net income was $205.8 million, or adjusted diluted earnings per share of $0.48, compared to adjusted net income of $130.7 million, or adjusted diluted earnings per share of $0.42 for the prior-year period.
  • Adjusted EBITDA for the six months ended June 30, 2021, was $384.0 million, up 23.4% compared to the six months ended June 30, 2020, and adjusted EBITDA margin of 37.3%, a decrease of 90 basis points, which includes the net impact of lower deferred revenue purchase accounting adjustments of $19.3 million.
  • Excluding the net impact of the Bisnode acquisition, the consolidated adjusted EBITDA margin was 40.0% for the six months ended June 30, 2021, an improvement of 180 basis points compared to the prior-year period, partially due to the lower net purchase accounting deferred revenue adjustments of $19.3 million which had an impact of 150 basis points on the year over year margin improvement.

Dun & Bradstreet Grew Revenue by 8.3% to $442.1 million in Q3 2020 Results Brandspurng

Anthony Jabbour, Dun & Bradstreet Chief Executive Officer said,

“The second quarter continued our positive momentum as we accelerated growth and made significant progress in terms of our transformation and innovation objectives. The International segment continued its strong performance with organic growth of 12.5% and the Bisnode integration is ahead of plan.

North America also continued to make solid progress and I am proud of the work the team has done in terms of continued strong retention, adding net new logos and bringing new, innovative solutions to market that are creating a strong pipeline supporting accelerating growth,”.

Dun & Bradstreet’s revenue for the second quarter of 2021 was $520.9 million, an increase of 24.4% and 23.2% on a constant currency basis compared to the second quarter of 2020, which includes the net impact of lower deferred revenue purchase accounting adjustments of $2.1 million.

  • Adjusted Revenue for the second quarter of 2021 was $520.9 million, an increase of 24.4% and 23.2% on a constant currency basis compared to the second quarter of 2020. Excluding the net impact of the Bisnode acquisition, organic revenue, before the effect of foreign exchange, was $435.2 million, an increase of 3.3% compared to the second quarter of 2020, which also included a 0.5 percentage point impact from the net impact of lower deferred revenue purchase accounting adjustments of $2.1 million.
  • Net loss for the second quarter of 2021 was $51.7 million, or diluted loss per share of $0.12, compared to a net loss of $208.0 million or diluted loss per share of $0.66 for the prior-year quarter. Adjusted net income was $108.0 million, or adjusted diluted earnings per share of $0.25, compared to adjusted net income of $81.2 million, or adjusted diluted earnings per share of $0.26 for the prior-year quarter.
  • Adjusted EBITDA for the second quarter of 2021 was $198.3 million, up 12.6% compared to the second quarter of 2020, and adjusted EBITDA margin of 38.1%, a decrease of 400 basis points, which includes the net impact of lower deferred revenue purchase accounting adjustments of $2.1 million. Excluding the net impact of the Bisnode acquisition, the consolidated adjusted EBITDA margin was 40.8% for the second quarter of 2021.

Segment Results

North America

For the second quarter of 2021, North America revenue was $357.2 million, an increase of $2.8 million or 0.8% and 0.5% on a constant currency basis compared to the second quarter of 2020. North America revenue was negatively impacted by the acquisition of Bisnode with post-acquisition sales treated as intercompany revenue.

Excluding the positive impact of foreign exchange of $0.9 million and the negative impact of the Bisnode acquisition of $1.3 million, North America organic revenue increased 1%.

  • Finance and Risk revenue for the second quarter of 2021 was $199.7 million, an increase of $5.9 million or 3.1% and 2.7% on a constant currency basis compared to the second quarter of 2020.
  • Sales and Marketing revenue for the second quarter of 2021 was $157.5 million, a decrease of $3.1 million or 1.9% and 2.1% on a constant currency basis compared to the second quarter of 2020.

North America adjusted EBITDA for the second quarter of 2021 was $167.4 million, a decrease of 1.7%, with an adjusted EBITDA margin of 46.9%.

For the six months ended June 30, 2021, North America revenue was $696.6 million, an increase of $0.7 million or less than 1% and a decrease of less than 1% on a constant currency basis compared to the six months ended June 30, 2020.

North America revenue was negatively impacted by the acquisition of Bisnode with post-acquisition sales treated as intercompany revenue. Excluding the positive impact of foreign exchange of $1.3 million and the negative impact of the Bisnode acquisition of $2.5 million, North America organic revenue increased less than 1%.

  • Finance and Risk revenue for the six months ended June 30, 2021, was $390.2 million, an increase of $3.6 million or 0.9% and 0.7% on a constant currency basis compared to the six months ended June 30, 2020.
  • Sales and Marketing revenue for the six months ended June 30, 2021, was $306.4 million, a decrease of $2.9 million or 0.9% and 1.0% on a constant currency basis compared to the six months ended June 30, 2020.

North America adjusted EBITDA for the six months ended June 30, 2021, was $318.5 million, an increase of 1.1%, with an adjusted EBITDA margin of 45.7%, an increase of 50 basis points both compared to the six months ended June 30, 2020.

International

International revenue for the second quarter of 2021 was $163.7 million, an increase of $97.3 million or 146.5% and 137.1% on a constant currency basis compared to the second quarter of 2020. Excluding the net impact of the Bisnode acquisition, organic revenue before the effect of foreign exchange increased by 12.5%.

  • Finance and Risk revenue for the second quarter of 2021 was $104.1 million, an increase of $50.0 million or 92.5% and 84.6% on a constant currency basis compared to the second quarter of 2020. Organic revenue before the effect of foreign exchange increased 10.4%.
  • Sales and Marketing revenue for the second quarter of 2021 was $59.6 million, an increase of $47.3 million or 383.5% and 366.1% on a constant currency basis compared to the second quarter of 2020. Organic revenue before the effect of foreign exchange increased 21.5%.

International adjusted EBITDA increased $22.6 million, or 113.4%, for the three months ended June 30, 2021, compared to the three months ended June 30, 2020. Adjusted EBITDA margin decreased 410 basis points for the three months ended June 30, 2021, compared to the three months ended June 30, 2020. Excluding the net impact of the Bisnode acquisition, the adjusted EBITDA margin was 28.9% for the three months ended June 30, 2021.

International revenue for the six months ended June 30, 2021 was $333.6 million, an increase of $195.6 million or 141.8% and 133.9% on a constant currency basis compared to the six months ended June 30, 2020. Excluding the net impact of the Bisnode acquisition, organic revenue before the effect of foreign exchange increased 10.8%.

  • Finance and Risk revenue for the six months ended June 30, 2021 was $211.4 million, an increase of $98.7 million or 87.6% and 81.2% on a constant currency basis compared to the six months ended June 30, 2020. Organic revenue before the effect of foreign exchange increased 8.7%.
  • Sales and Marketing revenue for the six months ended June 30, 2021 was $122.2 million, an increase of $96.9 million or 382.6% and 367.6% on a constant currency basis compared to the six months ended June 30, 2020. Organic revenue before the effect of foreign exchange increased 19.9%.

International adjusted EBITDA increased $50.1 million, or 113.9%, for the six months ended June 30, 2021, compared to the six months ended June 30, 2020. Adjusted EBITDA margin decreased 370 basis points for the six months ended June 30, 2021 compared to the six months ended June 30, 2020.

Excluding the net impact of the Bisnode acquisition, adjusted EBITDA margin was 33.4% for the six months ended June 30, 2021, an increase of 150 basis points versus the prior year’s margin.

Balance Sheet

As of June 30, 2021, we had cash and cash equivalents of $177.6 million and a total principal amount of debt of $3,667.0 million. We had the full capacity available on our $850 million revolving credit facility as of June 30, 2021.

Business Outlook

Dun & Bradstreet is reiterating it previously provided the full year 2021 outlook as follows:

  • Adjusted Revenues are expected to be in the range of $2,145 million to $2,175 million.
  • Adjusted EBITDA is expected to be in the range of $840 million to $855 million.
  • Adjusted EPS is expected to be at the high end of the range of $1.02 to $1.06.

Price Level: High Base Effect to Sustain Disinflationary Trend

United Capital Research
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Price Level: High Base Effect to Sustain Disinflationary Trend

In H2-2021, the direction for inflation is expected to take an interesting turn with several factors shaping aggregate price level direction. Some inflationary drivers include food supply shortages and resumption of total deregulation of the downstream oil and gas sector.

Although the harvest season comes in the second half of the year, we do not foresee a significant improvement in the food supply. Traditionally, m/m food inflation in the second part of the year (particularly during the harvest months of September to December) prints lower than the first part of the year.

HEADLINE INFLATION Nigeria’s Inflation Rate
Photo by Eva Blue

However, over the past two years (2019 & 2020), the narrative has changed with m/m food inflation garnering pace during the harvest periods. This has been driven largely by unabating security challenges in the middle belt and food-producing Northern states, reducing farming populations across the states.

Thus, we express concern that food supply during the harvest season may be grossly inadequate creating a concerning food shortage.

Furthermore, following the surge in crude oil prices, the landing cost of petrol has risen significantly without any transmission into the pump price of petrol, as the government resumed subsidy payments, a development expected to last for six months (up till Oct-2021).

However, the subsidy payments have significantly dragged on government revenues, with payments estimated at over N100.0bn every month.

Despite the upside risks to inflation, we reckon to see inflation resume a downtrend due to a high base from 2020 represents the biggest drag on an increase in inflation. Overall, we forecast the average inflation rate for 2021 to print at 17.3%, higher than the 13.2% recorded in 2020.

SON Bursts Syndicate Adulterating Lubricants In Lagos

Brand Spur
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SON Bursts Syndicate Adulterating Lubricants In Lagos

A team of the Surveillance, Investigation, and Monitoring (SIM), Unit of SON has uncovered a lubricant adulterating syndicate at a residential property situated at number 25 Isoko Street Sunny Bus-stop, Ojo in the Alaba International Market area of Lagos State.

The Sting operation swooped on the location and arrested a primary suspect Mr. Chizoba Emmanuel who was found on the premises with various drums of base oil and empty drums used to mix and repackage the substandard lubricants,

Speaking to newsmen at the location, Director General SON Mallam Farouk Salim who was represented by the Coordinator SIM Unit, Mr. Suleiman Isa described the discovery as shocking, stating that it is indeed a wake-up call for Nigerians and particularly the organization that there is still work to be done.

According to him, despite SON’s several arrests in the past, deviant Nigerians still persist in the act of adulterating engine oil and selling to unsuspecting Nigerians destroying machinery and engines.

“SON will not relent in the ongoing fight against unscrupulous elements who persist in defrauding unsuspecting Nigerians through their dubious acts” he said.

SON Bursts Syndicate Adulterating Lubricants In Lagos-Brand Spur Nigeria
SON Bursts Syndicate Adulterating Lubricants In Lagos-Brand Spur Nigeria

The SON boss thereafter advised importers and local manufacturers to always do the right thing by upholding standards in all their undertakings, stating it will ensure a vibrant economy through the strengthening of businesses as they adhere to international best practices.

The DG, SON further assured that the Organisation will continue to intensify efforts to apprehend criminals perpetrating such acts through discreet information gathering and arrests as this will go a long way in ensuring that the country is ridded of substandard products.

Salim therefore called on Nigerians to come up with useful information in supporting the battle against substandard products by reporting to SON any unwholesome practice in the manufacturing of products.

The SIM team carried out the operation alongside men of the Criminal Investigation Department (CID) of the Nigerian Police Force who apprehended the suspects caught in possession of used lubricant plastics, several cartons of two popular brands of engine oil and a repackaging machine. The culprits are currently under arrest until further investigations are concluded.

DJ Kaywise, Small Doctor To Hit The Stage At Goldberg Takeover Party

Brand Spur
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DJ Kaywise, Small Doctor To Hit The Stage At Goldberg Takeover Party

The stage is set at Stalad Hotel, Progress College Road, Abule Egba, where two DJs will battle for supremacy on July 31 at Goldberg Takeover Party in Lagos. The DJ contest is organized as one of the means for the Lager Brand to continue its tradition of discovering talents and supporting regional DJs nationwide, following previous editions in lavish bars across six major cities in the country.

For the Lagos edition, two DJs will slug it out on the wheels of steel for both the online and on-site audience who will assess their performances and vote for their favourite DJ during the contest. The emerging winner and runner-up will be awarded a grand prize of 250,000 Naira and 150,000 Naira respectively.

Goldberg
DJ Kaywise, Small Doctor To Hit The Stage At Goldberg Takeover Party

Celebrity DJ and Goldberg Brand ambassador, DJ Kaywise alongside popular Yoruba hip hop artiste, Small Doctor will be headlining the show. DJ DAJINEE and DJ Diamond will go head to head for 2 hours to set the contest in motion.

Leading up to the showdown, interested upcoming DJs will share a one-minute video of themselves showcasing their skills online where Goldberg ambassador, DJ Kaywise, and Small doctor will garner support for each of the contesting DJs.

Expectations are high as the party will feature local troupes, budding artists, and comedians who will rock the show before the DJs will turn up the temperature with hot mixes in their playlists.

At the end of the take-over parties, DJ Kaywise will also mentor some of the winners through his DJ Academy in Lagos to join Goldberg in promoting and grooming young talents towards gaining mastery of their craft.

Acquired by Nigerian Breweries in 2011 and reformulated, repackaged, and relaunched in 2012, Goldberg has over the years consistently pushed the bar of excellence by continually providing fans and consumers with remarkable experiences which dial up the culture and traditions of the people, whilst also appreciating modern social conventions.

The Goldberg beer brand is one that has remained committed to connecting people to their roots through music, festivals, and many other aspects of their cultural life.

Kuda Bank raises $55M at $500M valuation

Brand Spur
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Kuda Bank raises $55M at $500M valuation

Kuda Bank, a Nigerian fintech startup, has raised $55 million in a Series B round at a valuation of $500 million. This comes after a recent Series A of $25 million announced by the company just a little over four months ago.

The latest round was co-led by existing investors Target Global and Valar Ventures, the firm co-founded and backed by PayPal co-founder, Peter Thiel. SBI Investment and other previous angels also participated.

Kuda bank

Kuda plans to use the funds to build on its new services for Nigeria as well as prepare for a continental expansion. According to Co-founder and CEO Babs Ogundeyi, Kuda aims to build a new take on banking services for “every African on the planet.”

“We’ve been doing a lot of resource deployment in our operational entity, in Nigeria. But now we are doubling down on the expansion and the idea is to build a strong team for the expansion plans for Kuda,” Ogundeyi told TechCrunch, without disclosing which countries Kuda is eyeing.

“For Babs and Musty, it was always about building a pan-African bank, not just a Nigerian leader,” said Ricardo Schäfer, the partner at Target Global. “The prospect of banking over 1 billion people from day one really stood out for me at the beginning.”

Ogundeyi co-founded Kuda with the now CTO, Musty Mustapha, in the second half of 2019. The startup launched in Nigeria as a no-fees, digital-only bank with $1.6 million pre-seed funding. It has since witnessed significant growth.

As of November 2020, Kuda had 300,000 customers and was processing an average of $500 million worth of transactions per month.

By March this year, Kuda’s registered users had more than doubled to 650,000, after the startup processed $2.2 billion a month earlier. Presently, Kuda has 1.4 million people in its user base.

Beyond just basic financial services, Kuda now offers credit to its users by way of an overdraft allowance, which the company pre-qualifies the most active users for.

In the second quarter of the year, Kuda disbursed $20 million worth of credit to over 200,000 qualified users, with a 30-day repayment period.

According to Ogundeyi, Kuda has seen “minimal” default because of its approach. “We use all the data we have for a customer and allocate the overdraft proportion based on the customer’s activities, aiming for it not to be a burden to repay,” he said.

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