A local financial technology (fintech) company, Kudimoney, has obtained a microfinance digital banking licence from the Central Bank of Nigeria (CBN).
In preparation to the launch of its full digital no-fee bank, the company has changed its name to Kuda Microfinance Bank.
With this, the fintech firm can offer current accounts as well as debit cards – something it is already doing with a small group of alpha users.
Founders of the company, Babs Ogundeyi and Musty Omotosho, explained that Kuda will offer frustrated consumers a more mobile, modern approach to traditional banking.
Unlike traditional banks, Kuda does not rely on banking fees, doesn’t profit from members’ misfortune or mistakes, and actually helps members get ahead financially.
Kuda members receive a debit card, a Spending & Savings Account, and an app that keeps them in control of their finances at all times, no matter where they are located.
“We’re excited to usher in a new era in consumer banking and serve the many Africans, who we believe are frustrated with traditional banks,” said Ogundeyi, co-founder & CEO of Kuda.
“Starting with Nigeria, we’ll launch a new kind of bank with a continued focus on improving our members’ financial lives rather than trying to burden them with hidden fees and excessive charges.” he added.
Source: Business Post Ng