INSUBCONTINENT EXCLUSIVE:
recently launched the beta version of its online mobile finance platform
the first digital-only bank in Nigeria with a standalone license
built our own full-stack banking software from scratch
system that facilitates bank communication and settlements.A representative for the Central Bank of Nigeria (speaking on background)
lead the $1.6 million pre-seed funding, along with Ragnar Meitern and other angel investors
beta to live launch in Nigeria by fourth-quarter 2019
The startup will also build out the tech of its banking platform, including support for its developer team located in Lagos and Cape Town,
according to Ogundeyi.Kuda also intends to expand in the near future
Access Bank and Zenith Bank.He clarified the banks are partners and not investors
largely around leveraging its bank balances
investment in Africa.
In both raw and per capita numbers, Nigeria has been slower to convert to digital payments than leading African
countries, such as Kenya, according to joint McKinsey Company and Gates Foundation analysis done several years ago
The same study estimated there could be nearly $1.3 billion in revenue up for grabs if Nigeria could reach the same digital-payments
strategy to scale in Nigeria first before expanding outward on the continent and globally.San Francisco-based, no-fee payment venture
Chipper Cash entered Nigeria this month.Series B-stage Nigerian payments company Paga raised $10 million in 2018 to further grow its
customer base (that now tallies 13 million) and expand to Asia and Latin America.Kuda CEO Babs Ogundeyi believes the startup can scale and
compete in Nigeria on a number of factors, one being financial safety
