Nigeria’s Fintech Has Huge Potential, Says KUDA

Raheem Akingbolu

KUDA has said there is a huge potential of technology skills for Fintech players in emerging markets particularly Nigeria.

The financial institution, at a recent media roundtable in Lagos, said since its emergence in 2019, it has invested hugely in Nigeria’s economic environment, as the country occupies a major position on the continent.

KUDA’s Managing Director, and Co-founder, Babs Ogundeyi, who made the disclosure, said the company remained focused on being a financial institution for all Africans, all over the world. 

 Kuda said through the adoption of technology it has grown to about 4.6 million customers and is approaching five million customers in three years. 

He stated: “Nigeria has a very important part to play on the African continent. There is huge potential, not just in the size of the population – the location, we have ports, we have resources, though things are especially difficult, but when it comes to investing in technology, investing in Fintech, Nigeria still carries a lot of weight in Africa. KUDA is part of that. 

“Our focus is to be a financial institution for all Africans, all over the world. We started from Nigeria, where we have, apart from being patriotic, domain experience, we understand people, we understand the terrain. It is a very important market in Africa. So, it made sense for us to start from Nigeria. When we started in 2019, there weren’t as many foreign investors as we have today.

“Two things have happened; we have been part of the growth and belief in Nigeria and Africa. Our growth I believe has sort of fueled not just our belief but also other technology companies as well. I would say we are part of that bracket and it has just kind of demonstrated the potential of leveraging technology.” He noted that KUDA has benefited from being daring and innovative, regardless of the challenges in the financial sector.