A Nigerian FinTech Startup, Kudimoney.com Makes Top 50 Digital Banks’ List

Kudimoney.com is the only Nigerian company, alongside another African digital bank that made the Financial Information Technology Top 50 Digital Banks’ list, collated by Financial IT magazine, a forum for latest trends in artificial intelligence, global Fintech, Blockchain, and digital banking.

Kudimoney.com is a platform created to help people save money daily, weekly or monthly without huge maintenance charges that scare people away from regular commercial banks. This is what FinTech companies do- they deviate from the traditional norm to leverage on technology to transform the financial services.

The forum applauded the effort of the 50 FinTech firms by publishing a report with a highlight of their individual roles in the global digital banking industry which also included an assessment of an overall impact of their operation in the society in which they are operating.

The Founder and Chief Executive Officer, Kudimoney, Babs Ogundeyi appreciated the timely recognition during the award acceptance speech and emphasised on the firm’s commitment to rendering a banking system that’s affordable for Nigerians. He said:

‘At Kudimoney, we are committed to developing a digital platform that ultimately makes banking easier and more affordable for Nigerians and Africans. By running a more efficient system, we are able to offer customers more value for their money, via higher interest rates on savings and deposits, and lower interest rates on loans, all with an effortless banking experience.’

FinTech is not completely accepted by financial regulators such as the Federal government and issuing banks because of its major concern with the use of technology such as the internet or online banking to ease stress and make transactions easier. These regulations fear that the use of the internet for swift transactions is a threat to data security, which will ultimately lead to hacking. It is against this backdrop that FinTech companies are turning to cloud technology to comply with the stringent regulations.

The CEO of Kudimoney announced at the ceremony that the firm recently launched a new platform for bill payments and other personal transaction needs which will be in operation by next year. ‘By mid-2018, Kudimoney will be a full-service online-only bank, offering spending accounts, savings accounts, transfers and bill payments, as well as loans, all at a significantly better value than traditional players’, he said.