Fintech! Fintech! By now, you are probably quite familiar with the word. Essentially, it is the new technology & innovation that aims to compete with traditional financial methods in the delivery of financial services. Well, this article focuses on another Fintech startup in Nigeria; Kudimoney. You should read our article on Fintech startups in Nigeria.
Faith History spoke with Babs Ogundeyi in an interview, you can listen here.
Introducing Babs Ogundeyi, Founder at Kudimoney
Before Kudimoney, Babs Ogundeyi worked with PricewaterhouseCoopers (PwC) in England and Nigeria. Babs Ogundeyi’s work at PwC included advising banks. Afterwards, he was a Special Adviser to a state governor in Nigeria. One could imply that perhaps it was while working with the banks that Babs Ogundeyi identified what gaps existed in the industry. This then probably led to the conception of his Fintech startup.
The Fintech industry according to Babs Ogundeyi is a fast-paced one. The startup has been able to adapt to customers’ requirements and changing needs. Therefore, this means they have had to learn very quickly. Like the popular startup opium they have had to “move fast and break things”.
Here Is What Kudimoney Does
Kudimoney is building a full service, online only bank in Nigeria and Africa in general.
Its current focus is to help its customers save money. The problems customers have with Nigerian banks have necessitated the launch of Kudimoney. One of these problems is high and unnecessary charges. The startup helps customers get good interest rates on their money. Its aim includes offering a full suite of banking services at affordable price points. The startup not only caters to the banked but also the un-banked. This is the beauty of Fintech. The startup was voted one of the top 50 digital only banks in the world.
Potential customers can sign up on the website to create an account. Accounts are set up within three minutes. Bank Verification Number will be required to set up an account. Customers can get an instant loan on the website at the rate of 2%. This is based on their savings habit.
Kudimoney Cares About Its Customers & Security
In addition to the above regarding customers, the startup’s core customers are digital natives. These are netizens between ages 20 – 30 years. Customers can open an account as young as 16 years of age. Futhermore, younger customers can create an account with adult supervision. According to Babs Ogundeyi, one way it cares for these customers is by paying the highest interest rate in Nigeria. This is between 10% to 17%.
Kudimoney is regulated by the same laws and agencies that govern brick & mortar banks. Firstly, one of them is the Central Bank of Nigeria. Additionally, the NDIC also monitors all banks including digital ones. The NDIC is an acronym for Nigeria Deposit Insurance Corporation. Hence customer’s monies are safe.