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Kuda Appoints New Management Officers, Sets for International Expansion

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Kuda, the Money App for Africans is poised to stamp its footprint in the global banking industry with the appointment of Pavel Khristolubov and Elena Lavezzi as its new Chief Operating Officer (COO) and Chief Strategy Officer (CSO), respectively at the group level.

The appointments, which were the outcome of a diligent recruitment process aimed at acquiring fit-for-purpose candidates to help in driving the vision and mission of the financial institution, were recently announced by the Board of Directors of Kuda Technologies Limited.

Pavel Khristolubov joined Kuda Technologies Limited from the Tinkoff Bank, a commercial bank in Eastern Europe, where he was responsible for managing efficiency of the workforce both on product development teams and operational platforms.

During his tenure as COO, the bank’s client base grew from seven million to 22 million active clients, and his focus was to keep quality and cost levels under control and implementation of required processes and approaches to scale product and operations teams to meet the challenges of growth.

Prior to his work at Tinkoff Bank, he served as a member of the executive team of DXC Luxoft, a software development company, supporting the company’s growth from the very start to when it became a global player with 20,000 engineers working across 20 countries and locations of the world.

His responsibilities included establishing company processes and ensuring efficiency of its management, and onboarding of acquired companies.

Similarly, Elena Lavezzi, an Italian, brings with her, a vast experience garnered over the years from reputable fintech companies including Circle, a global firm that is at the forefront of digital currency innovation, where she rose to the position of Director, Go-To-Market Retail Europe.

More recently, Lavezzi led the Southern European region at Revolut for three years, overseeing growth, business development and marketing before shifting her focus to regulatory matters last year.

Lavezzi had earlier worked at Uber where she served as Marketing Manager for four years. She helped Uber launch in the Italian market before moving on to support the growth of the Indian market.

On his appointment at Kuda Technologies, the new COO said he is excited to join the management team and is looking forward to making his contributions towards the achievement of the overall corporate goals.

“When investors from Target Global introduced me to the Co-Founder of Kuda, Babs Ogundeyi, I learned a story of an ambitious business enterprise, driven by very humane and people-centric values.

“I believe in the mission of the company and hope my experience and efforts will help it along the way to realisation of our goals,”stated Khristolubov.

In her remarks, Lavezzi, informed that she is fascinated by the amazing team that drives the corporate goals as well as Kuda’s offering.

“The team is amazing. All the people I have met are very talented and have a clear vision of what they want to build. Kuda is building a strong product, providing financial services through its apps and allowing millions of people with internet access to operate a spending account, access instant credit, save money automatically and earn annual interest without the burden of traditional bank charges,”Lavezzi stated.

Talking about the expansion plans of the company, Lavezzi added: “Kuda is well recognised in the African market, and has very ambitious expansion plans for the next few months.

“Backed by top tier venture capitalists like Target Global and Valar that have over a decade of experience in partnering with the most visionary founders across different industries around the world, I believe Kuda has all the ingredients to become a fintech leader in Africa and even beyond”.

Kuda (via its operating entity, Kuda MFB Limited) provides financial services to over four million Nigerians through its suite of mobile and web apps. Its customers can operate a spending account, access instant credit, save money automatically and earn annual interest without paying traditional bank charges such as card maintenance fees, account maintenance fees and excessive transfer fees.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

FRC Accuses Banks of Colluding with States to Bypass Fiscal Law

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Fiscal Responsibility Commission (FRC) has decried the rampant collusion between banks and state governments in violating the provisions of the Fiscal Responsibility Act.

FRC Accuses Banks of Colluding with States to Bypass Fiscal Law

Barrister Victor Muruako, chairman of FRC, who spoke at the National Summit of Fiscal Responsibility in Abuja, noted that banks had been aiding state governments in circumventing the law, particularly with respect to borrowing.

Muruako cited Section 44.1 of the Fiscal Responsibility Act which mandates that any government or its agencies intending to borrow funds must present a detailed cost-benefit analysis of the proposed borrowing.

He said, “We are witnessing a troubling decline in accountability. In one instance, a state government’s secretary simply signed a declaration claiming compliance with the Act, which then allowed the government to proceed with borrowing. This is deeply alarming.”

He further criticised banks for accepting such documents, noting that financial institutions had made it convenient to approve loans without thoroughly verifying compliance with the law.

He said, “We have reached out to banks and carried out extensive sensitisation efforts, but it is clear that more needs to be done. We cannot afford to remain silent any longer. This is a matter of national urgency.”

On his part, Senator George Akume, secretary to the government of the federation (SGF), directed the FRC to extend its technical support to local governments.

 

 

 


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Opay, Moniepoint others to Begin Deduction of N50 eTransfer Fee

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Federal government has imposed a N50 deduction for every electronic money transfer (EMTL) of N10,000 and above, affecting customers of fintech platforms such as Opay and Moniepoint.

The deduction, which is in line with the Federal Inland Revenue Service (FIRS) regulations, is set to take effect from September 9, 2024.

The announcement was made by the fintech companies through notifications to their customers.

In a statement, Opay informed its customers, “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.”

The company clarified that these deductions are part of the government’s requirements and not a revenue stream for fintech companies.

“It is important to note that OPay does not benefit from these charges in any way as it is directed entirely to the Federal Government,” the statement added.

Similarly, Moniepoint, another major fintech platform, issued a brief notice, stating: “A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024.

“Your BRM is available to answer questions you might have.”


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CAC Moves Against Unregistered POS Operators as Deadline Expires

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The Corporate Affairs Commission (CAC) has begun moves to enforce its directive that Point of Sale (POS) operators should register with the commission.

The registration directive gave POS operators July 7, 2024 to September 5, 2024.

In a statement released by the Commission, the CAC said that it is now working closely with law enforcement agencies and other relevant stakeholders to develop and implement a robust enforcement and sanction framework.

This framework, according to the CAC, will not only target the shutdown of non-compliant businesses but could also involve more severe legal actions against defaulters.

The Commission expressed concern over the low level of compliance by POS operators, despite the large number of such businesses operating across the country.

They also commended those operators who adhered to the directive, noting their responsible approach to formalizing their operations.

“We are to make it clear that the Commission is working with Law Enforcement Agencies and other relevant stakeholders to deploy a comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal Consequences,”

However, the Commission criticized what it termed “recalcitrant operators,” many of whom have either refused or failed to comply with the registration requirement.

The CAC suggested that some of these operators might be engaging in “unwholesome activities” or have other undisclosed reasons for resisting formalization.

As the CAC moves towards enforcement, it urges all unregistered POS operators to take immediate steps to formalize their businesses or face the consequences of their inaction.

Recall that in May 2024 the CAC announced that PoS agents have been given a deadline of July 7, 2024, to register their business.

Hussaini Magaji, Registrar-General of the CAC, who announced this said this was the agreement with the PoS operators after a meeting in Abuja.

According to him, the registrations also align with the legal requirements and the directives of the Central Bank of Nigeria.

He added that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking.

Magaji said the registration is aimed at safeguarding the businesses of fintechs and customers, strengthen the economy and tackle the surge in fraud in Nigeria’s financial industry.

The Commission also announced an extension of the mandatory registration for Fintech Operators to September 5, 2024.

It said the 60-day extension is to give sufficient time to operators particularly those in remote areas who might have encountered network challenges to register and continue with their businesses.

“The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales Operators that the initial deadline of 7th July 2024 given for the registration of sole Agents, Super Agents, and Agents has been extended for sixty days beginning from 7th July 2024 to the 5th September 2024,” CAC said in the notice.

“This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to register and continue with their businesses.”


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