E-Financial
Kuda’s Revolutionary Offerings Improve Customer Experience
When pundits say the future of banking is technology, many people seem not to fully appreciate this posturing. Such people critique the assertion based on either the time it took the industry to migrate from the manual banking operations to online service provision or the challenges of transiting the customers, who are hugely analogue in orientation, to becoming technology or internet savvy.
These joined with some of the challenges that come with technology-based operations – proneness to frauds, connectivity issues and so on convince such naysayers that such future is still far away.
From all indications, it seems the “future” in the industry is now. The coming on board of internet banking is redefining the way customers bank today in such a way they never thought possible.
Today prospective customers can open bank accounts and carry out transactions even without going to any of the physical branches of a bank. What’s more? The digital banks seem to be taking the role of technology in banking many notches higher.
Recently, Kuda, the money app for Africans, introduced a set of new features that allow its existing and prospective customers to perform their individual bank transactions with ease. These features are nothing short of revolutionary, going by the power these features repose in the hands of its customers.
Chief among these features in the personal banking category is the use of selfies for authentication – sign-in confirmation, to reset passwords and for revamping bank verification numbers (BVN). With this feature, customers can use their selfies to confirm their sign-in on a new device.
Also, by comparing the selfie taken at BVN registration with the selfie captured at onboarding, customers can confirm true ownership of a BVN and reduce impersonation attempts.
Also in the personal banking category, Kuda customers who don’t have a BVN or a valid ID can send money within the Kuda community with a username instead of an account number. They can also pay bills and buy airtime on the Kuda app.
Kuda also recently launched a self-help portal for its customers to block and unblock their account without human intervention, another step in the company’s efforts to increase account security..
The fintech’s customers can also buy gift cards on the Kuda app to shop globally, and buy JAMB and Direct Entry PINs. Also, customers without access to the phone number on their account can change their phone numbers on the web.
Babs Ogundeyi, the Chief Executive Officer (CEO) of Kuda says these features are in line with the fintech’ overarching mission of improving the banking experience of its customers by conveniently meeting them at the various points of their banking needs.
“Our goal is to deliver the future of financial services to our customers today and we are happy to be delivering this future one aspect at a time. Most of the things no one thought were possible in banking are unfolding before our eyes, thanks to our dedication to innovation.,” he quipped.
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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