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Ogundeyi, Kuda CEO Predicts Digital Financial Services to be Mainstream in next 10 years

Mr. Babs Ogundeyi, Co-founder and Group Chief Executive Officer, Kuda Technologies Limited, has posited the boost of digital financial services in Nigeria in the future, saying there is hope for frontline startups like Kuda as it is set to become one of the biggest financial institutions in the next ten years.
In a recent interview on TVC News, where Mr. Ogundeyi addressed several issues in the Nigerian business and financial services sector including the impact of financial technology (fintech) on the nation’s and Africa’s respective financial landscapes, challenges in the competitive financial market, coping with existing and new regulations, the drive to boost financial inclusion, amongst others, Mr. Ogundeyi noted that Kuda’s customer-centricity and focus on the accessibility and affordability of financial services sets it apart.
“The tech industry generally has seen a great bull run since 2020 till date. Of course, globally there is a sort of general slowdown especially from likely investors who typically fuel technology companies but having said that, it just means that there is more focus on building sustainable businesses rather than only chasing growth.
“It is kind of a good thing, there is a bit of recalibration in the mind-set of founders which I think in the long run will benefit the industry generally and that includes fintechs as well.”
“Considering Nigeria being the most populous country in Africa and the introduction of several notable fintech products in recent times, we are experiencing significant traction in terms of growth and customer acquisition but we are still scratching the surface.
“For example at Kuda, we started in Nigeria in 2019, with a mission to provide affordable financial services globally to all Africans, and we currently have about five million customers in Nigeria, with potentially millions more to address.
“So we are really at the infancy of this digital revolution. Put simply, the potential is enormous and we are satisfied with the start that we have made in the industry and we are very hopeful for what’s to come.”
“With the improvement of internet services and broadband penetration there is going to be more stability and even bigger usage of digital products. The next ten years are going to be crucial.
I believe the use of digital financial services will become mainstream and more acceptable to more Africans. That is, we will no longer refer to digital banking as a new means through which customers access banking services, but as the only or main channel for banking services. This will be the new normal.
The way I see it, the smart thing to do is to prepare well in advance and position ourselves at the forefront of this journey, because in the future, the biggest financial institutions will all be digital first, and we have started well. It is truly an exciting prospect and I am really looking forward to the future – our future,” stated Ogundeyi.
Speaking on one of Kuda’s unique selling points, he shared: “On the attributes that make us different – 70 percent of Africa’s population is largely youthful (that is under 30).
Essentially, what we have at Kuda is a very young workforce across all our teams and we are building products and services for a customer base that we have a great understanding of and that’s why we are able to build products that we know they really want.”
“We are super customer-centric and the pillars we look out for is to be accessible, affordable and rewarding. Everything we do revolves around these three pillars and fortunately since we launched in Nigeria in 2019 we have seen a great trajectory.”
Commenting on what governments and regulators can do to leverage the enormous potential of fintechs in accelerating financial inclusion and optimizing other benefits of digital financial solutions, he noted that the most important point was – dialogue. Honest and constructive dialogue between the key stakeholders.
He added that “better understanding on both sides and a willingness to allow for innovation by fintechs, would naturally bring the required solutions and opportunities for better collaboration between all parties to work together to aid the future growth of financial services and further deepen financial inclusion”
News
GSK to Slash Cost of Malaria Jab to Less than $5

The manufacturers of the world’s first malaria vaccine are set to slash the price by more than half by 2028 to less than$5 per dose.
The manufacturers of the shot, known as RTS,S, said a phased reduction in cost would begin immediately, with an ultimate aim to reduce the price to less than $5.
The announcement could hardly come at a more critical moment.
Gavi, a major vaccination initiative which funds immunisations in the world’s poorest countries, is facing a major budget crunch.
In Brussels on Wednesday, Gavi’s replenishment event raised $9 billion to fund immunisation programmes over the next five years. While this sounds like a huge sum, it’s significantly less than the $11.9bn the group had been aiming for.
Governments around the world are cutting development spending dramatically.
The UK, for instance, cut its contribution to Gavi by 40 per cent in real terms, telling The Telegraph it was prioritising defence, while the US has pledged nothing at all.
Though America previously gave Gavi roughly $300m a year, the country’s new health secretary claimed without evidence that the organisation was ignoring vaccine safety.
The announcement from the British pharmaceutical giant GSK and Indian drugmaker Bharat Biotech will therefore be a relief to those trying to balance the books.
In a statement the companies said the price reduction demonstrated their “commitment to Gavi”, and was “driven by process improvements, expanded production capacity, cost-effective manufacturing, and minimal profit margins”.
By the time the price has fallen to below $5 per dose, a technology transfer agreement means Bharat will have taken over production, though GSK will continue to supply the adjuvant piece of the shot.
“For us, this is more than a cooperation, it’s a promise,” said Dr Krishna Ella, executive chairman of Bharat Biotech International Limited.
“By joining forces with GSK, and working closely with Gavi, and the WHO [World Health Organization], we are taking a real step toward closing the gap between vaccine supply and the urgent needs of children at risk of malaria.”
Each year, malaria still kills 500,000 people – the vast majority of them children aged five and under in sub-Saharan Africa.
According to WHO estimates, cases and deaths fell significantly between 2000 and 2015, but progress has since stalled.
Some have high hopes that RTS,S, as well as another vaccine called R21 developed by Oxford University, could prove critical in efforts to turn the tide.
In clinical trials, RTS,S reduced hospitalisations for severe malaria by 30 per cent.
But critics say the shot is too expensive and not as effective as existing tools, such as bed nets and antimalarials.
The reduction in price will bring it more in line with the cost of R21, which is priced at around $4 per dose.
Yet the cost will still add up, as both jabs require multiple shots. For RTS,S, this means four doses – the first three doses are given monthly, starting around five months of age, while the fourth dose is administered 15-18 months later.
Both jabs “provide reasonable short term efficacy – over about a year – so are a useful addition to other measures,” said Professor Nick White, a professor at the Mahidol-Oxford Tropical Medicine Research Unit who specialises in malaria.
“In the past GSK had limited production capacity – one of the reasons the R21 was developed. So reducing the price will be good and the two comparable vaccines can fight it out in the market place.”
A spokesperson for Gavi said the alliance’s goal is to “create sustainable demand backed by predictable financing so that companies – like GSK and Bharat – can continue investing in technology transfer and other efficiencies that bring down costs, thus making critical vaccines more available and affordable.
GSK’s decision to lower its prices, the spokesperson added, is “an important step for the global malaria vaccination programme, and our ability to make this lifesaving tool more widely available to those who need it the most”.
Gavi plans to help fund RTS,S in 12 African countries by the end of this year.
Previously, GSK has said it will supply up to 18 million vaccine doses between 2023 and the end of this year.
The company plans to supply 15 million doses annually from 2026-2028, a spokesperson told Reuters.
News
Rack Centre Signs Collocation Deal with TelCables Nigeria

Rack Centre, West Africa’s Tier III carrier- and cloud-neutral data centre, has struck a collocation agreement with TelCables Nigeria, an Angola Cables subsidiary.
TelCables Nigeria is delivering its high-capacity network and cloud infrastructure, as well as four international subsea cable systems (SACS, MONET, SEBRAS, and EllaLink), directly into Rack Centre’s regional carrier ecosystem as part of the agreement.
According to Angola Cables, the move provides reliable, low-latency south-bound routes to Europe, the Americas, and Latin America, reducing the danger of future cable disruptions along West Africa’s coast and enabling next-generation cloud services across the continent.
“Our unique Africa – to – Latin America route via SACS, combined with MONET, SEBRAS and EllaLink, gives customers the lowest – latency paths to the Americas and Europe,” said Fernando Fernandes, CEO of TelCables Nigeria.
“Businesses in latency sensitive sectors: financial services, content delivery and real-time communications will experience faster transactions, reduced lag and an enhanced user experience.
“By hosting at Rack Centre we also localise Clouds2Africa resources, price them in naira, and remove expensive ingress/egress charges or FX exposure.”
Rack Centre said its 13.5MW data centre campus designed with its recently launched LGS2 facility that delivers a design PUE of 1.35 and powered from sustainable energy sources, already hosts 70+ carriers, ISPs and network operators.
Lars Johannisson, CEO of Rack Centre, commented: “Adding a global operator of Angola Cables’ calibre through TelCables Nigeria dramatically deepens our connectivity fabric.
“We can now offer 99.95 % SLA routes to more destinations, enabling enterprises, governments and cloud providers to meet performance and data-residency requirements while keeping traffic local.”
News
Lagos Plastic Ban: MAN Warns of Job Losses, Closure of Businesses

Manufacturers Association of Nigeria (MAN) has expressed concerns over the impending ban on Single-Use Plastics (SUPs) by the Lagos State Ministry of Environment.
It warned that it could lead to job losses and and lead to economic, operational, and social consequences for manufacturers, traders, recyclers, and end users.
Segun Ajayi-Kadir, director general, MAN, in a statement called on the Lagos State government to reconsider the ban, citing a lack of credible data and stakeholder engagement.
According to Ajayi-Kadir, a recent study revealed that 100% of manufacturers surveyed expressed fears of job losses and workforce restructuring if the ban is implemented.
He said, “A recent MAN-supported study evaluating the possible impacts of the Lagos State SUPs ban revealed significant adverse economic, operational, and social implications across the value chain, from manufacturers to wholesalers, traders, and end users. It has been noted that only poor and developing countries often tilt towards plastic ban as a strategy to combat environmental problems.
“A hundred percent of the manufacturers consulted expressed concern over a ban-induced workforce restructuring. Thus, several jobs will be lost in the industry if this ban were to be implemented.
“It is noteworthy to mention that there is no form of arrangement for social protection for the employees who will lose their livelihoods as a result of this ban.
“Also, there has been no form of social dialogue on the part of the government with these workers or the industry on the potential job losses.”
According to him, findings showed that 89% of operators in the plastic value chain rely on SUPs as their primary source of income with no alternative source of livelihoods, over 75% of end users, including SMEs, depend on plastic packaging with no affordable or practical alternatives, and 93% of dealers, many of whom are women, reported no prior information or social support mechanisms to cushion the impact.
Ajayi-Kadir emphasised that banning SUPs would not resolve pollution issues but merely substitute one problem for another, especially without scalable alternatives or infrastructure to support the transition.
He urged the government to focus on improving waste management infrastructure and promoting recycling, rather than imposing bans.
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