News
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
NIPR Lagos Chapter Announces Date for 11th conference, sets to discuss climate change, environment
Nigerian Institute of Public Relations (NIPR) Lagos Chapter has announced date for its 11th Lagos Public Relations Stakeholders’ Conference (LaPRSC).
The event Tagged the August Gathering of Public Relations Solution Providers, the annual conference is a collaboration between Addefort Nigeria Ltd and the Nigerian Institute of Public Relations.
According to Mrs Comfort Obot Nwankwo, Chairman of the Chapter, the annual conference will hold at the MUSON Center, Onikan, Lagos on Thursday, August 29, 2024.
She noted that the “August Gathering will engage stakeholders on achieving the right communication agenda with regards to issues associated with climate change and the environment.
“It will also recognise organisations that have been committed to the sustainability agenda, in line with the United Nations Sustainable Development Goals.”
Mr Olabamiji Adeleye, Conference Coordinator, CEO, Addefort Limited, added that participants at event “Theme: Stakeholders’ Conversations on Climate Change and Environment: Communication and The Sustainability Agenda; will include Public Relations Practitioners, Students, Environment Experts, Representatives from Government, Corporate Organisations, Institutions, NGOs, HODs of relevant Agencies, and media among other stakeholders.
The event has in the past 10 years consistently enjoyed the collaboration of government, institutions and major corporate organisations in the country.
The annual Lagos Public Relations Stakeholders’ Conference, has evolved over the years to become a highly respected platform for stakeholders to interact, discuss and proffer solutions to the social, political and economic challenges plaguing our nation. The Conference is the brainchild of Addefort Limited; a public relations and concept development firm.
News
NIPOST @ Osun, Clamps Down on Illegal Courier Operators
Management of Nigerian Postal Services (NIPOST) has clamped down on unregistered courier service providers in Osun State, assuring of its readiness to sanitise the business in the state.
Speaking at one-day clampdown operations against illegal courier and logistics operators in Osun State, Mr Dotun Sonde, general manager of the Courier and Logistics Department, NIPOST, declared that the activities of the illegal operators have been endangering the lives of the residents.
According to him, findings revealed that some illegal operators were being used for illicit drugs and arms movement, putting the lives and properties of residents at risk.
Sonde explained, “Many people just need to know that most of the unlicensed, unregistered, illegal operators engage in unethical practices.
“For instance, some of these illegal operators carry small arms and ammunition, some carry illicit drugs, some carry despicable things that I don’t want to start mentioning here, sex toys and others. This is because they are not traceable, they are not registered and they are not licensed.
“For security risk that people are exposed to, of course, people will use them, people of like minds who want to perpetrate criminality would make use them. They won’t find policemen stopping them, opening their boxes, but what they conceal inside is actually alarming.”
Asked for the statistics of illegal courier operators in the state, Sonde further said, “Based on postal statistics and surveillance, the market intelligence we have done, in Osun State alone, we have over 500 illegal courier operators. You can see that we are just scratching the surface and this is the first time we are conducting this enforcement activity in Osun State, which means that we are just getting started.
News
AfDB Approves N750Bn Loan for Nigeria’s Energy Transition Programme
African Development Bank (AfDB) Group has approved a loan of N750 billion ($500) million to Nigeria to support the first phase of the economic governance and energy transition support programme (EGET-SP).
EGET-SP is an initiative aimed at accelerating the transformation of the country’s electricity infrastructure and improving access to cleaner sources of energy.
The plan will, among other things, lift 100 million people out of poverty, reduce Nigeria’s carbon footprint, drive economic growth, and create jobs, according to the government.
In a statement, AfDB said the loan will help close the financing gap of the government’s budget in the 2024/2025 fiscal year, particularly supporting the implementation of the country’s new Electricity Act and the Nigeria energy transition plan.
“The Nigerian government launched the energy transition plan in August 2022, and in June 2023, passed a new Electricity Act decentralising the electricity supply industry and setting the stage for increased investments by subnational governments and the private sector,” AfDB said.
“The energy transition plan envisions the development, by 2050, of 250 GW of installed electricity capacity, 90 per cent of which will be renewable.
“It will provide clean cooking access to the bulk of the population by 2030, using liquefied petroleum gas (LPG), biogas, biofuels like ethanol, and electric cookstoves,” the statement said
It added that “The AfDB $500m support to the Federal Government of Nigeria is the latest in a series of initiatives aimed at supporting the country’s economic growth, poverty reduction, and climate action efforts.”
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