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

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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”

 


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FG May Forfeits $4m from World Bank Loan over Audit Flop

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Federal government may lose $4 million from a World Bank loan after failing to get a pass mark on key audit standards in its revenue-generating agencies, such as the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service.

FG May Forfeits $4m from World Bank Loan over Audit Flop

This is according to a World Bank restructuring paper dated June 2025.

The amount, which is the equivalent of around N6.2 billion with an exchange rate of N1,568 per dollar, could have helped to address one of Nigeria’s infrastructural deficits.

The fund formed part of the $103 million Fiscal Governance and Institutions Project, a public financial management initiative financed through a credit facility from the International Development Association.

Accordingly, the revenue assurance audit covering the FIRS and Customs for the 2018 to 2021 financial years was assessed as not achieved because the reports submitted did not meet international auditing standards.

“Revenue assurance audit of Main Income Generating Agencies, including the Federal Inland Revenue Service and the Nigeria Customs Service for FY 2018–2021, with an allocation of $4m.

“These Intermediate Results to be implemented by the Office of Auditor-General of the Federation were assessed as not achieved by the Independent Verification Agent because the reports submitted for verification did not meet the requisite international auditing standards.”

Also, the unsuccessful audit was one of ten performance-based conditions under the project that the government could not deliver before the closing date of June 30, 2025. Consequently, the Federal Ministry of Finance formally requested the cancellation of $10.4 million in project funds.

“The FMF has requested cancellation of $0.9m of unused funds for technical assistance and $9.5m, which is the amount allocated to 10 performance-based conditions, which will not be achieved by the close of the project on June 30, 2025,” the document read.

Further analysis shows that $4.5 million was tied to the uncompleted Revenue Assurance and Billing System, while $1 million was allocated to the development of a National Budget Portal.

According to the document, the Budget Office of the Federation, which was responsible for the portal, did not submit any evidence of achievement. In addition, $0.9 million in technical assistance funding was left uncommitted and has also been cancelled.


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CDCFIB Warns against Recruitment Racketeers

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Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) has warned job seekers to be wary of fraudsters circulating inappropriate recruitment information.

CDCFIB Warns against Recruitment Racketeers

The warning came against the backdrop of social media publications that President Bola Tinubu has ordered massive recruitments into some government agencies.

The agencies listed in the report were the Nigeria Immigration Service (NIS); the Nigeria Security and Civil Defence Corps (NSCDC); the Nigeria Correctional Service (NCoS) and the Federal Fire Service (FFS)..

The agencies are all under the Ministry of Interior, headed by Dr Olubunmi Tunji-Ojo.

However, while responding to the reports, the Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) cautioned Nigerians against falling into the traps of job racketeers.

The Board acknowledged a Presidential approval for the recruitment of personnel in the four (4) Paramilitary Services under its purview, but insisted that due process would be followed on the matter.

Major Gen. Abdulmalik Jibrin (rtd), board secretary, said in a statement that “there are series of processes which leads to the actual recruitment exercise.”

“The Board wishes to reiterate that for all its recruitment processes, appropriate notifications would be done via adverts in the national dailies and it would be carried out in a fair and transparent process devoid of payment of any fee.

“To this effect, members of the public should be weary of the activities of recruitment racketeers who may want to take advantage of unsuspecting job seekers to rob them of their hard-earned resources”, Gen Jibrin said.


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Concerned Nigerians Ask EFCC  to Release Abiodun, CBEX Promoter

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Adefowora Abiodun, one of the alleged promoters of the CBEX investment scheme, who voluntarily surrendered to the Economic and Financial Crimes Commission (EFCC) in April following a ruling by Justice Emeka Nwite of the Federal High Court in Abuja, is still languishing in the custody of the anti-corruption agency.

Concerned Nigerians Ask EFCC  to Release Abiodun, CBEX Promoter

Adefowora Abiodun, one of the alleged promoters of the CBEX investment scheme,

Concerned Nigerians who have been following the matter have urged the EFCC to release him unconditionally since he honoured their invitation without being arrested.

The court had approved the EFCC’s request to arrest and detain six individuals connected to the scheme, including Abiodun.

Alongside Abiodun, five other individuals—Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—were declared wanted by the EFCC for their involvement in the alleged fraudulent investment scheme, which was valued at over $1 billion.

Fadila Yusuf, EFCC’s legal counsel, had submitted evidence that led to their public declaration as wanted individuals.

After the announcement, Abiodun, who was shocked by the declaration, alongside his legal team, presented himself to the EFCC headquarters in Abuja, expressing his willingness to cooperate with the investigation.

Babatunde Busari, his legal counsel, explained that Abiodun’s decision to submit voluntarily was made in order to clear his name and address the media narratives circulating about the case.

Despite the return of investor funds and CBEX’s assurance that withdrawals would be allowed by June 25, Abiodun has been in detention for over a month, triggering speculation about the EFCC’s high-handedness and rights abuse.

His legal team is now advocating for his release on administrative bail, emphasizing that the ongoing detention is unwarranted under the circumstances since he submitted himself for investigation.

According to one of the family sources, “Keeping him in a cell for over one month would send a negative signal to other Nigerians who would be declared wanted by the EFCC in the future. It would discourage Nigerians who have clear cases from surrendering themselves voluntarily to security agencies if, at the end of the day, they don’t receive mutual respect for surrendering themselves.”

He added that CBEX is not a Ponzi scheme.

Reacting to the agitation by concerned Nigerians, Dele Oyewole , EFCC spokesman hinted that the agency obtained a remand order to keep him beyond 48 hours.

According to him, “Anybody that we are holding beyond 48 hours, be rest assured that we have a lawful remand order from the magistrate court to hold him beyond 48 hours.

“We are a law-abiding commission. Concerning that suspect, we are holding him on the basis of that remand order.”

 

 


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