The Managing Director, Kuda Bank, Babs Ogundeyi, has said through the adoption of technology, the bank’s customer base rose to about 4.6 million.
Speaking during a media roundtable at the financial institution in Lagos, he said it plans five million customers in three years.
He said, “Nigeria has a very important part to play on the African continent. There is huge potential, not just in the size of the population- the location, we have ports, and we have resources as well.
“Though things are especially difficult, when it comes to investing in technology, investing in FinTech, Nigeria still carries a lot of weight in Africa, and Kuda is part of that.
“Our focus is to be a financial institution for all Africans, all over the world. We started from Nigeria, where we have, apart from being patriotic, domain experience, we understand people, we understand the terrain. It is a very important market in Africa. So it made sense for us to start from Nigeria. When we started in 2019, there weren’t as many foreign investors as we have today.”
He said, “Two things have happened; we have been part of the growth and belief in Nigeria and Africa. Our growth I believe has sort of fueled not just our belief but also other technology companies as well. I would say we are part of that bracket and it has just kind of demonstrated the potential of leveraging technology.”
According to Ogundeyi, since the bank’s emergence in 2019, it had invested hugely in Nigeria’s economic environment, as the country occupies a major position in the continent.
He noted that Kuda had benefited from being daring and innovative, regardless of the challenges in the financial sector.
Ogundeyi said the company was focused on being a financial institution for all Africans, all over the world, and noted that there was a huge potential for technology in emerging markets, particularly Nigeria.