NIGERIA – In a move aimed at driving its independent payment cards offering, Kuda Technologies, the challenger bank for Africans, has partnered with Network International, the leading enabler of digital commerce in Africa and the Middle East.
Kuda’s proposition of zero fees on cards, account maintenance and transfers as well as its low-interest credit offering delivered conveniently through smartphones and the web have made it particularly attractive to millennials, and the bank now has well over a million customers in its launch country, Nigeria.
As Kuda continues to grow significantly, switching from a third-party card provider to the independent production of physical and virtual Visa-branded cards powered by Network International will give the bank more control over the quality of card services it offers while also facilitating its mission to make banking accessible, affordable and rewarding for Africans.
Commenting on the partnership, Kuda Technologies Chief Executive Officer Babs Ogundeyi said that: “Producing our own cards is a big step in the right direction for Kuda and we believe that collaborating with Network International, a payments partner with an excellent reputation and strong technical expertise, is the best move to make this happen for us in record time.”
Network International has been at the forefront of driving digital payments in Africa, providing advanced, scalable and cost-effective digital infrastructure and robust security protocols to prominent banks across the region.
“Collaborating with Network International, a payments partner with an excellent reputation and strong technical expertise, is the best move to make this happen for us in record time”Kuda Technologies CEO Babs Ogundeyi
On his part, Chinwe Uzoho, Regional Director, West & Central Africa at Network International said, “We are proud to extend our technical expertise to an exciting challenger bank like Kuda and collaborate to promote our common goal of increasing the adoption of digital payments in Africa. Network International’s rich experience in payments and knowledge of the African market will support Kuda as it continues to provide a superior digital banking experience on the continent and in the diaspora.”
In August 2021, Kuda closed, via its London entity, a Series B of US$55 million — money that it plans to use to double down not just on new services for Nigeria but to prepare its launch into more countries on the continent.
The funding was made at a valuation of US$500 million, and it comes on the back of some impressive early growth for the startup.
The fintech has more than 1 million customers in its launch country, Nigeria, where it provides free banking services through its apps for smartphones and the web.