Kuda‘s journey began years ago first as a dream and some lines of code and was known as KUDIMONEY, a statement from the company goes as; Although we were in love with the name “Kudimoney”, we had to change due to the frequent adoption of the “Kudi” name by other FinTech startups. In hindsight, we should not have been surprised it became the name of choice amongst FinTech startups, because in our launch region (Nigeria) Kudi means money. The new direction was a perfect excuse for a name change. Thus KUDA was born.
Kuda, Nigeria’s first free bank, fully licensed by the Central Bank of Nigeria. Kuda is a digital-only bank that runs predominantly on smartphones, though they also have a USSD channel. This means they do not need physical locations to provide full banking services, being digital-only means they save all the money they would have spent on maintaining branches, as a result, they can afford to charge a lot less than other banks do.
Kuda operates on the idea of banking that says the customer comes first. A statement from the company says; We wanted to build a bank that people will love, so it was fitting that we ended up with the name Kuda, which means Love in the Shona language.
There is a digital storm brewing in the global banking marketplace — facilitated by mobile networking, social technologies, data analytics, and new disruptive customer experiences. Technology has transformed our way of life, from how we communicate, to how we travel, cook, book taxis, interact, and work, technology has truly permeated and impacted on every sphere of life-changing it irrevocably and KUDA is at the forefront of that revolution in Africa.
A full serviced digital bank is now a more attractive option, especially because by definition, these types of banks are more flexible and instantly responsive, focused on removing the bottlenecks in the existing experience, delivering increased convenience and a more humanised experience with the customer’s interest at its core. These start-up digital banks are likely to not only add competition into the marketplace but to disrupt the entire sector, forcing change with their greater focus on customer experience and satisfaction. Digital banks are more agile than established institutions and create a better user experience and more value for the customer. This value is not fiscal but delivered through a more personalised experience for each customer. Who knows, in no distant time brick and mortars banks might be a thing of the past.
KUDA is available for download on the Google app store and the IOS app store.