First Nigerian digital bank Kuda secures $1.6 million funding

The first Nigerian online full-fledged online digital banking Kuda secures a whopping $1.6 million in a pre-seed round funding. The funding was led by angel investors Haresh Aswani, Ragnar Meitern and others.

Launched in 2016, Kuda was formerly known as KudiMoney but later rebranded and changed the name to Kuda when Central Bank of Nigeria (CBN) issued banking license to the startup.

Kudi will operate as a standard commercial bank but without inventory and physical locations and will also take the title of the first digital bank in Nigeria.

Apart from the full banking features, Kuda will also be able to perform other fintech transactions like bill payment, airtime and data purchase amongst others.

The question all around for this startup is that how will customers able to make deposit into their bank accounts. Kuda has provided answer to this germane question by partnering with the strongest and biggest banks in Nigeria.

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To make deposit and withdrawal possible, Kudi partners with Guaranteed Trust Bank (GTB), Access Bank Plc and Zenith Bank Plc which are considered as one for the biggest players in the banking industry with physical locations in every key area of the country.

The company also made it clear that the banks are partners and not investors. Kuda customers can make transaction on their Kuda account number in any of these banks.

Oluwaseun Hephzibah, Innovator @ Stackpreneur

I'm an entrepreneur, Tech Enthusiast, IT Consultant and guitarist. I'm a great motivator and I can push you to achieve your dream. ------------------------------------------------------ email: babatundeseun2014[at]gmail.com

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