By Aduragbemi Omiyale
An awareness campaign aimed to educate existing and new customers on the benefits of cashless payment solutions has been launched by a leading financial technology (fintech) company, Kuda.
The multichannel campaign dubbed Cash Is Hard. Kuda Is Easy is to encourage greater usage of cashless payment features on the Kuda app and attract new customers seeking reliable cashless payment options.
It also aims to create awareness and educate users about the various cashless payment features offered by Kuda.
For instance, Kuda customers who link their BVN to their profile receive 25 free transfers to any Nigerian bank or Fintech every month.
Additionally, the Pay With Bank feature enables users to make online payments directly from their Kuda account on websites and apps that accept Paystack.
When transfers and cards are unavailable, customers can also utilize the Pay with USSD option for convenient and fast POS and online payments.
Subsequently, to ensure the long-term sustainability of Nigeria’s cashless ecosystem, it is important to continuously monitor and evaluate the system’s performance.
This includes regularly assessing the efficiency, security, and accessibility of digital payment platforms.
Based on these evaluations, necessary upgrades and improvements can be made to enhance user experience and address any emerging risks or vulnerabilities.
Cashless payments are now becoming increasingly popular in Nigeria, and the emergence of Kuda Bank and other digital payment platforms undoubtedly plays a pivotal role in accelerating the country’s cashless ecosystem.
Digital payment platforms like Kuda are not only transforming individual banking experiences but also revolutionizing the way Nigerian businesses operate.
By enabling seamless online transactions, these platforms have unlocked new opportunities for e-commerce ventures and small business enterprises.
The cashless ecosystem has fostered growth in sectors like e-commerce, ride-hailing services, food delivery, and more. With increased consumer trust, simplified payment systems, and reduced reliance on cash, businesses are growing at an unprecedented rate, spurring economic development across the country.
The Nigeria Inter-Bank Settlement Systems (NIBSS) reported that in November 2022, transactions worth N38.9 trillion were performed electronically through its Instant Payment (NIP) platform, bringing the total value of transactions in the last 11 months to N345 trillion – the highest monthly transaction recorded so far. This represents a year-on-year increase of 50% compared to the N25.9 trillion recorded in November 2021.
Dipo Olowookere