Kuda to Roll Out Digital, Physical Payment Cards

By Ashemiriogwa Emmanuel

Kuda Technologies, the challenger bank for Africans, has announced its partnership with a financial service company, Visa, to roll out its virtual and physical payment cards for its customers.

According to a statement, the firm described the development as a leap towards the right direction of promoting its independent payment cards offering.

With about two million customers in its launch country, Nigeria, where it operates as Kuda Microfinance Bank, the company’s provision of zero fees on cards, account maintenance and transfers, as well as its low-interest credit offering, have been able to woo millennials both on smartphones and the web.

In the statement, the digital bank said, “As Kuda continues to grow significantly, switching from a third-party card provider to a direct issuer of physical and virtual Visa cards 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 payment cards offerings, the Chief Executive Officer of Kuda Technologies, Mr Babs Ogundeyi, said, “Visa inspires confidence, and partnering with them to help us offer reliable card services independently has been one of our top priorities since Kuda launched in 2019.

“We’re proud that we’ve finally made this happen, and we look forward to promoting cashless payments across Africa together.”

On his part, the Country Manager of Visa Nigeria, Mr Andrew Uaboi, noted that Visa is a natural partner for fintech companies like Kuda on services that positively influences the way people invest, manage money, receive loans, or send real-time payments to friends and family.

“The rapid pace of technology innovation has driven a powerful shift in business and consumer expectations in financial services,” he added.

Sometime last month, Kuda Technologies partnered with Network International, the leading enabler of digital commerce in Africa and the Middle East, on its technical expertise to issue free debit cards without maintenance fees across Nigeria to encourage cashless payments.