Kuda CTO Commends FG’s Digital Economy Policy

By Aduragbemi Omiyale

The federal government has been commended by the Chief Technology Officer and co-founder of Kuda Technologies Limited, Mr Musty Mustafa, for its digital economy policy, noting that it is a step in the right direction.

In an interview, Mr Mustafa said cashless payment systems, bolstered by fintechs and digital solutions providers like Kuda, are poised to significantly impact Nigeria’s Gross Domestic Product (GDP), describing fintechs as a strategic non-oil contributor to national socio-economic growth.

“Fintech has a crucial role in enhancing the cashless policy’s impact on the overall economy.

“By improving accessibility and affordability, innovative solutions like Kuda enable businesses to collect payments effectively and consumers to make payments conveniently. These positive ripple effects will benefit the Nigerian economy as a whole,” he added.

Mr Mustafa further highlighted the transformative power of digital platforms and e-payment systems, revolutionizing Nigeria’s financial ecosystem.

These advancements facilitate efficient access to business funds, reduce operational costs, and enhance customer transactional convenience, all contributing to job creation and economic growth.

Acknowledging the significant growth of Nigeria’s fintech industry, with startups providing cutting-edge financial solutions, Mr Mustafa emphasized that technology has, even more to offer in enhancing the nation’s traditional banking and financial ecosystem.

He urged the government to support the industry’s growth by formulating and implementing supportive laws and programs. Additionally, Mr Mustafa advocated for continuous collaboration between traditional banks and fintechs, a robust credit system, strengthened cybersecurity measures, and increased financial literacy.

Regarding Kuda’s contribution to Nigeria’s digital economy ecosystem, Mustafa reiterated the company’s unwavering commitment to making financial services affordable and accessible to all Africans.

“At Kuda, our vision is to ensure that financial services are within reach of every African, regardless of their status or location. We strive daily to fulfil this mission and provide convenient and affordable digital solutions for retailers, consumers, and businesses,” he disclosed.

Highlighting one such solution, Mr Mustafa unveiled Kuda’s bespoke business offering, ‘Kuda for Business,’ which supports micro-businesses, retailers, and consumers with various digital solutions that foster growth and help achieve personal aspirations.

He also announced the recent launch of a softPOS feature on the Kuda Business platform, enabling micro-businesses to convert their smartphones into payment terminals, facilitating seamless payments directly into their Kuda Business accounts.

Identifying people as the most critical asset for organizational success, Mustafa emphasized Kuda’s ongoing investment in talent development. He highlighted Kuda Connect, a talent hunt initiative designed to attract and nurture exceptional talent through mentorship opportunities and potential job offers.

“Investment in people and retaining the best talent remain key focus areas for Kuda. We are committed to investing in our existing talent pool while attracting the finest talent available,” Mr Mustafa concluded.