Screen Shot 2016-09-30 at 09.46.20

Kudimoney is an online service that makes credit more accessible to users, and at the same provides a beneficial way to save and spend money.

The idea for Kudimoney was conceived by  Babatunde “Babs” Ogundeyi who has more than 15 years of experience in finance, banking and technology (he was the Senior Special Assistant on Finance to the Oyo State Governor from 2011 to 2015). Together with his team, Babs hopes to give individuals and SMEs access to loans without stress.

In his words, “For as long as I can remember, I have believed in the ability of using technology to make everyday living easier. This combined with my deep finance and banking experience clearly influenced my pursuit of building a financial institution without boundaries.”

Kudimoney loans are essentially bridge loans (short term means to an end) and users can borrow as much as N1 million for a maximum period of 12 months with interest rates ranging from 0.13% per day to 4% per month. Users are vetted using a proprietary algorithm that helps Kudimoney decide whether or not to grant a loan.Screen Shot 2016-09-30 at 11.47.22According to Babs, “I’d like to think that we are firstly a technology business then finance. Everything we do has a strong tech play. In essence all the money that has been invested in creating the business is geared towards making money easier to access. We are also integrated with Credit Bureaus and other external partners in helping us take the most informative decision with our risk assets.”

Kudimoney is launching in October, but they already have grand plans for the Nigerian financial market. They’ve partnered with Electronic Settlement Limited (ESL) and are looking to branch out to other services by 2017.

Babs says, “We are currently a licensed lender and are looking to become a licensed bank by 1st half of next year. Prospective customers will be able to get a feel of our current and savings account when we release the Kudimoney prepaid card early next year.

Read this next
More From TC
Without online learning platforms, a few Nigerian universities are using WhatsApp

Physical education has been one of the biggest casualties of the pandemic. AUN, Babcock, Covenant, LASU and Crawford are some universities using WhatsApp, Zoom and Telegram to continue learning for students during this period. On March 19, as the number of coronavirus cases in Nigeria rose to 11, the Federal Government announced the shutdown of […]

odun_eweniyi_techcabal_live

PiggyVest started out with one plan: digitize an offline process of using wooden boxes to save money on a daily, weekly or monthly basis. The idea for the startup came in December 2015. Co-founders Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze were reducing the staff size of PushCV, a still-existing human resources startup they founded, […]

A TechCabal roundup about the impact of the coronavirus pandemic on Africa’s tech industry MAY 31, 2020 This newsletter is a weekly special focused on the effect of the novel coronavirus, COVID-19 on African tech and innovation ecosystems. Subscribe here to get it directly in your inbox every Sunday at 3 pm WAT. Hello, Parents […]


TechCabal is a Big Cabal Media brand



Copyright © 2020
All rights reserved

Privacy & Terms