For anyone to use a digital bank, they must have a smartphone. Right now, data puts the number of smartphone users at 10-20% of the entire population.
In the days before smartphones, the relationship between banks and technology companies in Nigeria used to be that the latter built platforms while the former offered services. Companies like Interswitch and Systemspecs are forerunners of today’s fintech boom, helping banks receive payments and extend services across platforms in the first decade of the 2000’s. Today, […]
The BackEnd explores the product development process in African tech. We take you into the minds of those who conceived, designed and built the product; highlighting product uniqueness, user behaviour assumptions and challenges during the product cycle. — Ever wondered why two digital products offering the exact same services go off on two wildly different […]
Emmanuel has waited for more than two hours outside a Zenith Bank branch in Surulere, Lagos state. His ATM card expired before the five-week lockdown began on March 30. Unable to renew it, he had withdrawn enough cash to last the period. But after now “surviving” the five weeks, he needs to withdraw more to […]
And now, three years later, the rebranded fully-fledged online-only digital bank, Kuda, has raised pre-seed funding to the tune of $1.6 million from a number of angel investors.
In a recent interview, Babatunde Fowler, the Chairman of the Federal Inland Revenue Service (FIRS), disclosed that his agency is considering imposing a new tax specifically for e-commerce.