Oliver Stone
Sun, Aug 6, 2023 10:50 PM

Fintechs and Cashless Economy: Driving Nigeria's Digital Transformation

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Fintechs and Cashless Economy: Driving Nigeria's Digital Transformation
Kuda Technologies Limited, a leading fintech company in Nigeria, highlights the crucial role of fintechs in driving Nigeria's digital economy and cashless payment systems. The Chief Technology Officer (CTO) of Kuda, Mr. Musty Mustafa, commends the government's digital economy policy and emphasizes the positive impact of fintechs on the Nigerian economy, including job creation. Mustafa calls for continuous collaboration between traditional banks and fintechs, strengthening cybersecurity, and improving financial literacy to foster growth in the sector. Kuda remains committed to making financial services accessible and affordable to Nigerians.

Lagos - Mr. Musty Mustafa, the Chief Technology Officer (CTO) of Kuda Technologies Limited, has reiterated the important role of fintechs to the quest of Nigeria at harnessing the full potential of the digital economy as a strategic non-oil contributor to national socio-economic growth.

Mustafa, who is also the Co-founder of Kuda Technologies Limited in an interview with journalists, also commended the Federal Government's digital economy policy as a step in the right direction.

He emphasised that cashless payment systems would impact more on the national Gross Domestic Product (GDP) with fintechs and digital solutions providers like Kuda and others playing bigger roles as critical drivers of the policy.

Digital platforms and e-payment systems, Mustafa emphasised further, are rapidly transforming Nigeria's financial ecosystem by facilitating convenient and fast access to funds for businesses, lowering operational costs, as well as making transactions more seamless for customers.

He pointed out that these are already having a positive ripple effect on the Nigerian economy as a whole, including job creation.

He said: "The key thing that we cannot shy away from is the impact of the cashless policy on the overall economy. If we can enhance it, we can harness the positives that it brings to the table for the Nigerian economy. I think fintech has a crucial role to play in that area.

"What I see happening is more businesses and more innovative solutions are evolving. Small businesses can now collect payments effectively in the easiest way and in a very cheap, affordable manner.

"Also, consumers can make payments with ease and also in a cheaper and affordable manner because these two things are very important - accessibility and affordability. If we can achieve these things in our payments industry, I think they will have positive ripple effects on the economy as a whole."

The Kuda CTO also acknowledged that Nigeria's fintech industry had grown significantly in recent years with numerous startups providing cutting edge financial solutions to businesses and consumers.

He insisted that technology had a lot more to offer in enhancing the nation's traditional banking and financial ecosystem.

Mustafa advised the government to formulate and implement laws and programmes that could further support the growth of the industry, while advocating for continuous collaboration between the traditional banks and fintechs, strong credit system, strengthening of the cybersecurity space and financial literacy.

He declared that Nigeria required three key policy changes to foster growth in the sector.

He mentioned continuous relationships between the traditional players and the new players, credit administration and policy intervention to tackle fraud management, and education of customers.

He added: "Cashless has come to stay, if I may use that word; it would be important for the general population to have the required knowledge in terms of financial knowledge and the e-payment ecosystem, and also effective fraud administration and enforcement will be an area that we would expect immediate government policies on."

Mustafa speaking on Kuda's contribution to accelerating Nigeria's digital economy ecosystem, said the company remained committed to its vision of making financial services affordable and accessible to Nigerians and indeed Africans wherever they are across the world.

Expatiating, he said Kuda supports retailers, consumers, and businesses with an array of digital solutions that offer convenience and affordability, thereby helping them to grow and meeting personal aspirations; one of such is the bespoke business solution called 'Kuda for Business.'

He also spoke about Kuda Connect, a new talent hunt initiative launched by the company to bolster qualitative talent development. Kuda Connect offers opportunities for young talents to meet mentors at Kuda and possibly get a job offer.

Source of content: OOO News 2023-08-06 News

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