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Nigeria-based Fintech Company, Cudium Launches Cross-Border Payment Platform

Nigeria-based Startup Company, Cudium has launched a cross-border app, built to solve the problem of international payments.




Nigeria-based Startup Company, Cudium has launched a cross-border app, built to solve the problem of international payments.

There is no disputing the fact that a lot of Nigerians are faced with challenges in making foreign transactions, most especially remote workers, which affects their day-to-day activities.

Some students of the Obafemi Awolowo University (OAU) have identified the challenges that Nigerians are usually faced with the issue of cross-border payment.

In a bid to solve this problem, they have taken a giant step by launching a financial solution platform Cudium.

This fintech app will ensure that users make safe, easy, fast, and affordable cross-border payments.

Cudium acknowledges that there are a thousand and one fintech solution providers out there, however, Cudium isn’t just a solution provider app, it also serves as a marketplace for the peer-to-peer trading of money ‘fiat’.

Cudium is coming out as the first payment platform with a decentralized marketplace that places the power to negotiate in the hands of the users.

Speaking with journalists at the launching of the startup on September 1st, 2022, the Founder and Chief Executive Officer of Cudium, Adejumobi Abdulrahman disclosed that the app was launched to end the hassle faced by Nigerians in receiving international payment.

In his words;

“we are declaring an end to the struggle and hassle of international money exchange and payments. We have identified this gap and believe no one should be bigger than the market, we are putting this as a stopgap solution.

“This is a declaration that you will be able to send, receive, convert and trade foreign currencies seamlessly as a Nigerian”.

The Chief Marketing Officer, Osungbade Akeem Wizeman projected that the world saw cross-border transactions grow from $29 trillion in 2019 to around $39 trillion in 2022.

“There’s a yearning market and we are glad to be providing this absolute solution, this is a solution, like no other, we are the first ever to do it this way”

The Chief Operations Officer, Idowu Kayode Elvis in his remarks said, “we have a team of seasoned professionals who have studied these multifaceted problems faced by Nigerians in making cross-border payments, we work every day to put an end to this problem and we are glad to be here, we have a whole lot in cover, Cudium is here to make a change”.

It might interest you to know that Obafemi Awolowo University has on countless occasions had students/alumni who have developed innovative start-up companies, as Cudium is just one among many innovative solutions start-ups that have sprung up from students of the great Nigerian University.

The likes of Jobberman, Nairaland, Cowrywise, and Bumpa, some of whom have been leading the African tech ecosystem, have alumni of Obafemi Awolowo University as the founders.


Mobile Money Account Ownership in Nigeria Records Significant Increase in 2022

Mobile money account ownership in Nigeria recorded a significant increase in 2022, which saw it grow from 16% to 22%.



A 2023 mobile money report which was compiled by GSM associations (GSMA), revealed that Mobile money account ownership in Nigeria recorded a significant increase in 2022, which saw it grow from 16% to 22%.

The country also witnessed a 41% increase in registered agents for mobile money payments. These agents were reportedly responsible for digitizing $294 million in total cash-in transactions, representing 17 percent from 2021.

According to the director of GSMA Mats Granyrd, the key contributors to the growth of mobile money have been regulatory changes in large markets.

In Nigeria for instance, the CBN’s decision to relax its stance on the criteria for operating a financial services company has led to the rise of many new players in the industry.

Also, Telcos such as MTN and Airtel are pushing aggressively into the financial services sector through their various mobile money subsidiaries. The telco’s entry into mobile money according to the report was also responsible for the growth in mobile money account ownership from 16 percent to 22 percent in the last year.

On a positive note, the growth in registered banking agents in the country has no doubt created millions of jobs for people and has increased access to mobile money services for more people.

According to the report, on a global level, registered mobile money accounts grew by 13% year on year, from 1.4 billion in 2021 to 1.6 billion in 2022. However much of this growth happened in Sub-Saharan Africa where there is a 17 percent increase in registered accounts taking its number of users to 763 million.

Investors King understands that Mobile money has recorded tremendous growth over the past two decades, cementing itself as a mainstream financial service. As it continues to grow, demonstrating incredible resilience over the pandemic and beyond, the industry is diversifying rapidly.

The industry is entering new markets and forging new industry partnerships and offering a range of innovative products and services that are helping millions of people send money locally and internationally, manage their savings, pay their bills, increase their income, and access social support.

Meanwhile, experts reveal that there is still a lot of work to be done as about 1.4 billion people remain unbanked and disconnected from formal financial services.

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Multichoice Launches Fintech Platform ‘Moment’, to Offer Expanded Payment Infrastructure For Businesses Across Africa

Africa’s leading entertainment company Multichoice has launched a fintech platform known as ‘Moment’ to offer expanded payment infrastructure for businesses across Africa.



Multichoice- Investors King

Africa’s leading entertainment company Multichoice has launched a fintech platform known as ‘Moment’ to offer expanded payment infrastructure for businesses across Africa.

The company disclosed that its fintech platform will consolidate the $3.5 billion in payments that it processes, and also help consumers to spend and save money wisely.

Speaking on the launch of its fintech platform ‘Moment’, the company said,

“Moment offers expanded payment infrastructure for businesses across Africa to help them collect and make payments easier, quicker, and more affordable in any manner that their buyers or suppliers prefer. Moment will also offer additional options for consumers to spend and save money more wisely. The aim is to transform the African payments landscape by making digital payments more accessible and reliable for domestic, cross-border, and global payments.

Also speaking Multichoice Group CEO Calvo Mawela said,

“Investing in this venture is a logical progression for us, as we already process payments every month from 22 million households across 50 countries. Moment fulfills our strategy to expand our ecosystem by investing in adjacent businesses that provide scalable services, underpinned by technology”.

Moment aims to make digital transactions more accessible to the 350 million consumers that are under-banked or not banked at all. Eventually, it will offer payments across more than 40 countries and hundreds of payment methods to collect, disburse and manage risk.

Investors King understands that the long-term plan is to provide the infrastructure for pan-African payments for the 44 million small businesses operating on the continent and reduce the reliance on cash for payments”.

Some of the other long-term offerings include;

•Payments, Savings, and rewards for consumers

•Payment tools, deep inventory to sell, and financial services for micro-entrepreneurs and SMEs

•Drive adoption of PayShap, TCIB, NQR, and other real-time payment methods across all markets.

•Global-Africa trade for importers and exporters with virtual accounts in 40+ currencies and local payments in 130+ countries.

MultiChoice Group which was listed on the Main Board of the Johannesburg Stock Exchange (JSE) on 27 February 2019, is no doubt one of the fastest-growing video entertainment providers globally, delivering entertainment products and services to 22 million households across 50 countries on the African continent.

In 2020, MultiChoice had a total subscriber base of 20.1 million viewers throughout Africa, and reports asserted that it was one of the fastest-growing pay-TV operators globally.

Its track record of more than 35 years is reflective of a commitment to providing audiences with only the best local, sports, and international content.

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Fintech Startup P2Vest Launches Insurance Marketplace to Enable Its Customers Access Quality Insurance Products




Peer-to-Peer lending startup that connects verified borrowers to verified lenders to receive and fund a loan respectively, P2Vest, has launched an insurance marketplace to enable its customers to access quality insurance products.

The startup disclosed that the newly launched product will provide solutions to both individuals and businesses enabling them to easily buy and make claims on insurance products using their mobile phones.

Speaking on the launch of the product, CEO of P2Vest Mr. Austin’s Abolusoro said, “We have operated for the past two years with a goal of bridging the financial inclusion gap. However, we have taken this goal a step further by creating a quality insurance marketplace for users.

“We are bringing convenience to individuals, with fast-paced insurarce solutions on their mobile phones and we look forward to creating more inclusive products. I am also glad to tell you that P2Vest is a pioneer of this kind of technology-driven insurance product in Nigeria. We have the license to operate and we are confident about what the future holds”.

Also commenting on the launch is P2Vest Chief Operating Officer Samuel Abolusoro who said, “This is a huge breakthrough as we believe financial inclusion can also be achieved in the Insurance Industry making it possible for users to easily buy and make claims from their insurance companies with their mobile device.

“What we have done creates an avenue for Individuals to access quality insurance products from renowned names in the industry. Our partnerships enable us to expand this digital offering to our users and advance our commitment to driving financial inclusion”.

Founded in 2020, P2Vest provides loan to credit-worthy Nigerians for immediate needs like school fees, rent, and medical expenses, whilst simultaneously availing others the opportunity to make money by lending.

Investors King understands that the startup uses artificial intelligence as part of the credit score algorithm to assess who is loan-worthy, which is a unique strategy that protects lenders whilst providing financing to eligible borrowers. In December 2022, the startup hit the 200,000 users landmark.

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