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.
Sofri Partners CarePay to Commemorate Independence Day with Discounted Healthcare Services
Sofri partners with CarePay to offer discounts up to 37.5% on healthcare services
Sofri, a financial product of Links Microfinance Bank (member, DLM Capital Group), in partnership with CarePay, a healthcare fintech in commemoration of Nigeria’s 62nd. Independence celebration is offering Nigerians, discounts up to 37.5% on healthcare services.
In partnership with CarePay, Sofri will provide all its Mastercard debit card users up to 37.5% discounts at over 300 CarePay healthcare provider locations across Nigeria. Some of the participating healthcare providers include MedPlus, HealthPlus, Synlab, Smile 360 Dental, Reddington Hospital Group, Outreach Hospital Group, Lily Hospital Group, Paelon memorial, Subol hospital, Bee-Hees Hospital, Exclusive Dental, Amara Medicare, Shield specialist hospitals, Pure Snow Dental, Bethel Dental, Optilens eye clinic and many more.
The Managing Director, Funsho Idowu, stated that the discounted healthcare services are part of the corporate social responsibility initiative of Sofri towards fostering increased accessibility and affordability of healthcare services for Nigerians. “It is very disheartening to find that many Nigerians cannot afford the healthcare services they need so we have partnered with CarePay to offer our Sofri Mastercard debit cardholders up to 37.5%discount on the CarePay discount card preferred provider network beginning from 1st October. This is a bold CSR project for our brand, and we are committed to making a significant impact on the healthcare and wellbeing of our customers.
CarePay’s Managing Director, Yomi Sule, remarked that the brand is delighted to work with Sofri to offer Nigerians affordable healthcare services in celebration of Nigeria’s Independence. “There is no minimum spend and requirement and the discounts apply to all services and medical products offered by the healthcare merchants,” he further explained.
To access the offer, customers must download the Sofri app, sign up for a Sofri debit card, and visit the brand’s social media (@banksofri) to access the list of CarePay healthcare merchant locations they can visit around them.
Sofri offers loans, savings, investment, and payment services to all Nigerians. CarePay’s healthcare discount business model allows financial services enterprises to embed healthcare benefits such as discounts, cashbacks, and telehealth into their value proposition to drive affordability of healthcare services for their customers and brand loyalty for the enterprises.
Multi-channel Payments Platform Interswitch Unveils ‘Quickteller Transport’ to Enrich Commuters Travel Experience
Interswitch has added ‘Quickteller Transport’ to its arrays of innovative services to enrich travelers’ booking experiences.
African integrated payments and digital commerce platform company Interswitch has added ‘Quickteller Transport’ to its arrays of innovative services to enrich travelers’ booking experiences.
This new feature will enable users to easily search and book inter-state trips from multiple travel operators across Nigeria.
Users will also be able to filter their search to specific or preferred operators, compare fares based on criteria such as vehicle type, departure point, and time, as well as access specialized functions provided by transport operators, including seat selection and preferred pick-up location option, all at their convenience.
Speaking at the launch, the MD of Interswitch Industry Ecosystems Division, Chinyere Don-Okhuofu disclosed that the ‘Quickteller Transport’ feature is another innovative step taken by the company in its commitment to continuously provide its customers with convenient access to lifestyle and payment services.
In her words, “Transportation is a necessary aspect of human life, enabling both social and economic interactions. In keeping with our culture of driving innovation and positively impacting consumer lifestyle in the society, we developed our Quickteller Transport service to provide added travel booking and payment convenience to our over 5 million customers.
“Built as a multimodal offering, we will be rolling it out to include other travel and transportation modes such as trains and ferries, working with operators across Nigeria.
“We are ecstatic to be launching this service. And as we launch our suite of new complementary services, Quickteller customers can be assured of our commitment to providing an excellent experience using Quickteller to access all their lifestyle and payment needs.”
Quickteller Transport is already embedded as a service on the Quickteller Web and Mobile app and is available for use by both new and existing Quickteller customers.
What Interswitch intends to achieve with the newly launched feature is to leverage technology in enabling the process of booking for transport and making payment seamless. The platform is robust and inclusive such that it caters to the needs of both the government and private companies.
Nigerian Digital Bank Fairmoney Partners With Oradian to Accelerate Growth
Nigerian online loan app Fairmoney has partnered with Oradian a cloud-based enterprise solution to expand its growth across Africa and Asia
Through this strategic partnership, Fairmoney will leverage on Oradian platform that services over 10 million banking customers in 13 countries across Africa and Asia to accelerate its growth in these regions.
FairMoney says Oradian’s ability to support its credit assessment capabilities and the ‘plug and play’ nature of its solution were key factors in its selection.
Speaking on this partnership, FairMoney CEO Laurin Hainy said: “Our ultimate goal remains bridging the financial inclusion gap in emerging economies, and we understand the power of collaboration and partnerships in bringing this to reality.
“Since the inception of FairMoney, we have continued to serve our current markets with excellent financial products, providing the much-needed access to credit and making essential banking services available to everyday people.
“We decided to partner with Oradian to leverage the already existing infrastructure and trusted system performance to scale our solutions to new markets where they are needed and perfect existing offerings in our current markets”.
Also commenting on this is the CEO of Oradian Antonio Separovic who said, “To be able to innovate quickly, with products that the market requires, while being compliant with changing regulations in very different markets, takes a different breed of core system.
“All of these are real daily challenges in the back-office, not seen by the customers and often taken for granted. However, we know through working with a broad range of financial customers, those challenges are very real, and in some cases, insurmountable without the right technology and an expert partner.”
The African and Asian emerging markets are in need of financial services that provide both consumer loans and working capital.
This has however created a big opportunity for companies that are able to move quickly and leverage recent technological advances in emerging markets.
FairMoney has been successful in executing this mission, after it became the leading credit-led digital financial institution in Nigeria two years after its incorporation.
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