Nigerian fintech company, Kuda Bank has perfected plans to expand into the United Kingdom market with a remittance service for Nigerians in the diaspora.
The service will enable Nigerians living in the UK to send money to Nigeria without paying a huge transaction fee.
According to the bank, it will compete in the remittance market with a flat fee of £3 and a transaction limit of £10,000.
Kuda however expects a significant portion of the remittance transaction on its platform to be between the range of £350 to £500.
Investors King understands that while remittance from Europe and America to Africa runs into billions of dollars every year, it is still largely difficult with high expensive transaction fees.
Diaspora Remittance to Nigeria is one of the largest in the world and the largest in Sub Sahara Africa. In July 2022, the Nigerians in Diaspora Commission (NIDCOM) stated that remittance from Nigerians in Diaspora has surpassed $20 billion.
The commission added that remittance has constituted a significant part of the country’s economy. The remittance market accounts for nearly 4 percent of Nigeria’s GDP as of 2020.
Going forward, Kuda bank stands to benefit from the huge remittance market as remittance from the UK to Nigeria is the second largest after remittance from the US to Nigeria.
The bank however seems not perturbed as it banks on its users’ experience, convenience, and price factor.
“I don’t necessarily think it’s crowded because obviously, there are still a lot of challenges in remitting money to Africa, especially to Nigeria, which is still expensive.
“For us, it’s not just a remittance play. There’s a user experience, convenience, and price factor involved too,” said Chief Executive Officer Ogundeyi.
Meanwhile, Investors King understands that Kuda Bank has a registered presence in the UK already with the name Kuda EMI Limited. This will make it swift for the company to facilitate its UK-Nigeria remittance service.
M-Pesa Launches M-Pesa Rallonge
Vodacash is launching its new service M-Pesa Rallonge in the DRC to allow customers to financial assistance from their cell phones.
M-Pesa Rallonge is a new service dedicated to M-Pesa users with zero or insufficient balances. Users will be able to take advantage of this service to get an instant overdraft and top up their balance to make a transaction, such as:
- Send money without withdrawal fees;
- Purchase Credit for oneself;
- Purchase Packages for oneself;
- Purchasing Products;
- Resubscription to cable channels such as Canal+, Startimes, Easy TV, and Bleusat, except DStv, which only supports payment in dollars.
According to Hashim Mukudi, Managing Director of Vodacash, “M-Pesa continues to provide the DRC with the solutions that can benefit the population and promote digital and financial inclusion. Together we can drive economic development and provide services to those in dire need of access to financial services in rural and remote areas.”
Customers with an active premium account who make regular transactions via M-Pesa will be eligible for the offer. The overdraft is currently only available in Congolese francs, and its limit ranges from 50 to 100 thousand FC, subject to interest charges and penalties for violating the terms and conditions.
M-Pesa is the market leader in the Central and East African regions and the DRC. With a wide range of value-added products and services tailored to the purchasing power of the Congolese population, M-Pesa is the largest mobile money brand with a substantial 61% market share, a 10% contribution to GDP, and over 6 million customers.
M-Pesa also has the largest distribution coverage to ensure service availability to beneficiaries and a rich ecosystem of products to encourage customers to make more digital transactions.
Flutterwave Introduced Send Mobile Application to Facilitate Fast Transaction of Money to Africa
Flutterwave has introduced a new application to facilitate fast and efficient transactions of money to Africa from the diaspora.
Leading African fintech platform, Flutterwave has introduced a new application to facilitate fast and efficient transactions of money to Africa from the diaspora.
The app which is now available on Google Play Store already has more than 10,000 downloads.
A check by Investors King shows that $end as the app is named pride itself as a low-fee money transfer platform with multiple ways to transfer funds.
To drive the adoption of $end, Fluttwrwave signed Tobi Amusan, the Nigeria-born 100m Hurdles Women’s World Record Holder as $endmobile’s Ambassador.
The company noted that Tobi Amusan signifies what $end Money stands for which is speed and resilience.
While commenting on the deal, Tobi Amusan disclosed that he has been using the $end app to transact across borders.
“I am excited to be a big part of a product I already use and love. I am always on the road, but I also have a lot of my family members in Nigeria. $end has helped me to keep in touch with them by meeting their needs as much as I can. Happy to be the face of this product for the African diaspora.” she said.
On his part, the founder and CEO of Flutterwave, Olugbenga Agboola noted that signing Tobi Amusa as an Ambassador is a perfect match for $end “given her speed and efficiency on the tracks”.
He added that “Send Mobile will help improve the speed and efficiency of transferring money from the diaspora to the African continent for fees, real estate, health, upkeep, and even for investments”.
Meanwhile, $end can be downloaded on both Google Play Store and Apple Store. The process for signing up only takes a few minutes with just an email address and phone number.
In addition, there are more than 30 countries including Nigeria, Kenya, Ghana, the United States, the United Kingdom, Belgium, Finland, and Australia which users can send money to.
Conclusively, recipients can receive money through various methods which include mobile money, bank account, barter, and e-Naira.
DLM Capital Group and Sofri Win Big in BAFI 2022
DLM Capital bagged an award at the just concluded BusinessDay Banks’ and Financial Institutions (BAFI)
Leading Investment Bank in Nigeria, DLM Capital and its subsidiary – Sofri (Sofri, powered by Links Microfinance bank) have bagged awards of recognition and excellence at the just concluded BusinessDay Banks’ and Financial Institutions (BAFI) awards 2022.
The Award Ceremony which was held on 5th November 2022 at the Lagos Continental Hotel was graced by the crème de la crème of the Nigerian banking and finance sector.
DLM Capital Group emerged winner for “The principal Finance Firm of the Year 2022” while Sofri was awarded with “The Consumer Digital bank of the Year 2022”. Sofri is a financial platform powered by Links MFB, a subsidiary of DLM Capital Group. The respective honors came despite some stiff competition from other formidable nominees.
The Principal Finance Firm of the Year Award was recognized with DLM Capital Group for being the provider of best-in-class deal structuring and a firm that has demonstrated shrewd investment expertise in deploying its own capital – either in the debt or equity layers of the capital structure – to hyper growth, early- to mid-stage companies with strong upside potential to achieve market-beating returns over the long-term.
Funsho Idowu, MD, Links Microfinance bank, expressed his delight at the recognition of DLM Capital Group and Sofri’s efforts and reiterated the organization’s commitment to develop an investment ecosystem of choice with the strategic intent to empower minds in Africa.
Commenting on the award, he stated “Sofri has enjoyed several recognitions from Saudi Arabia, Kenya, Ghana etc. and it is indeed an honor to receive this award from such a prestigious body as BusinessDay. ‘’This shows the strength of how impactful our works are felt far and wide’. We are committed to delivering the best of services to our consumers and won’t relent’’ he added.
The BAFI award categories cut across banking, insurance, capital markets, investment, pension funds, trustees, registrars, stockbroking, and private equity and the BAFI Awards is supported by the BusinessDay Research and Intelligence Unit.
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