June 24, 2024

Kuda CTO Emphasizes the Role of Fintechs in Deepening the Digital Economy

2 min read

Musty Mustafa, the Chief Technology Officer and Co-founder of Kuda Technologies Limited has reaffirmed the pivotal role of fintechs in Nigeria’s pursuit of fully harnessing the digital economy’s potential as a strategic non-oil contributor to national socio-economic growth.

In an exclusive interview, Mustafa commended the Federal Government’s digital economy policy as a step in the right direction and emphasized that cashless payment systems, bolstered by fintechs and digital solutions providers like Kuda, are poised to significantly impact Nigeria’s Gross Domestic Product (GDP).

Mustafa enthused, “Fintech has a crucial role to play in enhancing the cashless policy’s impact on the overall economy. By improving accessibility and affordability, innovative solutions like Kuda enable businesses to collect payments effectively and consumers to make payments conveniently. These positive ripple effects will benefit the Nigerian economy as a whole.”

He further highlighted the transformative power of digital platforms and e-payment systems, which are revolutionizing Nigeria’s financial ecosystem. These advancements facilitate efficient access to funds for businesses, reduce operational costs, and enhance transactional convenience for customers, all contributing to job creation and economic growth.

Acknowledging the significant growth of Nigeria’s fintech industry, with startups providing cutting-edge financial solutions, Mustafa emphasized that technology has even more to offer in enhancing the nation’s traditional banking and financial ecosystem. He urged the government to support the industry’s growth through the formulation and implementation of supportive laws and programs. Additionally, Mustafa advocated for continuous collaboration between traditional banks and fintechs, a robust credit system, strengthened cybersecurity measures, and increased financial literacy.

Regarding Kuda’s contribution to Nigeria’s digital economy ecosystem, Mustafa reiterated the company’s unwavering commitment to making financial services affordable and accessible to all Africans. He stated, “At Kuda, our vision is to ensure that financial services are within reach of every African, regardless of their status or location. We strive daily to fulfill this mission and provide convenient and affordable digital solutions for retailers, consumers, and businesses.”

Highlighting one such solution, Mustafa unveiled Kuda’s bespoke business offering, ‘Kuda for Business,’ which supports micro-businesses, retailers, and consumers with a range of digital solutions that foster growth and help achieve personal aspirations. He also announced the recent launch of a softPOS feature on the Kuda Business platform, enabling micro-businesses to convert their smartphones into payment terminals, facilitating seamless payments directly into their Kuda Business accounts.

Identifying people as the most critical asset for organizational success, Mustafa emphasized Kuda’s ongoing investment in talent development. He highlighted Kuda Connect, a talent hunt initiative designed to attract and nurture exceptional talent through mentorship opportunities and potential job offers.

“Investment in people and retaining the best talent remain key areas of focus for Kuda. We are committed to investing in our existing talent pool while attracting the finest talent available,” Mustafa concluded.

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