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Kudi Rebrands as Nomba

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African Financial Technology Company, Kudi changes name to Nomba as it transitions into an omni-channel payment platform providing tools to enable businesses grow. The company has expanded its range of services to provide easy-to-use business tools for all kinds of businesses to accept, process and manage payments online and offline.

These tools will offer more businesses of all sizes across Africa, a distinct gateway into the digital economy, while enabling them optimise their operations.

This solution could not have come at a more opportune time. From neighborhood kiosks to high-brow restaurants and fashion stores, the small business segment in Nigeria is responsible for 86 percent of the total workforce through 41 million micro-businesses and 73,000 small and medium enterprises as indicated by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) National Survey.

Yet, payments in the retail sector in Nigeria are largely offline with over 25 million merchants yet to accept any form of digital payments. Many of the retail businesses who do accept digital payments lack a unified platform to seamlessly manage their businesses across multiple touch-points and locations.

From payment collection, to trade financing, to intelligent business reporting, and even multiple location management, businesses largely depend on traditional financial services providers who do not provide the ecosystem of services that support their businesses. Having all of this on one platform will really make a difference and make business easier.

With Nomba, underserved and full-fledged businesses can self-onboard in five minutes and order a full-service integrated terminal and dashboard designed to manage all their payment needs whether in cash, cards, transfers, USSD or QR across multiple channels and locations.

Over the next six months, Nomba will extend the penetration of its POS terminals across the country, giving more businesses access to technology that delivers real-time oversight of all business transactions whether they are a one-man business or a corporate, all on one dashboard.

It also plans to expand its product offerings into invoicing, payroll management and other tools that boost the productivity of businesses.

To drive this expansion, the fintech has appointed two key new executives Jeffrey Williams as Vice President, Business, and Toluwani Ijogun as Vice President Brand, Marketing and Communications.

Harnessing their experience and expertise, Nomba, will accelerate its expansion across the country ensuring that over 350,000 businesses are equipped with all the tools required to run their businesses seamlessly, by the end of the year.

As VP, Brand Marketing and Communications, Toluwani Ijogun will be responsible for brand strategy, including all consumer, business-to-business and partner marketing activities that advance the company’s goals.

She will also oversee all internal and external communications, insights and marketing capabilities and analytics for the brand.

Toluwani brings with her over 15 years experience managing premium brands such as Guaranty Trust Bank; GlaxoSmithKline Consumer Plc; Philips across West Africa; Eat N’ Go (owners of Domino’s Pizza and Coldstone Creamery franchise in Nigeria); FSDH Group and most recently as Senior Vice President: Brand and Marketing for Kuda Bank where she played a pivotal role in the company’s growth in the Nigerian market.

Jeffrey Williams-Edem brings over 18 years of experience in sales, business development strategy, digital payment and merchant acquisition spanning multiple industries.

He joins Nomba as VP, Business from Interswitch where he played an integral role in the design and deployment of their first retail solution strategy for the micro, small and medium enterprise market in Nigeria.

As Kudi transitions to Nomba, Jeffrey will be responsible for creating and driving the machinery to deliver on business acquisition, new market development and revenue. He will also oversee the sales, business operations and the development of new products.

“Since our launch in 2017, our technology and insights have enabled merchants to earn and build successful businesses, transforming their own lives and that of others.

“Today, complimentary regulatory frameworks and well-thought-out partnerships with financial institutions have synergized to create an enabling environment for fintechs to chart the future of payments, making access to digital payment solutions ubiquitous.

“Over the next five years, we will be leveraging these factors, as well as the experience and expertise Jeff and Tolu bring to deepen the penetration of digital payment solutions across the country, making payments easier for everyone,” said Yinka Adewale, Chief Executive Officer, Nomba.

Nomba started its journey in 2017 as a chatbot designed to simplify payments. However, in 2018 it evolved into a company whose distinct point of sale (POS) technology, partnerships with banks and other licensed financial institutions democratized access to banking products and services for merchants across Nigeria. This also includes core banking solutions such as opening savings accounts and loans.

Listed as a YCombinator Top Company in 2022, there are today over 150,000 businesses on the Nomba platform enabled to carry out card, cash and bank transfer related transactions for their own businesses and on behalf of their customers. With an onboarding rate of over 10,000 new businesses monthly, Nomba currently processes over $16m in payments daily across more than 500,000 unique transactions.

 


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FBNQuest Trustees Set to Host an Estate Planning Clinic in Ibadan

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FBNQuest Trustees, a subsidiary of FBNHoldings, and a leading provider of trust solutions to individuals, corporate entities, and government institutions, is hosting an Estate Planning Clinic in Ibadan, Oyo State, Nigeria. The event will take place on May 30, 2024.

The forum’s theme is “Preserving Legacies Across Generations” and aims to educate residents from Ibadan and environs about the importance of estate planning in accordance with relevant legislation. The session will be led by experienced professionals with in-depth knowledge and extensive experience in estate planning.

The focus of this event is generational wealth transfer and proper estate planning, using live and practical examples to bring the message to bear.

The session will provide participants with a comprehensive understanding of the necessary steps and actions to take to preserve their properties across generations. Additionally, FBNQuest Trustees will share valuable insights on managing conventional estate plans, which are designed to ensure the preservation of legacies.

 

 


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Orange, Digital Africa Partner to Grow Tech Start-ups

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Orange has provided more resources to deepen and expedite support for African tech start-ups as they navigate and thrive in a fast-evolving digital world.

Under its Orange Ventures arm, the multinational telecoms giant, which has 266 million subscribers, recently teamed with Digital Africa to invest in start-ups under the Fuzé scheme.

Fuzé is a €6.5 million facility formed by African entrepreneurs to invest in start-ups in the ideation and minimum viable product stages.

It is entirely owned by Digital Africa. The agreement, launched at Vivatech in Paris, follows the two firms’ 2023 partnerships to fund start-ups from the Orange Digital Centre (ODC) network.

ODC network is an ecosystem deployed in 17 countries in Africa and the Middle East, and 8 countries in Europe, bringing together young people for start-up incubation and acceleration, as well as support for and investment in project leaders.

Faycal Adlouni, managing partner at Orange Ventures, stated that the company is committed to promoting entrepreneurship and innovation in Africa.

“The Orange Group is fully committed to nurturing the future champions of the technology scene in Africa and the Middle East. This arrangement, involving Orange Middle East and Africa, Orange Ventures and Digital Africa will collectively enable us to concentrate our resources to create an environment conducive to the success of start-ups,” he said.

In the first year, five tech start-ups in the ODC received $54 200 each as part of Digital Africa’s Fuzé program. Grégoire de Padirac, CEO of Digital Africa, said the latest initiative strengthens the strategic partnership signed last year.

 


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Moniepoint Celebrates Children, Promotes Financial Literacy in Low-income Communities

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In recognition of the transformative power of education and children as the lynchpin of a nation’s future, Africa’s fastest growing financial institution according to the Financial Times, Moniepoint Inc has provided opportunity for kids in low-income and underserved communities in Lagos to receive life-changing financial literacy in a fun, and relaxed environment to commemorate this year’s Children’s Day celebration.

At an august celebration which was held at the Let It Shine Academy, LISA in Lagos, students were provided with school bags, books, educational tablets and learning accessories to power academic aspirations, as volunteers from Moniepoint took them through interactive and engaging sessions around budgeting, savings and spending,earning money, investing, personal financial management so as to instill a positive culture of financial literacy.

Children’s Day prioritizes children’s rights and participation in the wider world and financial literacy is a very important life skill considering that financial decisions cut across every aspect of their lives, and a solid foundation in this regard can transform them and the nation at large.

Speaking to Moniepoint’s observance of Children’s Day, Aderayo Adesokan, Manager, Brand and Communications, Moniepoint Inc said,

“We are here at LISA to celebrate Children’s Day with the kids. For us at Moniepoint, we are firm believers in powering the dreams of not just businesses or individuals but those associated with them, especially a vulnerable segment like the children. We believe that we can serve as a catalyst to their dreams while helping them understand that as a brand we exist to ensure a society where everyone experiences financial happiness and we’ll be there for them.

We are excited that this platform has afforded us the opportunity to introduce these kids to critical life changing skills around financial inclusion and literacy, and help them better under the concept of money.

It is our expectation that armed with the information and skills that they have received, they in turn are well positioned and better able to educate their friends and family such that Nigeria’s socio-economic development is safe guarded even as all stakeholders continue to work towards entrenching UN’s Sustainable Development Goals.”

According to Damilola Feyide, Founder & Executive Director of LISA,  “At LISA, we’re not just teaching; we’re elevating communities through digital empowerment, creative learning, and skill development. We believe in equipping the youth for a rapidly evolving future where they can thrive and lead.

I am grateful to Moniepoint for supporting our vision and bringing the dreams of a lot of the kids to pass. They have demonstrated in very clear tones by their actions that it is possible to end neglect and marginalization & provide equal opportunity for children to fully develop especially in underserved communities.”

Moniepoint provides over 3 million people and businesses across Nigeria with access to banking, payments processing, loans and business management tools that they need with a view to helping them thrive and contribute to economic growth while driving financial inclusion across the country. LISA is empowering Nigeria’s future by providing free & quality secondary education for children from low-income households and marginalized kids.


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