Founded late last year by Babs Ogundeyi, Kudi Capital Management Ltd, not to be confused with Kudi.ai has launched its online lending platform Kudimoney.com to the public in a move that will see it offer unsecured personal loans to consumers in Nigeria.
Apart from the online lending platform, the firm has also applied for a banking license from Central Bank of Nigeria to launch an online-only bank in the near future allowing paying users to bank their money. By shifting all its operations online, the firm wants to be launch a bank of the future cut down expenditure and focus on its customers from wherever they are to remedy both the challenges of access to short term credit and low financial inclusion rates across the continent. Kudimoney.com is at the moment offering borrowers personal loans of up to N1m over a 6 month period at no fee as long as the borrower passes its transparent automated verification process. Ogundeyi says the firm now has over 5,000 registered customers in Nigeria and the number expects to go up with the launch of the online platform.
The firm is also planning new financial products for both individuals and SMEs just like KaiKai. Kudimoney.com has a simplified loan approval process for borrowers online and works around the clock. After a loan applicant is approved, loans are given within hours. Kudimoney is investing in technology to provide a seamless and straightforward avenue to cash for its customers. The platform’s membership is free and open to all Nigerians in paid employment and is currently issuing loans to those based in Lagos but will be nationwide within the coming months.
The Smart Bank by Kudimoney will pay users 10% interest to bank their money on a current account, and more a savings account. It will also help users manage their money, save and budget, and invest based on one’s set goals. The online-only bank will be linked to a smart card, which users can use to carry out all their payment transactions and get instant updates on their mobiles phones or computers.