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Nigeria’s Kuda gets approval to offer  digital banking services in Pakistan

Nigeria’s digital banking startup, Kuda, has received  a digital banking licence from the State Bank of Pakistan  to offer its  its digital banking services  in the country.

The  company  with  its partners registered as KT Bank    are  among the five companies to receive the  digital banking licence in the country.

 Kuda’s Chief Expansion Officer, Mr. Ryan Laubscher commented,“The company’s partnership with Fatima Group and The City School Group leverages each partner’s unique reach and capabilities to create a powerful proposition with enormous potential to increase financial access and affordability in Pakistan, and most notably, with a focus on the agriculture and education sectors.”  

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As  part of   the  deal,Kuda will be expected to provide affordable banking that will scale its partners’ inclusion-focused initiatives in Pakistan.

Last year,the Pakistan’s central bank launched  new licensing and regulatory framework for digital banks. The aim   was  to  spur financial inclusion and pilot with only five licences.  Kuda and four other banks beat 15 other applicants to  get the licence, including all the Pakistani commercial banks that applied.

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As reported by Techcabal, The application   process was  based on  various parameters including fitness and propriety, experience and financial strength; business plan; implementation plan; funding and capital plan; IT and cybersecurity strategy, and outsourcing arrangements.

The selected five are required to incorporate a public limited company with the Securities and Exchange Commission of Pakistan, after which they will get an approval-in-principle to pilot their solutions.

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Kuda was founded in 2019 by Babs Ogundeyi and Musty Mustapha.The fintech  provides easy and free to low-cost transactions, instant lending, debit card services, and  international remittances from the UK.

Milcah Lukhanyu
Milcah Lukhanyu
I cover tech news across Africa. Drop me an email at [email protected]

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