Lagos, July 23, 2023: Kuda Bank, Africa’s money application, has launched a multichannel campaign dubbed ‘Cash Is Hard Kuda Is Easy’ to raise awareness of the benefits of cashless payment solutions.
Mr Musty Mustapha, Co-Founder Kuda, made this known in a statement issued in Lagos.
Mustapha said the campaign was designed to encourage greater usage of cashless payment features on the Kuda app and attract new customers seeking reliable cashless payment options.
He added that the campaign aims to create awareness and educate users about the various cashless payment features offered by Kuda.
“For instance, Kuda customers who link their BVN to their profile receive 25 free transfers to any Nigerian bank or fintech every month.
“Additionally, the Pay With Bank feature enables users to make online payments directly from their Kuda account on websites and apps that accept Paystack.
“When transfers and cards are unavailable, customers can also utilise the Pay with USSD option for convenient and fast PoS and online payments,” he said.
Mustapha noted that in the ever-evolving landscape of financial technology, Nigeria’s cashless ecosystem had experienced remarkable transformations if benchmarked against 2018.
He said that spearheading this digital revolution were innovative players such as Kuda Bank and other digital payment platforms.
Mustapha stated that the company’s disruptive technologies and unwavering commitment to convenience propel Nigeria toward a future where cash was no longer king especially amongst the banked and underbanked.
“The recent policy of the Federal Government to adopt the new Naira design and swap cash in the run-up to the 2023 general elections resulted in some form scarcity of physical cash.
“This impacted the Nigerian economy and resulted in a major shift in behavior grudgingly from cash to cashless exchanges.
“Cashless payments are now becoming increasingly popular as more Nigerians choose fast and convenient digital channels such as USSD, mobile apps, ATMs, and PoS terminals.
“The emergence of Kuda Bank and other digital payment platforms undoubtedly plays a pivotal role in accelerating Nigeria’s cashless ecosystem,” he said.
Mustapha, however, stressed that to ensure long-term sustainability of Nigeria’s cashless ecosystem, it was important to continuously monitor and evaluate the system’s performance.
This, he said, include regularly assessing the efficiency, security, and accessibility of digital payment platforms.
“Based on these evaluations, necessary upgrades and improvements can be made to enhance user experience and address any emerging risks or vulnerabilities,” he said.
Nigeria Inter-Bank Settlement Systems reported that as at November 2022, transactions worth N38.9 trillion were performed electronically through its Instant Payment platform.
This brings the total value of transactions in the last 11 months to N345 trillion – the highest monthly transaction recorded so far and represents 50 per cent year-on-year increase compared to the N25.9 trillion recorded in November 2021.