African fintech company, Kudi, changes name to Nomba – TechEconomy.ng
African Financial Technology Company, Kuditoday, is changing its name to Nomba as it transitions to an omnichannel payment platform providing tools for businesses to grow.
The company has expanded its range of services to provide easy-to-use business tools for all types of businesses to accept, process and manage online and offline payments.
These tools will offer more businesses of all sizes across Africa a distinct gateway to the digital economy, while enabling them to optimize their operations.
This solution could not have come at a more opportune time. From neighborhood kiosks to high-end restaurants and fashion outlets, the small business segment in Nigeria is responsible for 86% of the total workforce across 41 million micro-enterprises and 73,000 small and medium enterprises , as reported by the Small and Medium Enterprises Development Agency of Nigeria National Survey (SMEDAN).
Yet payments in Nigeria’s retail sector are largely offline with over 25 million merchants still not accepting any form of digital payment. Many retail businesses that accept digital payments lack a unified platform to seamlessly manage their business across multiple touchpoints and locations.
From collecting payments, to trade finance, to intelligent trade reporting and even managing multiple sites, businesses are largely dependent on traditional financial service providers who don’t provide the ecosystem of services that support their business. Having all of this on one platform will really make a difference and make doing business easier.
With Nomba, underserved, full-fledged businesses can self-onboard in five minutes and order a full-service integrated terminal and dashboard designed to handle all of their payment needs, whether cash, card , wire transfer, USSD or QR across multiple channels and locations.
Over the next six months, Nomba will expand the penetration of its point-of-sale terminals across the country, giving more businesses access to technology that offers real-time monitoring of all business transactions, whether it is a sole proprietorship or a business, all in one. dashboard. It also plans to expand its product offerings to invoicing, payroll management and other tools that boost business productivity.
To drive this expansion, the fintech has appointed two new key executives Jeffrey Williams as Vice President, Business, and Toluwani Ijogun as Vice President, Brand, Marketing and Communications.
Building on its experience and expertise, Nomba will accelerate its expansion across the country, ensuring that more than 350,000 businesses are equipped with all the tools necessary to run their businesses seamlessly by the end of the year. .
As Vice President of 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, information, marketing capabilities and brand analytics.
Toluwani brings with her more than 15 years of experience managing premium brands such as Guaranty Trust Bank; GlaxoSmithKline Consumer Plc; Philips across West Africa; Eat N’ Go (owners of Domino’s Pizza franchise and Coldstone Creamery in Nigeria); FSDH Group and most recently as Senior Vice President: Brand and Marketing for Kuda Bank, where she played a pivotal role in growing the business in the Nigerian market.
Jeffrey Williams-Edem brings over 18 years of experience in sales, business development strategy, digital payments and merchant acquisition across multiple industries.
He joins Nomba as VP Business of Interswitch where he played a critical role in designing and deploying 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 machines needed to acquire businesses, develop new markets, and generate revenue. He will also oversee sales, business operations and new product development.
“Since our launch in 2017, our technology and insights have empowered merchants to win and build successful businesses, transforming their own lives and the lives of others. Today, complementary regulatory frameworks and thoughtful partnerships with institutions have come together 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 leverage these factors, as well as the experience and expertise that Jeff and Tolu bring to deepen the penetration of digital payment solutions across the country, making payments easier for everyone,” said Yinka Adewale, CEO, Nomba.
Nomba started its journey in 2017 as a chatbot designed to simplify payments. However, in 2018, it grew 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 the world. Nigeria. This also includes basic banking solutions such as opening savings and loan accounts.
Listed as a YCombinator Top Company in 2022, there are now over 150,000 companies on the Nomba platform authorized to transact cards, cash and bank transfers for their own businesses and on behalf of their customers. .
With an onboarding rate of over 10,000 new businesses per month, Nomba currently processes over $16 million in payments per day across over 500,000 unique transactions.