Nigeria’s Kuda Bank to
power Pakistan’s digital banking services
State Bank of Pakistan (SBP)
has granted a digital banking license to Nigeria’s Kuda Bank that will allow it
to power digital banking services in Pakistan.
The Nigerian fintech
company with the name KT Bank will run its services in partnership with Fatima
Group and The City School Group. The City School Group is one of the largest
private school networks in the region, while Fatima Group is a conglomerate of
companies with subsidiaries ranging from energy to agricultural manufacturing
and trading.
KT Bank has among five
fintech companies that have been granted the license by State Bank of Pakistan
in recent days.
The SBP’s new licensing
and regulatory framework for digital banks was launched in January 2022, to
increase financial inclusion.
Kuda is expected to
provide digital financial services to Pakistanis, including credit services and
low-cost movement of money.
Kuda was founded in 2019
by Babs Ogundeyi and Musty Mustapha, and has raised more than $90 million while
expanding its customer base to over five million users.
Source: https://www.techinafrica.com/