[Transcript] #34: Kuda Bank - How Nigeria’s most popular Neobank is scaling to offer financial services to “every African on the planet"
Transcript for podcast originally recorded on July 25 2021
😉 Hello Afrobility readers and listeners!
In July 2021, we explored the story of Kuda Bank - the African neobank. It’s an exciting story about a company trying to do things its own way and make and a difference. While the monetization models of many neobanks remain unproven, I continue to be impressed by the ability of these consumer fintech companies to offer financial services at significantly lower costs than traditional institutions.
Companies discussed: Kuda Bank, Nubank, Carbon, N26, Monzo, Chime, GTBank, Stanbic IBTC, Sparkle, Rubies, Monzo, Xinja, Chime & Chipper Cash
Business concepts discussed: Neobank / Challenger bank / digital bank strategy, consumer FinTech monetization strategy, consumer lending, retail banking strategy, customer segmentation strategy & low-end disruption
Enjoy!
Olumide Ogunsanwo
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Firedom Book: Financial Independence stories of African Immigrants (Website, Substack Newsletter & Buy: Print, eBook or Audiobook)
Transcript starts here
[00:00:00] Olumide Ogunsanwo: Welcome to Afrobility, a conversation about African business and technology. Today we're going to discuss Kuda Bank, the African neobank. We'll explore the Kuda’s story across six different areas. First, neobanks and other emerging markets. Second, African and Nigerian banking context. Third, Kuda's launched early history growth over time and fundraising.
Fourth, Kuda's Product Ammonization Strategy. Fifth, Kuda's Competitive Positioning and Potential Exit Options. And then finally, we'll end with our views and the overall outlook. This episode was recorded on July 25th, 2021. Banky Banks. How’s it going?
[00:00:36] Bankole Makanju: Banky Banks! I love it.
[00:00:36] Olumide Ogunsanwo: I'm good. Banky Banks. I like it. It sounds very relevant.
It sounds like a comic book character's name or a wrestler's name or something. Banky Banks.
[00:00:44] Bankole Makanju: I've always thought the name Bankole has been aspirational for me as a young boy growing up in Sierra Leone. I just. I want it to be a bank so bad, you know, that's where the money is.
[00:00:55] Olumide Ogunsanwo: I like banky banks.I like it. We had Lloyd Banks previously, now it's banky banks. Speaking of banks, what are we talking about today? We're talking about Kuda Bank.
[00:01:02] Bankole Makanju: Kuda is a new digital bank. They have a very ambitious vision. They say they want to, they want to reach all Africans on the planet across the globe, which I think is a very ambitious goal.