- The federal government of Nigeria has endorsed a payment app that will solve the problem of cross-border payment
- The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani Bosun, unveiled the app in Abuja on Thursday, September 28, at the Transcorp Hilton
- The event attended by Legit.ng witnessed the presence of the numero unos in the public and banking sectors
FCT, Abuja – The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani Bosun, on Thursday, September 28, endorsed the “Kayi App”, a new fintech platform in Nigeria.
According to Dr Bosun, the innovators of the fintech platform are in tune with President Bola Ahmed Tinubu’s vision for financial inclusion.
Source: Twitter
He stated that the President is interested in digital development and would be willing to work with prospective developers of digital innovation.
Speaking at the unveiling of the Kayi App attended by Legit.ng, the Managing Director of KMC Microfinance Bank (the owners of the fintech app), Alhaji Saadina Dantata, said a young, innovative team developed the app to solve cross-border payment and other digital financial problems.
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He said:
“With our dedicated and young team of innovative and creative Nigerians drawn from across the world, we have worked tirelessly to develop a suite of fintech solutions that will make financial transactions simpler, faster, secure, and more convenient for everyone.”
Regarding the app and market opportunity, the product lead, Abdulganiyu Rufa’i, told Legit.ng that it is a revolution in fintech.
He said the platform was created to address issues of cross-border payments, diaspora remittances, and issues of unbanked and underbanks.
First-ever 2.5Gbps internet innovation in Africa
When asked about the app’s unique features, Rufa’i said users can carry out transactions of receiving and sending money in multiple currencies and digital currencies.
He noted that the fintech platform is the first-ever in Africa to use the 2.5Gbps internet innovation.
Rufa’i said:
“It comes with investment options, insurance, and other bill payments. For the first time in Nigeria and in Africa, a financial institution is coming up with multiple currency options ranging from fiat to digital currency.
“And it is built on internet 2.5, which is the first of its kind in Africa, and it is not only targetting the urban professionals and other top tier individuals but it is also targetting people in the hard-to-reach communities.”
He also noted that the app is built on a social banking model where people can access what is not accessible.
Rufa’i said the app could enable users to rent tricycles, with over 1,000 available for rent already.
He also said strategies are ongoing to address some of the problems of farmers, the less privileged, and other critical issues.
Access, other banks receive 4.57m customer complaints demanding N52.53bn refund
Meanwhile, new data has revealed the list of Nigerian banks with the most customer complaints in one year.
Access Bank and Union Bank are at the top of the list, including four other commercial and non-interest banks.
The surge in customer complaints in banks is linked to the rise in electronic transactions.
Source: Legit.ng
