KudiMoney, online credit facility for short-term loans
oluwadanie@gmail.com'

Writer and Social entrepreneur.

Do you need access to short term loans and credit facilities? And the bank is not an option? Then “Think outside the bank, Think Kudimoney!”.

SO WHAT EXACTLY IS KUDIMONEY?

KudiMoney, online credit facility for short-term loans
KudiMoney, online credit facility for short-term loans

Kudimoney is an online service that makes credit more accessible to users, and at the same provides a beneficial way to save and spend money. In simple terms, they are here to lend you money, no long story. “They have invested heavily in technology to make it easy for you to get quick easy cash when you need it. They are currently building their lending platform, which will launch before the end of 2016.”

WHAT DO YOU NEED TO BORROW?

As long as you live in Nigeria and have a full time employment, you are eligible to borrow. Just sign up and become a member.

The idea for Kudimoney was conceived by Babatunde “Babs” Ogundeyi who has more than 15 years of experience in finance, banking and technology (he was the Senior Special Assistant on Finance to the Oyo State Governor from 2011 to 2015). Together with his team, Babs hopes to give individuals and SMEs access to loans without stress.

Talking about KudiMoney, he said, “For as long as I can remember, I have believed in the ability of using technology to make everyday living easier. This combined with my deep finance and banking experience clearly influenced my pursuit of building a financial institution without boundaries.”

“I’d like to think that we are firstly a TECHNOLOGY business then finance. Everything we do has a strong tech play. In essence all the money that has been invested in creating the business is geared towards making money easier to access. We are also integrated with Credit Bureaus and other external partners in helping us take the most informative decision with our risk assets.”

KudiMoney to launch on October 1
KudiMoney to launch on October 1

KudiMoney would launch by October. But presently, plans have already been slated for the Nigerian financial market as They have partnered with Electronic Settlement Limited (ESL) and are looking to branch out to other services by 2017.

According to Founder, Babs, “We are currently a licensed lender and are looking to become a licensed bank by 1st half of next year. Prospective customers will be able to get a feel of our current and savings account when we release the Kudimoney prepaid card early next year.”

I think this just got a lot better and given the high interest rates that commercial bank charges, people would tend to opt for these with lower interest rates. We can only hope more and more startups like this spring up in the financial industry.

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