DiscoverAfrobility: Africa Tech and Business#72: Nomba (Kudi) - How the Nigerian FinTech is providing Point-of-Sale, agency banking and payment solutions to merchants across Africa
#72: Nomba (Kudi) - How the Nigerian FinTech is providing Point-of-Sale, agency banking and payment solutions to merchants across Africa

#72: Nomba (Kudi) - How the Nigerian FinTech is providing Point-of-Sale, agency banking and payment solutions to merchants across Africa

Update: 2023-12-11
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Description

Overview: Today, we’re going to talk about Nomba (formerly known as Kudi) , the FinTech payments solutions provider. We’ll explore the story across the following areas:



  1. African & Nigerian SME context



  2. Nomba's early history 



  3. Product & monetization strategy



  4. Competitive positioning & potential exit options



  5. Our overall outlook.




This episode was recorded on December 3, 2023


Companies discussed: Nomba (Kudi), MoniePoint (TeamApt), Yoco, Kuda Bank, Flutterwave, Paystack, Stripe, Safaricom, Brass Banking, TradeDepot, Sabi, Paystack, Flutterwave, MTN, Airtel, Bumpa, Vendease, Orda, OPay, OnePipe, Paga, FairMoney, Omnibiz, Interswitch & Kippa


Business concepts discussed: SME Agency Banking, Informal retail, banking, Open banking & Mobile Money, Merchants solutions, Points-of-Sale devices, SME Lending & hardware and software bundling


Conversation highlights:



  • (01:25 ) - Nomba context



  • (06:29 ) - Context of African SMEs and Informal retail



  • (19:10 ) - Founding story and founders’ background



  • (29:02 ) - Fundraising



  • (43:07 ) - Partnerships, Geographical expansion and Team



  • (47:55 ) - User metrics



  • (52:55 ) - Product and Monetization strategy



  • (1:02:24 ) - Competition and options for exit



  • (1:12:35 ) - Olumide’s overall thoughts and outlook



  • (1:18:50 ) - Bankole’s overall thoughts and outlook



  • (1:24:40 ) - Recommendation and small wins 






Olumide’s recommendations & small wins:



  • Interested in investing in Africa Tech with Olumide: Read about Adamantium fund & contact me at olumide@afrobility.com. Founders looking for funding: If you're a B2B founder working on Education, Health, Finance or food, please contact me for funding at olumide@afrobility.com





  • Checkout my FIREDOM book = FIRE (Financial Independence, Retire Early) + Freedom = personal finance and financial independence book. Website, Read: Substack Newsletter & Buy: Print, eBook or Audiobook)



  • Recommendation: Jay-Z at Madison  Square Garden. Incredible. He performs so many of his hit songs with an ensemble of other artists. I was jumping of my chair rapping along.



  • Recommendation: Charlie Munger died last week.. What a hero. What a legend. What a mind. I love the guy. I can recommend all his books and videos






Bankole’s recommendations & small wins:



Listeners: We’d love to hear from you. Email info@afrobility.com with feedback!


Founders & Operators: We'd love to hear about what you're working on, email us at info@afrobility.com


Investors: It would be great to link up with you. Contact us at info@afrobility.com


Join our insider mailing list where we get feedback on new episodes & find all episodes on Afrobility.com

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#72: Nomba (Kudi) - How the Nigerian FinTech is providing Point-of-Sale, agency banking and payment solutions to merchants across Africa

#72: Nomba (Kudi) - How the Nigerian FinTech is providing Point-of-Sale, agency banking and payment solutions to merchants across Africa

Olumide Ogunsanwo and Bankole Makanju