The chief technology officer/Co-founder of Kuda Technologies Limited, Musty Mustafa, has commended the crucial roles of fintechs in deepening digital economy for Small and Medium Enterprises (SMEs) to harness the full potential of the strategic non-oil contributions to national socio-economic growth.
Mustafa, who shared industry leaders’ perspective on the Nigerian economy and the role of startups in an exclusive interview, commended the federal government’s digital economy policy as a right step in the right direction.
He noted that, cashless payment systems would impact more on the national Gross Domestic Product(GDP) with fintechs and digital solutions providers like Kuda and others playing bigger roles as critical drivers of the policy.
“The key thing that we cannot shy away from is the impact of the cashless policy on the overall economy stating that If we can enhance it, we can harness the positives that it brings to the table for the Nigerian economy. I think fintech has a crucial role to play in that area,” he enthused.
Digital platforms and e-payment systems, Mustafa stated further, are rapidly transforming Nigeria’s
financial ecosystem by facilitating convenient and fast access to funds for businesses, lowering operational cost as well as making transactions more seamless for customers.
He added that, these are already having a positive ripple effect on the Nigerian economy as a whole, including job creation.
He said: “What I see happening to businesses and more innovative solutions are evolving. Small businesses can now collect payments effectively in the easiest way and in a very cheap, affordable manner.
“Also, consumers can make payments with ease and also in a cheaper and affordable manner because these two things are very important – accessibility and affordability. If we can achieve these things in our payments industry, I think they will have positive ripple effects on the economy as a whole.”
The Kuda CTO acknowledged that Nigeria’s fintech industry has grown significantly in recent years with numerous startups providing cutting edge financial solutions to businesses and consumers, and pointed out that technology has a lot more to offer in enhancing the nation’s traditional banking and financial ecosystem.
He advised government to formulate and implement laws and programmes that can further support the growth of the industry, while advocating for continuous collaboration between the traditional banks and fintechs, strong credit system, strengthening of the cybersecurity space and
financial literacy.
“There are three key things we expect to see in terms of policy change and intentionality from the government and to foster growth that we are seeing in this sector,” he said.
He said, one of the key things is that, the policy that would entrench continuous relationships between the traditional players and the new players; that is, the traditional banks and the fintech.
Mustafa while speaking on Kuda’s contribution to accelerating Nigeria’s digital economy ecosystem, said
the company remains committed to its vision of making financial services affordable and accessible to Nigerians and indeed Africans wherever they are across the world.
Expatiating further, he said, Kuda supports retailers, consumers and businesses with an array of digital solutions that offer convenience and affordability, thereby, helping them to grow and meeting personal aspirations.
Speaking on the critical success factors for the company, Mustafa identified people as the most critical asset that organisations should invest in, noting that, “as a business, Kuda continues to invest in our people, the ones that we have, and also we want to attract the best of talent from the outside pool, those that we don’t have access to at the moment.”
