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Why payment platform Kudi transitions to Nomba

The evolution of Nomba could be redefine the response of small businesses in Nigeria to the digital ecosystem

Nigerian-based financial service provider Kudi has changed its name to Nomba as it makes a major transition into expanding its services to provide easy tools for businesses to manage payments on and offline. Founded in 2016, Kudi has worked with commercial banks, helping both the banked and unbanked population of Nigerians easily access basic financial services like transfers, withdrawal, and bill payments. Its new features will move beyond individuals, assisting businesses in Africa with digital tools to optimize their operations.

Source: Nomba

Payments in Nigeria's retail sector are majorly offline and the Fintech company will look to digitize the market by assisting businesses to gather all data on sales, inventory, and customers making accounting operations easier. By expanding its POS terminals, Nomba will give customers the alternative of making payments with debit and credit cards, and completing transactions in quick time. In addition, Nomba's digital tools will provide customers' data or information available to merchants. Hence, giving businesses a better overview of their target market to build on customer loyalty.

Nomba has also appointed two new executives who would play key roles in driving improvements in its service delivery and general expansion plans. Nomba through its digital solutions will seek to play a major role in Nigeria's retail market valued at over $45 billion.

Nigeria in focus:

Population: 206.1 million in 2020 as compared to 201 million in 2019

GDP: $432.3 billion compared to $448.1 billion in 2019

GDP per capita: $2,097 in 2020 compared to $2,229 in 2019