Transfers remain the top activity, with paid transfers outpacing free ones. Kuda also revealed that it issued nearly N17 billion in overdrafts during the period, an increase of almost 50% compared to the previous quarter. The bank’s total customer base now stands at around seven million.

According to Ogundeyi, these figures show steady growth in digital banking adoption, with Nigerian customers increasingly willing to pay for convenience. The bank also paid out N130 million in interest to users in the first quarter, marking its first detailed operational update focusing on financial transactions rather than just user growth.

The post Kuda Hits N14.3 Trillion in Transactions in Three Months appeared first on Tech Digest News.

The Nigeria Inter-Bank Settlement System (NIBSS) is currently experiencing significant downtime, causing widespread delays in electronic transactions. This disruption has impacted various financial technology firms and banks, leaving many customers frustrated and unable to complete routine transactions.

Financial technology firms (fintechs) like Eversend and Kuda Bank have alerted their customers about the ongoing issues.

Eversend informed its users that delays in naira transactions are expected to persist, affecting top-ups and payouts within the app. Similarly, Kuda Bank notified its customers that intermittent issues with NIBSS are causing delays in money transfers.

Transfers to and from Kuda accounts, as well as transfers between Kuda and PalmPay accounts, are reportedly unaffected.

“We’ll keep you updated on our status page – status.kuda.com,” Kuda said in a notice to its customers.

The NIBSS instant payment platform is a real-time electronic funds transfer (EFT) system that enables financial institutions to offer immediate online funds transfer services.

The current downtime is hampering the ability of these institutions to provide such services, causing significant inconvenience to customers.One customer of Guaranteed Trust Bank (GTB) reported that a transfer made at 2 PM had not been received by the recipient hours later.

Another customer from United Bank for Africa (UBA) echoed similar difficulties with transferring funds.

TechDigest understands that the downtime has particularly affected transactions such as the payment of electricity bills, adding to the daily challenges faced by customers.

As NIBSS works to resolve the issues, financial institutions continue to monitor the situation and keep their customers informed.

The exact cause of the downtime and the estimated time for resolution have not been disclosed.In the meantime, customers are advised to use alternative means of transactions where possible and remain patient as efforts to restore the NIBSS platform continue.

The post NIBSS Downtime Disrupts Electronic Transactions Across Nigeria appeared first on Tech Digest News.

The Central Bank of Nigeria (CBN) has lifted its ban on several prominent fintech companies, including OPay, Moniepoint, Kuda, Palmpay, and Paga, allowing them to resume onboarding new customers. This development comes five weeks after the apex bank halted the fintechs’ onboarding activities over concerns of illicit foreign exchange transactions.

While the CBN has yet to issue an official statement, both OPay and Kuda have confirmed the news in separate communications to their customers on Monday.

“We are thrilled to announce that the Central Bank of Nigeria has given OPay the thumbs up to resume onboarding new users. This milestone highlights our dedication to following the rules, keeping your information safe and secure, and preventing any shady activities,” stated OPay.

The company reassured its customers of its commitment to stringent Know Your Customer (KYC) verification processes, urging all users to comply fully with the required verification steps.Similarly, Kuda took to social media to inform its customers, writing, “As you probably already know, we’ve been working with the CBN to meet recent regulatory requirements by putting more account controls in place.

“Based on the work we’ve done, we’ll resume signing up new customers this week. Please note that you’ll need your BVN, NIN, and your proof of address (followed by address verification) to open a Tier 3 account.”

The initial CBN directive, issued on April 29, came shortly after 1,146 accounts were blocked for peer-to-peer (P2P) cryptocurrency trading.

The fintech companies argued that the majority of the implicated accounts belonged to commercial banks, not fintech platforms.

The National Security Adviser (NSA) had also classified cryptocurrency as a security concern, pressing for enhanced KYC and fraud prevention measures to curb crypto transactions through fintech channels.

On May 20, the CBN provided the fintechs with several conditions to lift the onboarding freeze, including blocking P2P crypto transfers, mandating physical address verification for all account tiers, and updating facial verification for customers.

With these measures now in place, the fintech companies are poised to resume their operations, reinforcing their commitment to regulatory compliance and customer security.

The post CBN Lifts Ban on Leading Nigerian Fintechs appeared first on Tech Digest News.

The Central Bank of Nigeria (CBN) has ordered four fintech companies to suspend them from opening new accounts and accepting new customers over allegations that they were being used to funnel cryptocurrency and manipulate the naira’s value.

The affected fintech firms are OPay, Palmpay, Kuda Bank, and Moniepoint.

According to reports, representatives from two of the companies acknowledged that the CBN’s directive is connected to these allegations.

However, they expressed concerns that the directive might be misdirected, highlighting that the majority of the implicated accounts are held by commercial banks rather than fintech platforms.

Earlier, it was reported that the Economic and Financial Crimes Commission (EFCC) had obtained a court order to freeze at least 1,146 bank accounts owned by individuals and companies allegedly involved in illegal foreign exchange transactions.

Justice Emeka Nwite, in a ruling on the ex-parte motion presented by the anti-graft agency’s lawyer, Ekele Iheanacho, granted the commission’s request to conclude the investigation within 90 days.

Although the verdict was issued on April 24, its certified true copy was provided on Monday.

The EFCC is also investigating other offences, including money laundering and terrorism financing.

An examination of the list of affected accounts reveals that the majority are deposit money bank accounts.

The EFCC stated in its request for the account freeze that its preliminary investigation indicated the accounts were linked to individuals exploiting virtual cryptocurrency exchange platforms to manipulate the Naira’s value illegally and launder proceeds from unlawful activities.

It cited the necessity to preserve the funds in the identified accounts pending the investigation’s conclusion and potential prosecution.

Despite a court order citing most of the accounts involved in alleged illegal forex trading as commercial bank accounts, the banks have not been instructed to halt new customer onboarding.

The post Why CBN Direct Moniepoint, Opay, Kuda, Others To Stop Registering New Customers appeared first on Tech Digest News.