The internet has made shopping and booking very easy. You…
So, I was going through www.lindaikejisblog.com earlier in the day and I came across a post about a new online platform that lets one transfer money to any bank for FREE and of-course I was immediately attracted, I mean its for free, right? You can find the blog post here.
www.kudi.ai is built into Facebook messenger and transactions are done in form of chats. Almost like you are chatting with someone at the other end and there is no service charge for money transfers to any bank in Nigeria. And you can buy airtimes and pay utility bills as well. Yeah. No Tokens and agents required.
This is an example of how FinTech is changing the landscape and incorporating business into our everyday lives. Imagine buying credit or sending money while chatting on Facebook and Facebook is what we use everyday and we still do this without incurring the N105 bank charges for inter-bank transfers. Some skeptics will say it’s not secure, well it actually is as the Vendors are PCI-DSS compliant guaranteeing end to end security of user details and payment information and on the side, I don’t think Facebook servers are ever down so there should be no fear of network downtime, right? Visit https://kudi.ai for more info.
There could be others doing something like this and I’m excited because while some companies are running up and down looking for agents and rolling out moribund technologies(that is for those who actually bother to deploy any kind of technology at all beyond the very basic), others are looking forward and capturing their target market through the platforms they use the most and thinking out of the box to make lives easier for their potential customers and not more complicated and difficult.
I’m also excited because the wallet and token systems have been eliminated here. The issue of how to fund their wallets has plagued Mobile Money subscribers for years. Most of them have to walk into specific banks to fund wallets or use the agents. This has been a source of discouragement for them and probably partly responsible for the rapid decline in the fortunes of the MMOs in the country (Yeah, Nigeria has the highest number of Mobile Money Operators in the World, about 21 of them).
The downsides? Well, the only downside I see is that you will need internet access and a bank account to use this platform. So, already the un-banked population and those with no internet access have been cut off from services like this. Well, this is the reason we have MMOs in the first place so they can reach the un-banked population. So, this problem may be a downside for Kudi but its a goldmine for the MMOs only if they can get off their lazy backs and start thinking and actually executing ideas that will capture these part of the population.