Kuda to directly issue physical, virtual cards following Visa partnership

Kuda Bank’s customers will soon be able to obtain digital and physical payment cards that are independently issued, as the bank partners Visa, a leading provider in digital payments, for the issuance of Visa cards to its customers.

“Visa inspires confidence, and partnering with them to help us offer reliable card services independently has been one of our top priorities since Kuda launched in 2019,” said Babs Ogundeyi, Kuda Technologies CEO. “We are proud that we’ve finally made this happen and we look forward to promoting cashless payments across Africa together.”

The company, which in a statement, said the move is aimed at driving its independent payment cards offering, adds this to its proposition of zero fees on cards, account maintenance and transfers as well as its low-interest credit offering delivered through smartphones and the web. These, it says have made it particularly attractive to millennials, and the bank now has almost two million customers in Nigeria, where it launched, and operates as Kuda Microfinance Bank under license from the Central Bank of Nigeria.

“The rapid pace of technology innovation has driven a powerful shift in business and consumer expectations in financial services,” said Andrew Uaboi, Country Manager, Visa Nigeria.

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Kuda Bank

“Whether it is changing the way people invest, manage money, receive loans, or send real-time payments to friends and family, Visa is a natural partner for fintechs including Kuda, providing them with new ways to reach their customers through Visa’s vast network and global scale. We look forward to expanding the partnership to other countries in Africa as Kuda continues to scale across the continent,” Uaboi said.

Kuda says as it continues to grow, switching from a third-party card provider to a direct issuer of physical and virtual Visa cards will give the bank more control over the quality of card services it offers while also facilitating its mission to make banking accessible, affordable and rewarding for Africans.