#72: Nomba (Kudi) - How the Nigerian FinTech is providing Point-of-Sale, agency banking and payment solutions to merchants across Africa

Afrobility: Africa Tech and Business

Overview: Today, we’re going to talk about Nomba (formerly known as Kudi) , the FinTech payments solutions provider. We’ll explore the story across the following areas:

1. African & Nigerian SME context

2. Nomba's early history

3. Product & monetization strategy

4. Competitive positioning & potential exit options

5. Our overall outlook.

This episode was recorded on December 3, 2023

Companies discussed: Nomba (Kudi), MoniePoint (TeamApt), Yoco, Kuda Bank, Flutterwave, Paystack, Stripe, Safaricom, Brass Banking, TradeDepot, Sabi, Paystack, Flutterwave, MTN, Airtel, Bumpa, Vendease, Orda, OPay, OnePipe, Paga, FairMoney, Omnibiz, Interswitch & Kippa

Business concepts discussed: SME Agency Banking, Informal retail, banking, Open banking & Mobile Money, Merchants solutions, Points-of-Sale devices, SME Lending & hardware and software bundling

Conversation highlights:

• (01:25) - Nomba context

• (06:29) - Context of African SMEs and Informal retail

• (19:10) - Founding story and founders’ background

• (29:02) - Fundraising

• (43:07) - Partnerships, Geographical expansion and Team

• (47:55) - User metrics

• (52:55) - Product and Monetization strategy

• (1:02:24) - Competition and options for exit

• (1:12:35) - Olumide’s overall thoughts and outlook

• (1:18:50) - Bankole’s overall thoughts and outlook

• (1:24:40) - Recommendation and small wins

Olumide’s recommendations & small wins:

• Interested in investing in Africa Tech with Olumide: Read about Adamantium fund & contact me at [e-mail]. Founders looking for funding: If you're a B2B founder working on Education, Health, Finance or food, please contact me for funding at [e-mail]

• Checkout my FIREDOM book = FIRE (Financial Independence, Retire Early) + Freedom = personal finance and financial independence book. Website, Read: Substack Newsletter & Buy: Print, eBook or Audiobook)

• Recommendation: Jay-Z at Madison Square Garden. Incredible. He performs so many of his hit songs with an ensemble of other artists. I was jumping of my chair rapping along.

• Recommendation: Charlie Munger died last week.. What a hero. What a legend. What a mind. I love the guy. I can recommend all his books and videos

Bankole’s recommendations & small wins:

• Recommendation: Constellation Software on Business Breakdowns

• Small win: Running in Paris and Ray-Ban Meta glasses

Listeners: We’d love to hear from you. Email [e-mail] with feedback!

Founders & Operators: We'd love to hear about what you're working on, email us at [e-mail]

Investors: It would be great to link up with you. Contact us at [e-mail]

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