Kuda, a digital banking company based in Nigeria, was recently granted permission by the State Bank of Pakistan to provide its digital banking services to local customers.
After registering as KT Bank, the firm and its partners are one of five to be granted a digital banking license in the nation.
Kuda’s Chief Expansion Officer, Mr. Ryan Laubscher commented, "The company’s partnership with Fatima Group and The City School Group leverages each partner’s unique reach and capabilities to create a powerful proposition with enormous potential to increase financial access and affordability in Pakistan, and most notably, with a focus on the agriculture and education sectors."
The five finalists will get in approval-in-principle to begin piloting their solutions when they form a public limited company with the Securities and Exchange Commission of Pakistan.
The fintech industry makes it simple and inexpensive to make purchases, get loans, use debit cards, and send money abroad from the United Kingdom.
With this green light, Kuda and the other four digital banks will begin providing digital financial services throughout Pakistan, including credit services and low-cost movement of money, benefiting the unbanked and underserved while also advancing the cause of financial inclusion.
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