In an effort to expedite financial inclusion and facilitate access to funds for Nigeria’s unbanked population, the Minister of Communications, Innovation & Digital Economy, Dr. Bosun Tijani has introduced the groundbreaking Kayi Bank app.
The application, unveiled yesterday in Abuja, represents a secure and innovative pan-African digital payment platform designed to expedite financial inclusion for individuals and businesses across Nigeria and beyond. It promises secure, seamless and hassle-free transactions.
During the unveiling ceremony, Tijani emphasised that Nigeria’s economic growth would remain stunted unless there is widespread financial inclusion among its citizens. He highlighted that financial inclusion plays a pivotal role in economic growth by increasing the number of businesses and individuals participating in the formal sector of the economy.
The minister expressed his delight that the Kayi Bank app aligns with President Bola Tinubu’s administration’s commitment to promoting financial inclusion, job creation, and wealth generation through technological innovations.
Tijani also commended the entrepreneurial spirit of Nigerians and underlined how the Kayi Bank and its associated payment platforms will grant access to credit for farmers, entrepreneurs in the health and education sectors, and individuals involved in the transportation industry.
The managing director of Kayi Bank, Yunusa Mohammad emphasised the institution’s dedication to leveraging the core features and capabilities of the Kayi app to revolutionise financial transactions. This will enhance accessibility and empower users to take control of their financial destinies.
Mohammad stated, “We are unveiling a future where financial transactions are simplified, more accessible, and empowering for all”.
The director-general of the National Information Technology Development Agency (NITDA), Mallam Kashifu Abdullahi voiced his support for the initiative, highlighting its potential to institutionalise investments in Nigeria’s startup ecosystem. Abdullahi stressed that Kayi represents a catalyst for job creation and empowers Nigerians to establish the next generation of digital banks.
The product lead of the Kayi app, Abdulganiyu Rufa’i elaborated on the market opportunity that led to the introduction of the application. He noted that the African fintech market offers substantial potential, and Kayi app is well-positioned to make a significant impact.
“With the vast majority of Africans unbanked and underbanked, we are confident in our ability to meet the growing demand for digital financial services across Africa,” said Rufa’i.
He further explained that Kayi app aims to deliver essential services and solutions, including instant digital payments for individuals and businesses, financial inclusion and social banking for people in rural and semi-urban areas, blockchain-backed cross-border trade support for exporters and importers across Africa and facilitating remittances and investments for Nigerians and Africans in the Diaspora.
The promoter of Kayi app, Alhaji Saadina Dantata reiterated the fintech solution’s commitment to security, speed and customer satisfaction. He emphasised Kayi’s mission to empower individuals and businesses across Africa, providing seamless transactions in both traditional and cryptocurrency.
Dantata proudly stated, “Our platform is powered by Web3 technology, guaranteeing stability and speed. We are focused on transforming the landscape of technology-driven payment platforms across Africa and the world”.
Dantata expressed excitement about introducing the innovative fintech product, Kayi app, to the Nigerian market. He highlighted the dedicated team of young, innovative and creative Nigerians from across the globe who have tirelessly developed a suite of fintech solutions aimed at simplifying financial transactions, ensuring speed, security and convenience for everyone.
