Kurepay set to acquire CBN license

KUREPAY SET TO ACQUIRE LICENSE FROM CBN

In a bid to become a full-fledged crypto mobile bank, Kurepay is making a move to acquire its license from the CBN, to expand its services as they plan to operate physical centers across major cities in the country.

Kurepay is an ambitious Fintech startup that kicked off operations in the last 20 months and has made its pace in the financial industry. The startup declared its vision to scale the level of financial inclusion across the continent of Africa while leveraging on product-market fit financial technologies.

The level of internet penetration across Africa is fast-growing and given the nature of the young internet-savvy population, digital banking is in high demand. This can be justified with the rising presence of digital banking solutions and the transition of retail banks into digital banks, Alat by Wema Bank for instance.

The convenience of having access to helpful and affordable financial products and services – transactions, payments, savings, loans and investment packages without having to deal with the headaches of the long procedures related to traditional banks is instantly embraced by the population.

Kurepay currently offers digital banking services to its active 30,000 users. Some of the unique services the startup offers are:

  • Swapping of cryptocurrencies to naira and vice versa.
  • Receiving international PayPal transactions directly to one’s Nigerian bank account.
  • A payment gateway to receive both fiat and crypto transactions on third party merchants websites and applications.
  • Free transfers between Kurepay users.
  • A meagre ₦25 fee for withdrawals to another Bank account.

Kurepay has processed over $1 million in transaction volume since it started operations.

The major focus has been on the internet-savvy users but market research by the Kurepay team has shown that a huge amount of people still do not have access to the simplified services of digital banking solutions. Some reasons might be – Illiteracy, inability to afford a smartphone and many other undocumented reasons.

Kurepay seeks to extend its services offline through physical centers to provide the same services to marginalized people in specific locations.

‘We are currently engaging the Central Bank of Nigeria and very close to acquiring a CBN license that will allow us to launch our offline agency banks ’ said Tega Abikure, CEO of Kurepay.

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