Kuda, a digital banking platform, has introduced new payment tools aimed at helping small and medium-sized enterprises (SMEs) in Nigeria. The company has launched both virtual and physical point-of-sale (POS) products through its Kuda Business platform.
These new payment solutions are designed to address common challenges faced by small businesses, such as delayed payment confirmations and fragmented banking services. The goal is to help businesses accept payments more quickly and efficiently.
The Virtual POS is a standout feature of this launch. It allows business owners to process payments using just account numbers, without the need for physical hardware. This is particularly beneficial for businesses looking to expand while keeping costs low. With the Virtual POS, companies can create multiple free terminal account numbers. These can be assigned to sales staff, who will receive instant payment confirmations via email, text message, or directly on their phones when customers make payments.
For businesses that still need face-to-face transactions, Kuda is also offering physical POS devices. These are designed to handle both card payments and bank transfers. A key advantage of these devices is instant settlement, meaning businesses can access their funds immediately after transactions are completed.
Nosa Oyegun, Vice President of Product and Innovation at Kuda, emphasized the company’s commitment to supporting Nigerian SMEs. He stated that their goal is to provide tools that simplify payment processes and enhance overall business efficiency. Oyegun highlighted the virtual POS as representing the future of payment processing, as it eliminates hardware needs and reduces costs while ensuring instant payment alerts for businesses.
The introduction of these POS solutions is part of Kuda Business’ broader strategy to support the growth of Nigerian small businesses. By addressing specific challenges like delayed payment confirmations and fragmented banking services, Kuda aims to make it easier for SMEs to manage their finances and grow their operations.
This launch comes at a time when digital payment solutions are becoming increasingly important for businesses in Nigeria. As more consumers shift towards cashless transactions, tools like Kuda’s virtual and physical POS systems can help small businesses adapt and thrive in a changing economic landscape.
For SMEs interested in using these new payment solutions, they can likely find more information and sign up through Kuda’s official channels. As with any new financial tool, businesses should carefully consider how these solutions fit into their overall operations and financial management strategies.
Kuda’s new POS offerings represent a significant development in the Nigerian fintech space, potentially providing valuable tools for small businesses looking to streamline their payment processes and improve their financial management.
