Kuda Launches PoS Terminals for Businesses
Fintech Company, Kuda, has announced the launch of its Point of Sale (PoS) terminals for businesses.
The company’s Co-Founder and CEO, Babs Ogundeyi says Kuda’s successful pilot programme and the subsequent launch of the Kuda PoS terminal are in line with the growing interest and competition in Nigeria’s merchant-acquiring sector.
According to McKinsey, the merchant acquisition market, which facilitates non-cash transactions between buyers and sellers, it is expected to grow to $1 billion over the next few years, reflecting the space’s fierce competition.
Since its launch in 2019, the neobank has acquired 7 million customers and processed transactions totalling ₦55.8 trillion.
Its foray into the merchant-acquiring sector comes on the heels of the October 2022 launch of Kuda Business, an all-in-one business account. Naira Devaluation Deepens Economic Crisis in Nigeria
In March 2023, the company launched new features to its Kuda Business mobile app, including Sales Mode, Kuda Payroll, and business registration. It also introduced a SoftPoS feature, allowing users to accept card payments from their mobile phones.
Now, Ogundeyi says users with a Kuda Business account can apply for a Kuda PoS terminal with flexible payment options.
The company will contend with fierce competition from established players like banks and well-funded fintechs like Payforce from FairMoney, OPay, Moniepoint, and Nomba. It will also compete with Paystack, which recently entered the offline merchant-acquiring market in Nigeria.