Nigeria-based digital banking platform, Kuda, plans to expand its services to Pakistan by obtaining a digital banking license from the State Bank of Pakistan (SBP). The license will be issued to “KT Bank”, a joint venture between Kuda and two leading Pakistani companies.
Kuda and four other companies were chosen out of 15 applicants, including all Pakistani commercial banks, for the highly coveted digital banking license in the country. This move comes as central banks worldwide are creating frameworks and licenses to ensure market optimization and proper regulatory control of digital banks within their country’s borders.
Kuda’s partnership with Fatima Group and The City School Group, allows them to create a powerful proposition with enormous potential to increase financial access and affordability in Pakistan, with a focus on the agriculture and education sectors.
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