Fast-rising and Africa’s foremost digital bank Kuda set to begin operations in Pakistan by the second quarter of 2023 after making moves to acquire the state bank of Pakistan license (SBP). This came after a partnership with Pakistan-based company, KT Bank making it one of the top fintech to have obtained the license.
As the fintech sector begins to grow exponentially, governments have always devised a regulatory environment for compliance and market optimization with over 15 companies applying for the license including indigenous banks, only five including kuda had clinched the license.
Pakistan launched its new regulatory framework for digital banks in 2022 introducing its SBP license for digital banks that wants to operate in the country with the expectation of digital banks providing financial services like loans, payment gateway, and investment.
You can also see how Kuda MFB Set To Launch Kuda Business App & POS Terminal across the country after the introduction of its business app. A bank founded by Babs Ogundeyi and Musty Mustapha in 2019 boasts over $140 million in valuation and operations in 6 major countries.