Profiles - January 3, 2022

Babs Ogundeyi: Building a Vibrant Digital-Only Bank For Africa

January 3, 2022

3 min read

Babs Ogundeyi received his early education from the Downs School and Kings College Taunton, both in London. He proceeded to Brunel University, where he gained a BA in Business Studies and Accounting. One could say he was getting himself prepared for the business world.

Ogundeyi returned to Nigeria and was soon appointed Special Adviser on Finance to the Oyo State Government. In four years as the head of Oyo State’s microfinance bank, he turned it out of a $2 million loss to a profitable entity.

He helped in raising money for Oyo State, leading a $55 billion bond campaign, the largest in the state’s history. Ogundeyi pioneered the Public-Private Partnership office and the Debt Management Office, as well designed several products to help increase internally generated revenue.

Having worked with the government, Ogundeyi turned his attention to Nigeria’s vibrant startup ecosystem and co-founded his first business, Motor Trader Nigeria, the nation’s first classified car magazine. The startup was later acquired by a leading newspaper company just one year into its operation.

Building Kuda, a Vibrant Challenger Bank in Nigeria

Babs Ogundeyi saw an opportunity in Nigeria’s banking system at a time when digital-only banks were anything but mainstream. He believed that the country was ready for a bank that had no physical building but offered premium and human-centred services to the people. In 2018, Ogundeyi launched Kuda.

From the onset, a lot of Nigerians weren’t clear how Kuda would work. However, being able to open a fully functional bank account and accessing a wide range of services, including overdrafts, was a convenience they simply couldn’t ignore. Today, Kuda has received total funding of $91.5 million at a $500 million valuation. With a fast-growing customer base, the digital bank is taking root in Nigeria’s pop culture.

Read the full profile on Babs Ogundeyi HERE.