The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, introduced Kayi Bank, an online payment App designed to accelerate financial inclusion and enhance access to funds for unbanked individuals in Nigeria.
Kayi Bank and its accompanying App are pioneering fintech payment platforms spearheaded by Kano-based businessman Alhaji Saadina Dantata, with investors from Nigeria, the United Arab Emirates (UAE), Saudi Arabia, Turkey, and other countries.
The official unveiling of Kayi Bank in Abuja drew a distinguished audience, including the Chairman of Azman Group, Alhaji Abdulmunat Y Sarina, Otunba Toye Ariyo, and Alhaji Mohammed Sani Abacha, son of former head of state Gen Sani Abacha. Also in attendance was Kashifu Inuwa Abdullahi, the Director General of the National Information Technology Development Agency (NITDA).
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Fintech Solution Prioritising Security, Speed, and Customer Satisfaction
Founder Saadina Dantata emphasised that the Kayi App represents an innovative fintech solution committed to security, speed, and customer satisfaction. He highlighted the platform’s mission, which includes serving the unbanked, the diaspora community, and urban professionals.
Dantata stated, “It is powered by Web3 technology, and we ensure stability and speed, targeted at changing the narratives of technology-driven payments platforms in Africa and across the world. We are excited to introduce our innovative fintech product, Kayi App, to the Nigerian market. With our dedicated and young team of innovative and creative Nigerians drawn from across the world, we have worked tirelessly to develop a suite of fintech solutions that will make financial transactions simpler, faster, secure, and more convenient for everyone.”
Boosting Financial Inclusion and Economic Growth
Minister Dr. Bosun Tijani expressed his enthusiasm for how Kayi Bank would support President Bola Tinubu’s administration in promoting financial inclusion, job creation, and wealth generation through technological innovations. He recognized Nigerians’ entrepreneurial spirit and highlighted how the platform would provide access to credit for various sectors, including agriculture, health, education, and transportation.
The Minister also commended Kayi Bank’s efforts to assist Keke Napep and taxi drivers in buying fuel at designated filling stations and facilitating payments the following day. This initiative aims to alleviate the impact of subsidy removal in the transportation sector.
Unlocking Opportunities in the African Fintech Market
Kayi Bank Product Lead, Abdulganiyu Rufa’i, emphasised the vast opportunities present in the African fintech market. He stated, “With the vast majority of Africans unbanked and underbanked, we are confident in our ability to meet the growing demand for digital financial services across Africa.”
Rufa’i outlined Kayi App’s core services and solutions, including instant digital payments for individuals and businesses, financial inclusion and social banking for rural and semi-urban areas, blockchain-backed cross-border trade, and remittances and investments for Nigerians and Africans in the diaspora.
The Federal Ministry of Communications, Innovation, and Digital Economy: Pioneering Nigeria’s Digital Transformation
The Federal Ministry of Communications, Innovation, and Digital Economy was established as the Federal Ministry of Communications Technology. Its creation marked a pivotal moment in Nigeria’s journey toward a knowledge-based economy and an information society. This dynamic ministry has been at the forefront of driving technological advancements that foster economic growth, job creation, and transparent governance in Nigeria.
The ministry operates under several critical mandates, each contributing to the broader goal of advancing Nigeria’s digital transformation ensuring, universal access, ICT integration, ICT industry development.
Dr. Bosun Tijani currently serves as the Minister of the Federal Ministry of Communications, Innovation, and Digital Economy. Under his leadership, the ministry is poised to craft and implement policies that will propel Nigeria into the digital age, transforming the nation’s economy into a thriving digitised landscape.
The Federal Ministry of Communications, Innovation, and Digital Economy is an essential force in Nigeria’s quest for digital transformation. With a clear vision and a dedicated leader, the ministry is shaping policies and initiatives that will propel Nigeria toward becoming a digital powerhouse on the global stage. Its efforts are instrumental in fostering economic growth, creating jobs, and ensuring transparent governance through the power of technology.