It was an epoch-making day in the ever-busy city of Kano state as Kano Municipal (KMC) Microfinance Bank, launched a mobile banking application, Kayi App in the state.
The occasion was greeted with pomp and pageantry as it witnessed personalities from all works of life, including royal fathers and captains of industry.
The newly launched app is distinctively first of its kind in the state, which has the purposes of providing financial inclusion for Small and Medium Scale Enterprises, SMEs.
While speaking ,the Chairman of the bank, Sa’adina Dantata said he decided to invest in the bank to give small scale business owners chance to key in in the modern banking system.
According to him, he was advised by friends in London to invest in the business in order to provide financial inclusion for people in rural areas.
He said the services of the app would small scale enterprises ability to make transactions without physical currency.
“We want to see a change where a commercial tricycle operator would receive fare from passenger via this app without using physical cash.
“We want to see a woman frying akara or yam at the roadside, making transactions without app. The developers have tried to make it a super user friendly,” he said.
Dantata also stated that the bank had provided employment opportunities to teeming youth, not only in Kano but in the Northern region.
According to him, the bank had so far employed one person from each ward in four states of Northern Nigeria, adding that plans are underway to expand the employment to cover Nigeria.
He also assured that the bank is planning assiduously to expand to the shore of Africa.
Also speaking was the Product Lead of KMC Microfinance Bank, Abdulganiyyu Rufa’i.
He noted that the app was developed using a cutting-edge technology.
Rufai said that app has the capacity imbedded in it that can reach diaspora and crossborder payment.
“That is why we have a multiple currency swap within the single app. We did not even stop at that, we also have a digital currency still on the same app.”
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He added that the app was developed with user friendly features that would ease transactions for customers, adding that it was built on futuristic technology.
Rufa’i explained that the app contained highly secured features that protect customers’ information and privacy, which according to him, is easy to operate even to small and medium enterprises.
He noted that the aim of the app was to give millions of small and medium business operators chance to access digital banking without technical difficulty.
He further explained that the app was built on internet 2.5, which according to him is above the commonly used internet services.
He added that it had robust security architecture that does not only give a user the ability to receive and send money, but also gives ability to invest, make purchases, pay insurance and other services.
Rufai also said the bank would continue to expand its services to banked and unbanked people in hard-reached communities in Kano and across Nigeria as a whole.
“As you can see, first of all we have a physical branch where people can go and engage in a traditional mode of banking and then we have a customer support center here.
“Of course for those who are willing to maintain the status quo however we come up with a cutting-edge technology that will support urban professionals and all other people willing to serve people. What we have is not just another app it is a super app nice quite different from what is obtainable within Nigeria., it is an app that is built on futuristic technology.
“It is built on internet 2.5 which is above the commonly used internet services. It has robust security architecture and of course, it does not only give you the ability to receive and send money, it also gives you ability to invest gives you ability to access quite a number of other services including you know, including a buy now and pay later, including insurance health services, and all other ssocially- oriented products all incorporated in a single app.
“We are targeting unbanked and under-banked populace of Nigeria. That is why the technology canoperate even in hard-reached communities. We also have other packages targeting diaspora and crossborder payment and that’s why we have a multiple currency swap within the single app. We did not even stop at that, we also have a digital currency still on the same app,” he said.
