Nigerians are faced with challenges in making foreign transactions affecting the day-to-day activities of many Nigerians, which have gone on an extreme rise due to the increase in global migration, remote jobs, students seeking admissions overseas, importation of goods and other forms of money exchange.
Amidst the ongoing ASUU strike, some students of the Obafemi Awolowo University (OAU) have identified these problems and have taken the bull by its horns in establishing a financial solution platform codenamed Cudium to solve these problems Nigerian encounter when trying to make safe, easy, fast and affordable cross-border payments.
Cudium acknowledges that there are a thousand and one fintech solution providers out there, however, Cudium isn’t just a solution provider app, it also serves as a marketplace for the peer-to-peer trading of money ‘fiat’.
Cudium is coming out as the first payment platform with a decentralised marketplace which places the power to negotiate in the hands of the users.
Speaking with journalists at the launching of the startup, the Founder and Chief Executive Officer of Cudium, Adejumobi Abdulrahman said glowingly, “we are declaring an end to the struggle and hassle of international money exchange and payments. We have identified this gap and believe no one should be bigger than the market, we are putting this as a stopgap solution.
This is a declaration that you will be able to send, receive, convert and trade foreign currencies seamlessly as a Nigerian”.
The Chief Marketing Officer, Osungbade Akeem Wizeman projected that, “the world saw cross border transactions grow from $29 trillion in 2019 to around $39 trillion in 2022. There’s a yearning market and we are glad to be providing this absolute solution, this is a solution, like no other, we are the first ever to do it this way”
The Chief Operations Officer, Idowu Kayode Elvis in his remarks said, “we have a team of seasoned professionals who have studied these multifaceted problems faced by Nigerians in making cross-border payments, we work every day to put an end to this problem and we are glad to be here, we have a whole lot in cover, Cudium is here to make a change”.
This is not the first of many innovative solutions start-ups that have sprung up from students of Obafemi Awolowo University.
Jobberman, Nairaland, Cowrywise, Bumpa and many other innovations have been leading the African tech ecosystem with alumni of Obafemi Awolowo University taking the charge.
High optimism is held for the first African-led cross-border payment platform, Cudium is holding this prospect.
