To address the issues Nigerians have while attempting to make safe, simple, quick, and economical cross-border transfers, several Obafemi Awolowo University (OAU) students have taken the bull by the horns and established a financial solution platform named Cudium.
Due to the rise in international migration, distant employment, students seeking admission abroad, importation of commodities, and other types of money exchange, Nigerians confront difficulties while completing foreign transactions, which have a significant impact on their daily lives.
This group of students, who are currently at home due to ASUU strike, identified it as a problem and developed Cudium as a response.
Cudium is the first payment network to provide a decentralized marketplace, giving users the ability to strike deals.
Adejumobi Abdulrahman, the startup’s founder and chief executive officer, explained to people during the startup’s inauguration on September 1, 2022-“We are proclaiming an end to the difficulty and hassle of international money exchange and payments. We have located this loophole and, because we don’t think anyone should dominate the market, we’re offering this as a temporary fix.
He stated that users would be able to send, receive, convert and trade foreign currencies seamlessly in Nigeria.
According to the Chief Marketing Officer’s prediction, “the world saw cross-border transactions expand from $29 trillion in 2019 to roughly $39 trillion in 2022.” Osungbade Akeem Wizeman There is a market in need, and we are pleased to be meeting that need with this unique solution. We are the first to do it in 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.
Alumni of Obafemi Awolowo University have been at the forefront of numerous breakthroughs in the African digital sector, including Jobberman, Nairaland, Cowrywise, Bumpa, and many others.
Cudium, the first African-owned cross-border payment platform, is viewed with great confidence.