Kumo, No. 1 fiat and crypto social payment app is a rebranded version of kurepay.
Kurepay, a fiat and crypto social payment app suspended its activities in November 2021 as released in this press release.
While kurepay suspended its activities, the CEO, Abikure Tega hinted that kurepay will be rebranded and domicile in the U.S. to enable Africans enjoy seamless transactions in an hostile crypto environment like Nigeria.
Kumo, registered as Kumo Technologies Inc in Delaware, U.S. is a fiat and crypto social payment app which allows users to exchange fiat to crypto and vice versa.
According to Abikure Tega, “Crypto is a passport to economic freedom and financial freedom to everyone, wherever they are”.
Problem facing crypto transaction in Nigeria
One fundamental reason why Kurepay suspended its activities is the CBN directive that was issued in February 2021.
The directive led to the denial of banking and financial service to both individuals and entities involved in cryptocurrency or virtual asset transactions in the country.
In response to the directive, businesses and startups offering crypto related activities moved to friendlier countries.
In order to facilitate crypto transactions, individuals resolved to the use of P2P which has led to millions of naira being lost to scammers.
Has the directive been revoked?
No.
Is there any other alternative?
Absolutely Yes.
Services offered by Kumo
Kumo Technologies, popularly known as Kumo Africa, offers the following services to its users.
Exchange
The world can be categorized into the fiat world and crypto world. The fiat world is characterized by centralization and trust while the crypto world is characterized by decentralization and freedom.
According to the founder, “Kumo wallet represents the combination of both world (fiat and crypto) at everyone’s fingertips”.
Users can easily exchange fiat (support only Nigerian Naira for now) to crypto and also swap crypto for fiat.
Seamless transaction
Apart from the exchange function, users can send and receive fiat using their email address at no cost.
International payment
Another problem faced by Nigerians is the international remittances which has become extra hard due to the subsequent reduction of debit card foreign transactions to almost nothing.
As a solution and customer-focused wallet, kumo serves as a gateway for international remittances by allowing PAYPAL transactions for their users.
Investment and loans
Kumo users can get collateral free loans with a considerably low interest rate.
Nevertheless, in order to enhance financial and economic freedom, kumo offers investment in fiat and in crypto to allow its users to save as low as $5 and earn up to 30% APR.
Utility payment
Kumo wallet as a social payment app is not complete without its function which allows users to pay for airtime, data, electricity bill and TV subscription.
In a nutshell, Kumo wallet is your all-in-one social payment app for seamless payment solutions.
According to Abikure Tega, “…at Kumo technologies, we are engaging every aspect of the technology to get the best out of it”.
Join the future of finance on a simplified platform, Download Kumo Wallet now!!!
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[…] Kumo, registered as Kumo Technologies Inc in Delaware, U.S. is a fiat and crypto social payment app which allows users to exchange fiat (NGN) to crypto, save and earn interest in dollar with as low as $5, utility payment such as DSTV subscription, airtime, data among others. […]
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[…] Kumo, registered as Kumo Technologies Inc in Delaware, U.S. is a fiat and crypto social payment app which allows users to exchange fiat (NGN) to crypto, save and earn interest in dollar with as low as $5, utility payment such as DSTV subscription, airtime, data among others. […]
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