Kudi September Update – Arigo A

A major firmware update was initiated on Sept 23rd 2019.

The latest update offers:

· 50% reduction in fees
· Business option upgrade and performance updates
· Security fixes

Regulatory Changes

The Central Bank of Nigeria has made a couple of changes by levying taxes for certain financial products. Bank customers are now required to pay more for Point of Sale (POS) transactions. More details about this new change is available here: http://opr.news/1ce03c03190919en_ng

Kudi has positioned itself as the go to app for business merchants in Nigeria. The POS feature is integrated within the app eliminating the need to pay or lease POS equipment. The Kudi POS accepts Bitcoin (BTC), Naira (NGN), and Gemini Dollar (GUSD). Fees have been lowered to 0.5% and there is currently a special promotion of 0% for 6 months for qualified businesses.

On Sept 18th 2019, customers will be charged a 2% tax on bank deposits and a 3% tax on individual bank withdrawals in excess of ₦500,000 (less than $1700). Conversely, with the Kudi app, there are no fees for deposits but a flat fee of ₦150 for withdrawals.

Events

The team hosted a CRYPTO HANGOUT event at BOMBASTIC LODGE in Lekki, Lagos, Nigeria. The event showcased the convenience of the Kudi app’s business feature where people were able to pay for food and drinks directly via the Kudi app. An AMA session was hosted by Kudi Exchange COO, Mr Germaine Ifudu and Mr Bolaji Onibudo, CEO of Xenbit. Attendees witnessed Kudi app’s quick and seamless payment process, further emphasizing the growth potential of the special offer/discount feature similar to Groupon/Living Social.

Upcoming Events

As part of the aggressive marketing and awareness campaign for Ferrum Network and Kudi Exchange in Africa, the team will participate in the following upcoming events:

Abuja Blockchain Conference October 4th – 5th, 2019: A major international conference featuring industry leaders and technology innovators attracting thousands of people. The COO of Kudi Exchange will be one of the speakers. For more details, visit https://blockchainnigeria.group.

Abuja Blockchain Conference Networking Dinner October 4th, 2019: A networking dinner event for the conference. It will be the first major conference event in Nigeria that will showcase the special offers/discount segment of the Kudi ecosystem where attendees can use the Kudi app to get 50% discount off the price of the networking event.

What’s Next