Miden is Transforming Financial Services in Africa with Innovative Debit Card Platform

Miden is Transforming Financial Services in Africa with Innovative Debit Card Platform

By Staff Writer, 05 March 2024

A groundbreaking Nigerian fintech startup, Miden, is revolutionizing the landscape of financial services in Africa.

Founded in late 2022 by Dom Okiemute and Ini Udoh, Miden serves as a pioneering debit card issuing platform tailored for businesses across the continent.

This innovative platform empowers enterprise customers to effortlessly issue cards and other financial products to both their employees and clientele.

At the core of Miden's offering is its user-friendly API, enabling businesses to seamlessly distribute virtual cards to their customers.

This novel approach not only streamlines financial transactions but also empowers businesses to swiftly deploy a diverse range of financial products.

Traditionally, access to major card schemes has posed a significant challenge for fintech companies, often hindering their ability to expand their customer base.

Moreover, the complex process of integrating card systems with banks could take up to a year.

Miden disrupts this norm with its drag-and-drop API, allowing businesses to issue virtual cards within a matter of weeks.

In an exclusive interview with Disrupt Africa, Okiemute highlighted the transformative impact of Miden's solution.

He emphasized how businesses can now swiftly launch financial products, a feat previously deemed unattainable.

With an impressive track record, Miden has already issued over 100,000 cards across four countries, marking a significant milestone in its journey.

Okiemute further revealed the remarkable success of Miden, boasting an Annual Recurring Revenue (ARR) surpassing US$1.5 million.

Additionally, the platform processes billions of naira in transaction volume on a monthly basis, underscoring its growing prominence in Africa's fintech ecosystem.

Source: Tom Jackson / Disrupt Africa

Related Report

Future of Fintech in Africa

The Future of Fintech in Africa

18% of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, living without a bank account or a digital wallet to their Name. The opportunity is massive, which is why fintech is the most dominant and most funded tech sector in Africa, today.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems