Kuda Technologies, a Nigerian digital microfinance bank with full service, reintegration The market for cross -border funds with a new portfolio with several courtyards, allowing users of the diaspora to send money directly to Nigerian bank accounts.
Unlike his previous attempt three years ago, which was abandoned due to the low margins of third -party dependence, this portfolio works entirely in the Kuda ecosystem, offering greater control and fewer intermediaries. He currently supports British books and euros, with support in the United States and Canadian dollars scheduled for six months. “We have not understood the first time well, but now we understood,” said Nosakhare Oyegun, Kuda’s main vice-president for banking services.
Remember that Kuda made a strategic passage on the market for funding in 2022. This expansion aligned itself on a growing trend between financial technologies to draw from the lucrative of the transfer of the diaspora in Africa – in particular Nigeria, which remains one of the main discounts of discounts on the continent.
Register For TEKEDIA Mini-MBA Edition 18 (September 15 – December 6, 2025)) Today for early reductions. An annual for access to Blurara.com.
Tekedia Ai in Masterclass Business open registration.
Join Tekedia Capital Syndicate and co-INivest in large world startups.
Register become a better CEO or director with CEO program and director of Tekedia.
However, despite the initial promise, Kuda quietly abandoned the business shortly after the launch. The key reason? The low beneficiary margins are largely due to its dependence on the third -party infrastructure for the treatment of cross -border transactions. Without having the underlying payment rails or having a solid international network, Kuda had to rely on intermediaries – being considerably achieved in its profits by transaction.
Following the revival of his fund transfer service, he came with significant improvements, motivated by local infrastructure, stronger margins and a more practical service targeting Africans abroad.
This includes;
- Fully internal construction: Integrated directly into its main banking system.
- Multi-monnated wallets: Supports the GBP and the EUR, with the USD and the expected frame in the six months.
- Best user experience: Rationalized processes No need for multiple applications / services.
- Focus on the diaspora: The functionality targets Nigerians abroad which continue to use the Kuda application for sending funds or transactions during visits, by attacking the disadvantages of high costs and the switching of applications.
The release of Kuda on the fundraising market was a reminder that even big ideas need the right base. With learned lessons and new licenses in hand, the fintech seems ready for a more intelligent second act, which can still reshape the way Africans send, save and spend money through borders.
The start of the school year of Kuda on the market for funding will see it face competition Well -established players like, Lemfi, Moniepoint, Chippercash, Western Union, and the emerging challengers, targeting the African corridor of the Diaspora funds, in particular for transfers to Nigeria. The Neobank aims to stand out with a unique and unique experience. It aims to use its convenience as a competitive advantage.
The recovery on the fundraising market comes after Kuda revealed that he had dealt with more than 300 million transactions worth 14.3 Billions of Nairas in the first quarter (T1) of 2025, covering his retail and commercial banking operations.
This disclosure was made by CEO Babs Ogundeyi at a press conference held in Lagos on Monday, July 7, 2025. By decomposing the figures, Babs noted that 8.5 Billions of Nairas came from the retail bank, while 5.8 Billions of Nairas were generated by commercial users.
Launched in 2019, Kuda was praised as the first nigeria entirely digital bank, aimed at simplifying personal finances for millions of Africans. Built by Babs Ogundeyi and Musty Mustapha, the fintech quickly gained ground with a free and free bank model which called in particular young people. In just a few years, he had joined millions of customers, collected tens of millions of funds and has become one of the most recognized funds in Africa.
At the end of 2022, Kuda had exceeded 4.9 million customers and increased revenues by more than 190% in annual shift. Although it still operated at a loss, after a net loss of $ 32 million in 2022, the company saw this as part of a long -term growth investment.
In 2024, he obtained new payment licenses in Canada and Tanzania, with plans to reintegrate the market using a more integrated and profitable model. This time, it focuses on the creation of more control over its transfer channels, exploring systems based on portfolios and regional partnerships to cut expensive intermediaries.
Kuda appeared quickly as an African pioneer neobank, offering value by innovation and user -centered services. While the Fintech race in Africa warms up, Kuda remains one of the most watched players on the continent.
