Kuda, a Nigerian digital bank which offers free transfers, payment without cash, savings and loans, revealed that it had dealt with more than 300 million transactions worth 14.3 Billions of Nairas in the first quarter (T1) of 2025, covering its commercial 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 breaking down the figures, Babs noted that 8.5 Billions of Nairas came from the retail banking, while 5.8 Billions of Nairas were generated by professional users.
This marks the most complete operational disclosure of Kuda, going beyond its growth reports from the usual customers. While the Neobank previously announced a user base exceeding 7 million in January 2024, it is the first time that it has shared detailed financial measures. In January 2024, the company had marked an impressive N55.8 Billion ($ 61.4 billion) in total transactions since its launch in 2019.
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In addition to the volumes of transactions, Kuda also issued 16.4 billion Nairas discovered in the first quarter, which put him in rhythm to exceed his entire overdraft emission in 2023 of 12.6 million dollars (19 billion Nairas) once the results of the T2 are available. The company also revealed that it had paid 130 million nairas in interest for users during the quarter.
Transfers have remained at the heart of user activity, commercial customers alone representing 1.5 billion of voids in transfers. Despite Kuda mainly offering free transfers, the platform has experienced a higher volume of paid transfers, suggesting that Nigerian users continue to promote transfers as a main payment method even when the costs apply.
In particular, in Q1, the Kuda has revived its portfolio with several titles, targeting the market for shipping funds. The portfolio currently supports books and euros for users outside the Nigeria, with plans to add us and Canadian dollars in the six months.
With more than 300 million transactions already recorded in the first quarter, Kuda appears on the cap exceeded by 1.2 billion transactions by the end of the year. Founded in 2019 by Babs OGUNDEYI and MUSTY MUSTAPHA, KUDA offers a range of services, allowing users to open accounts, to file funds, to carry out transactions and access to a credit.
The company which operates under a banking license in microfinance of the Central Bank of Nigeria has experienced significant growth since the start of the COVVI-19 pandemic which had firmly positioned itself as a safe alternative to brick and mortar banks at a time when social distancing rules have made the bank to visit a difficult experience.
In 2021, the Digital Bank Challenger for Africa revealed that its Android application had been downloaded more than a million times. Kuda’s total deposits have more than doubled, from $ 41 million in 2021 to $ 100 million in 2022. The report also highlighted the growing corporate services in Kuda, the deposits of commercial customers, it jumped from $ 154x to almost $ 102,000 to almost $ 15 million at the end of the year.
Expanding its scope, the Neobank has ventured into cross -border payments through Africa and Europe. Last year, the Nigerian -based parent company received payment licenses in Tanzania and Canada to continue its plans to develop in the African and world markets.
He also extended his imprint in the United Kingdom and Pakistan, acquiring a digital banking license from the State Bank of Pakistan. Inasmuch as Pioneer of the Nigeria neobobanking sector, Kuda is competing with Opay, Palmpay and Moniepoint. Unlike its rivals, which are strongly based on the mobile money and agent networks, Kuda maintains an approach to retail banking and digital credit.
