Quarterly transactions valued at $9.3 billion have been handled by Kuda, prompting the company to reintroduce its remittance service for users outside Nigeria.
In a significant move, Nigerian neobank Kuda Technologies has relaunched its cross-border remittance services, marking a return after a three-year hiatus. The decision to relaunch comes as Kuda continues to demonstrate impressive growth and success in processing transactions, with Q1 2025 seeing the bank process an astounding $9.3 billion[1][5]. This figure underscores Kuda's capacity to handle large volumes of transactions.
During the same period, Kuda processed ₦14.3 trillion ($9.3 billion) across its retail and business banking arms[2], further emphasising the bank's financial strength and potential for expansion.
Kuda's relaunch includes a multi-currency wallet, designed to allow users outside Nigeria to send money directly to Nigerian bank accounts. This move is part of Kuda's strategy to tap into Nigeria's substantial and growing remittance market[1][5]. The bank's focus on cross-border remittances suggests an intent to increase its presence in the global remittance market, particularly catering to users with connections to Nigeria.
By enabling seamless transactions across borders, Kuda aims to provide a convenient and reliable service for both senders and recipients. This strategic move aligns with Kuda's ambition to leverage its technology to enhance financial inclusion and access for users worldwide[1][2].
In a statement, Nosakhare Oyegun, Kuda's senior vice president for business banking, acknowledged that the initial attempt at cross-border remittances was unsuccessful. However, the bank has now addressed these challenges and is better positioned to offer effective cross-border remittance services.
Kuda's multi-currency wallet is built in-house, further deepening the customer offering within Kuda's ecosystem. The wallet currently supports the British pound, the euro, and plans to add the U.S. and Canadian dollars within the next six months[1].
In other developments, Kuda's business arm, launched in 2022, contributes 40% of Kuda's total transaction value[1]. Users are offered loans based on their activity on the bank's app, but cannot apply for loans from the bank.
In 2024, Nigeria's personal remittance market rebounded, rising by 8.9% to $20.9 billion[3]. This growth is expected to continue due to the Central Bank of Nigeria's recent FX policies[4].
Competition in Nigeria's remittance market is heating up, with startups such as Lemfi, Nala, and Moniepoint increasingly challenging incumbents like Western Union and WorldRemit[5]. Kuda's re-entry into the market is expected to add another layer of competition, potentially benefiting consumers through increased convenience and reduced costs.
In a separate announcement, Babs Ogundeyi, Kuda's CEO, disclosed that the company raised $20 million at a $500 million valuation in 2024[6]. This funding will undoubtedly support Kuda's expansion plans and its continued efforts to revolutionise banking in Nigeria.
[1] TechCrunch (2025). Kuda Technologies relaunches cross-border remittance services. Available at: https://techcrunch.com/2025/05/01/kuda-technologies-relaunches-cross-border-remittance-services/ [2] BusinessDay (2025). Kuda processes ₦14.3 trillion in Q1 2025. Available at: https://www.businessdayonline.com/technology/article/kuda-processes-14-3-trillion-in-q1-2025/ [3] Nairametrics (2025). Nigeria's remittance market rebounds in 2024. Available at: https://nairametrics.com/2025/02/26/nigerias-remittance-market-rebounds-in-2024/ [4] This Day (2025). Central Bank's FX policies to drive remittance growth. Available at: https://www.thisdaylive.com/index.php/2025/03/23/central-banks-fx-policies-to-drive-remittance-growth/ [5] The Guardian (2025). Nigerian fintechs challenge remittance giants. Available at: https://guardian.ng/business-services/nigerian-fintechs-challenge-remittance-giants/ [6] Techpoint Africa (2024). Kuda raises $20 million at a $500 million valuation. Available at: https://techpoint.africa/2024/08/10/kuda-raises-20-million-at-a-500-million-valuation/
- As Kuda Technologies continues its impressive growth in processing transactions and leveraging technology to enhance financial inclusion, it is positioning itself as a prominent fintech startup in Nigeria's competitive business landscape.
- Kuda's re-entry into the cross-border remittance market, with its multi-currency wallet, exemplifies the bank's potential for expanding its global presence and catering to a wider audience in the finance tech industry.
