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Kuda Technologies, the fintech arm of Kuda Microfinance Bank (MFB), has reported a record ₦14.3 trillion in transactions for the first half of 2025. This milestone reflects the company’s aggressive growth trajectory and expanding influence in Nigeria’s digital banking ecosystem.
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The company recorded over 300 million individual transactions, with ₦8.5 trillion attributed to retail users, while its business banking segment contributed the remaining volume.
Retail Growth, Business Banking, and Customer Willingness to Pay
According to Nosa Oyegun, Kuda’s Vice President of Product, Innovation and Strategy, paid transfers—despite the availability of free options—outpaced free ones, proving Nigerian users are ready to pay for seamless and convenient digital services.
Oyegun, speaking at a media parley in Lagos, emphasized Kuda’s data-driven understanding of SMEs, highlighting how internal insights are shaping new services for Nigeria’s growing business class.
“We’ve spent the last year refining our view of the SME landscape by tracking behavior and financial patterns,” said Oyegun.
AI and Machine Learning to Power New Customer Tools
Kuda is actively integrating Artificial Intelligence (AI) and machine learning into its core operations. The bank plans to launch AI-powered chatbots and smart business tools to enhance customer support, improve personalized financial advice, and combat financial fraud.
This tech-driven approach aims to position Kuda as not just a digital bank but a full-fledged intelligent financial companion for its users.
Multicurrency Wallet Launch for Global Financial Inclusion
As part of its global expansion, Kuda has unveiled a new multicurrency wallet, currently supporting the British Pound (GBP) and Euro (EUR), with plans to include U.S. Dollar (USD) and Canadian Dollar (CAD) soon. The feature is designed to support diaspora users and cross-border transactions, reflecting Kuda’s mission to serve Africans at home and abroad.
From Nigerian Fintech Disruptor to Global Digital Banking Leader
Kuda, which surpassed seven million users as of early 2024, is evolving from a mobile-first fintech startup into a leading force in digital banking. CEO and founder Babs Ogundeyi praised the team’s progress:
“Kuda Microfinance Bank has evolved from a digitally-driven financial solutions startup to an industry leader,” said Ogundeyi.
The fintech is solidifying its role as a critical enabler of financial inclusion, SME empowerment, and cross-border banking for Africans globally.
