Digital Barker
  • Home
  • Startups
    • News
    • Opportunities
  • Tech
    • Tech Support
  • Videos
No Result
View All Result
Digital Barker
  • Home
  • Startups
    • News
    • Opportunities
  • Tech
    • Tech Support
  • Videos
No Result
View All Result
Digital Barker

Kuda Relaunches Remittance Service After $9.3 Billion Q1 Milestone

Omolade Oyelaja by Omolade Oyelaja
July 10, 2025
0
Kuda Relaunches Remittance Service After $9.3 Billion Q1 Milestone

Kuda Technologies has relaunched its cross-border remittance service, targeting users outside Nigeria for the first time in three years. The feature now sits in a new multi-currency wallet that supports direct transfers in pounds and euros into Nigerian bank accounts. The fintech plans to add US and Canadian dollar options within six months.

Q1 Success Fuels Comeback

Kuda reported a landmark quarter processing over 300 million transactions valued at ₦14.3 trillion equivalent roughly $9.3 billion across retail and business segments. Breakdowns show ₦8.5 trillion in retail and ₦5.8 trillion in business transactions.

The bank approved ₦16.4 billion ($10.7 million) in overdrafts during the quarter, up 43% from the previous period. This financial heft gave Kuda the confidence to relaunch remittances on a robust footing.

How to use chatGPT to make money

ADVERTISEMENT

Why It Matters

Kuda first entered cross-border transfers in 2022 but outsourced the service, which squeezed margins and led to a pause. This time, Kuda runs the product entirely in-app and builds on its core banking infrastructure.

Nosakhare Oyegun, Senior VP of Business Banking, said Kuda detected diaspora users frequently sending money through multiple apps. He remarked, “I have gone through that myself. It’s not ideal from a user experience standpoint”.

Strategic Growth and Market Context

The global remittance sector into Nigeria hit $20.9 billion in 2024, climbing 8.9$% year-over-year. IMTOs saw inflows grow 43.5%, underpinning strong demand for streamlined services.

Kuda’s relaunch follows competition from players like LemFi, Nala, Moniepoint, Western Union and WorldRemit. Kuda holds a competitive edge with its user-friendly app no third-party switching, just an integrated wallet experience.

Product Details and User Benefits

The wallet currently accepts GBP and EUR, with USD and CAD expected in six months. It remains unavailable to Nigerian-resident users due to microfinance regulations restricting FX processing.

Kuda aims to simplify remittances: users abroad can now send funds directly to Nigerian accounts through one seamless app, a welcome relief over traditional options.

What’s Next for Kuda

Kuda plans to grow its footprint in diaspora markets. It raised $20 million in 2024 at a $500 million valuation. The fintech also explores AI integration into customer support and business tools, a move supported by its Q1 volume.

If Kuda sustains its momentum, analysts expect it will surpass its 2023 overdraft levels within Q2 and reach around ₦57.2 trillion ($37 billion) in total transaction volume by year-end.

Kuda’s remittance relaunch signals a shift towards vertical integration in African fintechs. By tackling cross-border payments in-house, Kuda enhances margins and user experience. With solid Q1 figures and an ambitious roadmap, the neobank stands ready to capitalize on Nigeria’s booming remittance market.

ShareTweetPin

More Stories

Fintech

PremiumTrust Staff Reject ₦10.7M to Safeguard Bank’s IP Data

1 week ago
Fincra Secures South African Payment Licence to Expand Pan-African Reach
Fintech

Fincra Secures South African Payment Licence to Expand Pan-African Reach

1 month ago
Fintech Partnerships To Reduce Remittance Costs Across Africa.
Fintech

Fintech Partnerships To Reduce Remittance Costs Across Africa.

1 month ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


The reCAPTCHA verification period has expired. Please reload the page.

Trending Stories

Glovo partners with Chicken Republic to improve online food delivery

MTN Nigeria’s Profits Take a Hit in H1 2023 Amid National Challenges

Basigo set to expand operations into Rwanda with the introduction of electric buses

Nigerians Can Now Use Naira Debit Cards For International Transaction After 3-Year Ban

Flutterwave Expands to Zambia with New Payment Licence

Airtel, MTN Under Investigation for Hidden Mobile Money Charges

Accrue Raises $1.58M to Scale Cross-Border Payments Across Africa

TikTok Faces Ban in the U.S.: What Happened?

Meta Replaces Fact-Checking with Community Notes: Implications for Africa’s Misinformation Battle

New Telecom Tariffs in Nigeria: NCC to Announce Adjustments Amid Rising Costs

  • About
  • Advertise
  • Privacy Policy
  • Contact
  • Jobs

© 2025 Digital Barker

No Result
View All Result
  • Home
  • Startups
    • News
    • Opportunities
  • Tech
    • Tech Support
  • Videos

© 2025 Digital Barker