Kuda, the Nigerian neobank, is back in the remittance game. Three years after scrapping its first attempt, it’s relaunching a cross-border product – this time, built in-house.
The new multi-currency wallet lets users outside Nigeria send money directly to local bank accounts.
“We didn’t get it right the first time, but now we have figured it out,” said Nosakhare Oyegun, Kuda’s SVP of Business Banking.
Unlike the earlier version, which relied on third-party intermediaries, this remittance tool lives inside Kuda’s core banking system. Currently, it supports British pounds and euros. U.S. and Canadian dollars will follow in six months.
Due to regulatory limits, Nigerians inside the country can’t use the product yet.
But Kuda sees big potential among Nigerians living abroad who still use the app. “They still send money home. We want to make that easier,” Oyegun said.
The relaunch comes as Nigeria’s remittance market rebounds.
In 2024, personal inflows rose 8.9% to $20.9 billion. IMTO flows alone jumped 43.5% year-over-year.
Kuda’s approach focuses on streamlining. “It’s frustrating to use three or four apps for one transfer,” Oyegun said. “Putting everything into one app—that’s the real value.”
The announcement came during a media session where Kuda also shared strong Q1 results.
Between January and March 2025, Kuda processed ₦14.3 trillion ($9.3 billion) in transactions. Retail users drove ₦8.5 trillion; business users handled ₦5.8 trillion.
That’s despite Kuda’s business banking arm launching only in 2022. Now, it accounts for 40% of total transaction value.
Kuda also issued ₦16.4 billion ($10.7 million) in overdrafts in Q1, up 43% from the previous quarter. Its net margin on credit remains positive, ranging from 3% to 7%.
CEO Babs Ogundeyi says credit access will keep expanding.
“Risk-based pricing is the model,” he said.
“If your profile is riskier, we’ll still offer credit—just at a higher rate.”
If current trends hold, Kuda is set to process ₦57.2 trillion ($37.2 billion) by year’s end, more than in its first five years combined.
