Kuda’s ₦55.8 Trillion Milestone: A Game-Changer in the Banking Industry
Since the platform’s inception in August 2019, Babs Ogundeyi, the Chief Executive Officer of Kuda, a prominent Nigerian digital bank, has proudly announced that it has successfully facilitated transactions totaling N55.8 trillion ($61.4 billion). This announcement was made in a New Year communication that was addressed to the user base of Kuda. Kuda’s resiliency and success in overcoming the economic hardships it faced during 2023 are highlighted by this astounding feat, which, combined with a user base that exceeds seven million consumers, is a significant accomplishment.
Ogundeyi emphasized Kuda’s capacity to traverse these difficulties and prosper in the face of adversity. He genuinely thanks Kuda’s consumers for their steadfast commitment to the company during a challenging year defined by widespread cash limitations and financial challenges. He reminisced on the progress achieved in 2023, mentioning the introduction of cashless capabilities that proved helpful during the cash shortage and additions to the Kuda business that catered to the unique requirements of Nigerian business owners. Ogundeyi underlined that these achievements are a solid basis for the ambitious advances that Kuda intends to pursue in 2024.
The Central Bank of Nigeria has granted Kuda a license to operate as a microfinance bank, and the company offers a broad range of services, including establishing accounts, deposits, transactions, and access to credit. In addition to expanding its operations into other areas, the new bank has begun engaging in international financial transactions, including payments. After acquiring a digital banking license from the State Bank of Pakistan, Kuda has expanded its worldwide footprint to include the United Kingdom and Pakistan.
An overview of Kuda’s strategic emphasis on strengthening current solutions, such as Kuda Overdraft, Kuda POS terminal, and Kuda Business, was provided by Ogundeyi as he looked forward to the following year. Even though the economy is unclear, the chief executive officer expressed hope by saying, “Irrespective of the prevalent economic forecasts, I firmly believe that this year holds promising prospects for all of us.” He eased customers’ concerns by assuring them that Kuda would continue to uphold its commitment to providing help and applauding their accomplishments at every stage of their journey.
