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Kuda.com is a digital banking platform in Nigeria that operates mainly through a mobile app to provide cashless payments, bill payments, gift cards, and a Visa debit card with pickup or delivery. Users sign up in the app and can manage their accounts, make payments, control cards, and set up an automatic savings feature that sets aside part of their spending. It differentiates itself with a no-fee-without-consent policy, built-in savings, and a convenient digital experience with security controls like blocking a lost debit card. Its goal is to offer an affordable, secure, and easy-to-use banking experience for digitally savvy Nigerians while helping people save more.
Industries
Fintech
Financial Services
Company Size
501-1,000
Company Stage
Late Stage VC
Total Funding
$106.6M
Headquarters
London, United Kingdom
Founded
2019
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Total Funding
$106.6M
Above
Industry Average
Funded Over
5 Rounds
Health Insurance
Life Insurance
Paid Holidays
Paid Vacation
Parental Leave
Training Programs
Professional Development Budget
Wellness Program
Hybrid Work Options
Casava, Kuda launch Merchant Protection for ₦75tn payment network. Casava and Kuda partner to launch Merchant and Device Protection, the first insurance product for POS merchants, protecting Nigeria's ₦75tn payment network. Market indices tracking In this post. Share with others: Market overview. Tracking the stocks, indices, and assets making major moves in the Nigerian market.
Kuda sparks backlash after sudden layoffs during video call despite improved financials. Kuda has also reported strong transaction volumes, processing over 300 million transactions worth ₦14.3 trillion ($9.3 billion), alongside issuing ₦16.4 billion in overdrafts, a 43% increase quarter-on-quarter. Kuda has sparked backlash after sudden layoffs during video call despite improved financials. NewsOnline Nigeria reports that Kuda is facing criticism after abruptly terminating the contracts of hundreds of employees during a company-wide video call, a move that has raised concerns about transparency and internal decision-making at the fast-growing fintech. On Wednesday, March 25, staff were invited to what appeared to be a routine meeting with senior executives. Before the call ended, many were informed that their roles had been cut as part of an ongoing restructuring, affecting multiple teams across the organisation. The development, first reported by TechCabal, has unsettled current and former employees, some of whom described the process as chaotic and poorly communicated. Several staff reportedly struggled to access the meeting link initially, only to join and receive termination notices shortly after. In a statement, Kuda defended the decision, describing it as part of a broader organisational realignment. The company said the layoffs were not driven by financial pressure or individual performance but followed a strategic review of its operations and long-term direction. "Kuda is evolving how the organisation is structured to support the next phase of our growth and scale," a spokesperson said, adding that the move aligns with industry benchmarks. However, insiders have questioned that narrative. Sources pointed to recent hiring decisions, including senior-level appointments, suggesting inconsistencies in the company's workforce planning. The impact was particularly severe within the marketing team, where nearly half of the unit; 19 out of 40 employees were affected, according to sources familiar with the situation. Internal documents indicate that the restructuring was aimed at aligning headcount with future priorities, but employees say the lack of prior communication and the manner of execution have damaged trust within the organisation. Affected workers have been offered severance packages tied to role and tenure, with some expecting up to seven months' pay. An enhanced exit option reportedly requires employees to sign legally binding agreements that limit their ability to pursue claims against the company. Strong numbers, tough decisions. The layoffs come despite a period of improving financial performance for Kuda. The fintech has significantly reduced its losses, narrowing from $35.11 million in 2023 to $5.83 million in 2024, while growing revenue from its Nigerian operations to ₦21.2 billion. The company has also reported strong usage metrics, processing over 300 million transactions worth ₦14.3 trillion and expanding its lending footprint. CEO Babs Ogundeyi has previously highlighted improving margins and operational efficiency, making the timing of the layoffs a point of contention among observers. Kuda, which expanded into the UK in 2022 and raised $20 million in 2024 at a $500 million valuation, now finds itself navigating reputational fallout even as it pushes toward long-term profitability. For many in Nigeria's fintech ecosystem, the episode underscores a growing tension: as startups mature and chase efficiency, the human cost of rapid restructuring is becoming harder to ignore.
Kuda wins top recognition at 2025 GRC & fincrime prevention awards. Kuda Microfinance Bank (Kuda MFB) has been honoured with the Organisational Excellence in Financial Crime Prevention (Microfinance Bank) award at the 2025 GRC & Financial Crime Prevention Summit & Awards, held at the Lagos Marriott Hotel on November 7, 2025. The award recognises Kuda's outstanding commitment to governance, risk management, compliance, and financial crime prevention. The annual summit, now in its sixth year, brought together regulators, compliance professionals, fintech innovators, policymakers, and industry leaders from across Africa. Delegates explored emerging trends in financial crime risks, ESG accountability, digital trust, and cross-border regulatory cooperation. The event celebrated institutions and individuals who have made a measurable impact in advancing governance, risk management, and financial crime prevention. "Winning this award is a strong validation of the work that our teams do every day," said Rasaq Kadri, Head of Compliance, Kuda Microfinance Bank. "We're building a secure, trusted banking environment for our customers while upholding the highest standards of governance and integrity. This recognition inspires us to keep strengthening our financial crime prevention measures." According to the organisers, the awards celebrate institutions that elevate governance, risk management, and financial crime prevention standards, recognising those driving meaningful transformation across industries. Through AI-powered monitoring, strong anti-fraud systems, and continuous staff training, Kuda has strengthened customer trust and enhanced the security of its services. The Summit and Awards provide a leading platform for organisations to share insights, showcase innovative practices, and recognise excellence in governance, risk, compliance, and financial crime prevention. The 2025 edition convened industry leaders and regulators to explore practical solutions and emerging trends shaping Africa's economic ecosystem.
Kuda partners with Lagos Food Bank to fight hunger in Makoko. As part of its ongoing commitment to community development and the United Nations Sustainable Development Goal (SDG) 2, Zero Hunger, Kuda partnered with the Lagos Food Bank Initiative to deliver much-needed food support to residents of Makoko, one of Lagos' most underserved communities. On Saturday, October 18, 2025, the digital bank distributed two hundred food boxes to families in the waterfront community, with close to a hundred Kuda staff volunteering to take part in the outreach. Kuda's presence in Makoko focuses on driving impact through partnerships that address critical social issues. Addressing volunteers and residents during the outreach, Emmanuel Femi-Adejobi, Kuda's Senior Brand Manager, expressed gratitude to the Lagos Food Bank Initiative for the partnership and reaffirmed Kuda's commitment to tackling hunger and improving livelihoods. "First of all, I want to thank the Lagos Food Bank for partnering with us on this initiative. It is something we are committed to. We believe in advancing the Sustainable Development Goals (SDGs), and SDG 2, which is Zero Hunger, is a very big part of our focus. I also want to thank all the Kuda staff here. You took time out of your busy schedules to volunteer today. This shows our commitment to community development and giving back to our community," Femi-Adejobi said. "Kuda is not just making financial services accessible and rewarding for our customers; we care about the overall well-being of both our customers and Nigerians at large. We will continue in our efforts to advance zero hunger," he added. The Executive Director of the Lagos Food Bank Initiative, Michael Sunbola, also highlighted the significance of Kuda's continued support, recalling the digital bank's contributions during the COVID-19 pandemic. "In 2020, during COVID, this very important partner, Kuda, rose to the occasion and raised funds staff to support our work. We were able to reach a lot of people through that partnership. And here we are again with the same commitment to community development and corporate social responsibility. We appreciate Kuda and all the work they do. Thank you for coming out in your numbers to be a part of this outreach." The outreach was marked by gratitude and celebration as residents received their food boxes, with many expressing appreciation for the gesture. According to the World Food Programme (WFP), about 30.6 million Nigerians are currently facing acute food insecurity, while 37 per cent of the population lives below the poverty line. Similarly, the 2025 Global Hunger Index ranks Nigeria 115th out of 123 countries, with a score of 32.8, indicating a serious level of hunger. These figures underscore the growing need for sustained private sector involvement in tackling hunger and poverty. Through partnerships like this, Kuda continues to demonstrate its belief in using business as a force for good, extending its impact beyond financial inclusion to improving the overall quality of life for Nigerians.
Kuda highlights human-centred innovation at first Customer Experience conference. Kuda hosted its first-ever Customer Experience (CX) Conference on Thursday, October 9, at The Zone, Lagos, creating a dynamic space for professionals in fintech and banking to explore the intersection of empathy, technology, and culture in customer experience. Themed 'Building a CX-Driven Culture: Its Shared Mission', the conference featured thought-provoking conversations, practical insights, and honest reflections on the role of human connection in an increasingly automated world. Delivering a keynote address titled 'The Empathy Imperative: Why Human Connection is Its Greatest CX Advantage', Adaeze Nwachukwu, Head of Customer Experience at Raenest, urged the audience to see empathy as more than a soft skill, describing it as "a strategic edge that shapes how we design experiences, solve problems, and treat one another." "Empathy isn't optional anymore," she said. "We can automate processes, but we can't automate how people feel. Customers may forget what you did for them, but they'll always remember how you made them feel." The highlight of the event was an address by Kuda's VP of Operations, Ovie Adasen, who reframed customer experience as a lifestyle business. "Behind every transaction is a human trying to live," he said. "We're not just in the business of processing payments; we're in the business of enabling life. When we understand that, empathy and innovation stop being buzzwords and start becoming how we work." Adasen also highlighted key shifts defining modern CX: Moving from transactions to relationships, from speed to personalisation, and from service to memorable experiences. He emphasised that "customer experience is everyone's responsibility, from compliance to product, to risk and operations." Kuda's Group CEO, Babs Ogundeyi, who made a surprise appearance, praised the CX team and highlighted the irreplaceable role of people in tech-led businesses. "Machines don't have a soul," he said. "They can't pull at your heartstrings, humans can. That's why customer experience will always belong to people, no matter how advanced technology gets." The event also featured a panel discussion, 'AI and the Future of Customer Experience', during which industry leaders explored ways for empathy and data to coexist in the age of automation. Panellists agreed that while AI improves speed and efficiency, a genuine human connection remains the cornerstone of lasting customer relationships.
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Industries
Fintech
Financial Services
Company Size
501-1,000
Company Stage
Late Stage VC
Total Funding
$106.6M
Headquarters
London, United Kingdom
Founded
2019
Find jobs on Simplify and start your career today