Kuda Microfinance Bank grows 1 million customers

Kuda Technologies, the digital-led challenger bank for Africa, has announced that its Nigeria subsidiary – Kuda Microfinance Bank – has acquired over one million customers.

The challenger bank for Africa has gained significant traction since its beta launch in September 2019.

To mark the milestone, Kuda CEO, Babs Ogundeyi and CTO, Musty Mustapha presented the bank’s one-millionth customer, Abiola Jewoola, a gift of one million naira at its Lagos office.

The London-headquartered start-up, which launched in Nigeria in 2019 and operates under a microfinance banking license from the Central Bank of Nigeria, has witnessed significant growth since the beginning of the COVID-19 pandemic having positioned itself as a safe alternative to brick-and-mortar banks at a time the risk of infection has made visiting banking halls a challenging experience.

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Not only is Kuda’s strong digital offering appealing to Nigerian millennials, many of whom are inseparable from their smartphones, the bank’s proposition of zero fees on cards, account maintenance, and transfers have helped it make headway in Nigeria’s highly competitive retail banking market which is dominated by traditional incumbents.

Kuda is set on reaching all Africans on the planet, the core target of its mission to make banking services affordable, accessible, and rewarding.

“Our growth in Nigeria is remarkable no doubt but more importantly, it is an indication of what we can achieve in other markets across the world,” said Babs Ogundeyi.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.