Nigeria's leading finance and market intelligence news report.

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.

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.

Get real time updates directly on you device, subscribe now.