Nigerian neobank Kuda Technologies made waves in the financial sector by revealing its impressive performance in the first quarter of 2025. The CEO, Babs Ogundeyi, proudly announced that the company processed over 300 million transactions amounting to a staggering ₦14.3 trillion across its retail and business banking divisions. These numbers were unveiled during a media briefing held in Lagos on July 7, 2025.
“This is a significant milestone for us,”
Ogundeyi remarked as he detailed how ₦8.5 trillion flowed through their retail banking services while business clients accounted for ₦5.8 trillion of the total transactions. This disclosure marked a departure from their usual updates focused on customer growth figures; as of January 2024, they boasted over 7 million users but had never before shared detailed financial metrics.
The company’s relentless innovation was evident as they also disclosed issuing ₦16.4 billion worth of overdrafts, signaling a trajectory to surpass their entire issuance for the previous year by a substantial margin. Moreover, Kuda paid out ₦130 million in interest to users during Q1 alone.
It wasn’t just about numbers; Kuda’s impact extended beyond mere transactions. As part of their efforts to enhance user experience and cater to evolving needs, they reintroduced their multicurrency wallet feature in Q1. This strategic move aimed at solidifying their position in the competitive remittance landscape by empowering users to manage funds across various currencies conveniently.
Nosakhare Oyegun, VP of Product Innovation and Strategy at Kuda Technologies shed light on this development, explaining how changing user behaviors prompted the launch of the multicurrency wallet feature. He highlighted that many customers had relocated from Nigeria but still needed to send money back home for personal expenses or obligations—a gap that Kuda sought to fill seamlessly.
Ogundeyi emphasized that the focus was not merely on tapping into new markets but primarily on enriching the user experience for existing customers who would benefit from an all-in-one solution without resorting to multiple apps for their financial needs.
Kuda’s commitment to digital excellence has positioned them as pioneers in Nigeria’s neobanking sphere—competing head-to-head with industry giants like OPay, PalmPay, and Moniepoint. Although these players have leveraged mobile money and agent networks extensively, Kuda stands out for its app-first approach offering comprehensive retail banking services and credit entirely through a digital platform.
As transfers continued to be a driving force behind user engagement—especially with business clients responsible for moving ₦1.5 trillion—it became evident that seamless payment solutions remained paramount among Nigerian consumers even when incurring minimal costs.
With an impressive track record already set with over 300 million transactions completed in Q1 alone, Kuda seemed poised to achieve or even surpass an ambitious target of 1.2 billion transactions by year-end—an indicator of sustained growth and market relevance amidst stiff competition within the fintech landscape.
In conclusion, Kuda Technologies’ remarkable performance underscored not only robust transaction figures but also a strategic vision geared towards enhancing user experiences and staying ahead of industry trends—a testament to its resilience and adaptability in shaping Nigeria’s digital banking landscape.
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