In a strategic relaunch that underscores its growing global ambitions, Nigerian neobank Kuda Technologies has re-entered the cross-border remittance market—this time with a multi-currency wallet built entirely in-house. This follows a blockbuster ₦14.3 trillion ($9.3 billion) in transaction volume during Q1 2025, placing the fintech in strong contention among Africa’s leading digital banking platforms.
Kuda’s new remittance product allows users outside Nigeria to send money directly to Nigerian bank accounts—an important pivot after its earlier attempt in 2021 fell short due to margin constraints and dependence on third-party providers. Now, by fully embedding remittance capabilities within its app, Kuda aims to streamline international money transfers and deepen user engagement.
“Our users abroad didn’t leave us,” said Nosakhare Oyegun, Kuda’s SVP of Business Banking. “They kept using the app, and now we’ve designed something that truly meets their needs.” Currently supporting GBP and EUR, the wallet will soon add USD and CAD, unlocking more corridors for Nigeria’s vast diaspora.
This move is timely. According to World Bank data, Nigeria’s remittance inflows jumped 8.9% to $20.9 billion in 2024, with IMTOs accounting for a staggering $4.73 billion, up 43.5% from the prior year. Amid reforms by the Central Bank of Nigeria to attract FX inflows, the remittance space is seeing heightened competition from startups like Lemfi, Nala, and Moniepoint, as well as incumbents like Western Union and WorldRemit.
Yet, Kuda’s edge lies in user behavior. With 300 million transactions processed in Q1 alone, and ₦16.4 billion ($10.7 million) in overdrafts issued (a 43% quarter-over-quarter growth), the app is not only sticky—it’s becoming essential. Remarkably, business accounts now contribute 40% of total transaction value, just two years after the vertical launched.
If this momentum holds, Kuda could close the year with ₦57.2 trillion ($37.2 billion) in transaction volume, surpassing its five-year cumulative record. The company also revealed a previously undisclosed $20 million raise at a $500 million valuation in 2024, showing investor confidence in its scalability.
In a space where convenience is king, Kuda’s “all-in-one” banking-plus-remittance strategy could redefine how African neobanks serve the global diaspora.
