Kuda Technologies, a leading Nigerian fintech company, has launched a multicurrency remittance wallet, marking its strategic entry into the competitive global remittance market. The feature, integrated into the Kuda app, allows diaspora users to send money to Nigeria in pounds and euros, with U.S. and Canadian dollars expected to follow.
The neobank’s move targets its fast-growing diaspora customer base, many of whom are relocating for work or study, according to CEO Babs Ogundeyi. “It’s inevitable,” he said, noting the rising number of freelancers and digital nomads among its seven million users.
By enabling cross-border payments directly within its ecosystem, Kuda aims to offer a more seamless alternative to juggling multiple apps for international transfers. “Remittance is a crowded space, but this is just convenient,” added Nosa Oyegun, Kuda’s VP for Business Banking.
While Kuda’s parent group reported a $40 million loss on $32 million revenue in 2023, its Nigerian operations remain profitable, generating over ₦6 billion ($4.1 million) in Q1 2025. The launch underscores Kuda’s dual strategy of global expansion and profitability amid rising demand for simplified fintech solutions.
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