Kuda relaunches cross-border remittance with multi-currency wallet
Three years after putting its initial remittance initiatives on hold, Nigerian digital bank Kuda Technologies has reintroduced its cross-border payment service through a new multi-currency wallet, enabling users outside Nigeria to send money directly to Nigerian bank accounts.During a press conference on Monday, Kuda’s CEO Babs Ogundeyi and Senior VP of Business Banking Nosakhare Oyegun explained that the feature was developed entirely in-house and aims to enhance the remittance experience for Kuda’s users in the diaspora.
“The first attempt wasn’t successful,” Oyegun acknowledged. “But we have learned from that.”
The wallet currently accommodates British pounds and euros, with plans to include U.S. and Canadian dollars within the next six months. Due to regulatory limitations, users based in Nigeria will not be able to access this feature for now, as microfinance banks are prohibited from handling foreign transactions.
Kuda’s renewed focus on remittances comes after realizing that many Nigerians living abroad continued to utilize the Kuda app for managing money or receiving funds during their visits home. The upgraded wallet aims to eliminate the need for multiple apps and intermediaries, which previously made money transfers cumbersome and costly.
Kuda enters a competitive landscape that includes players like Lemfi, Nala, Moniepoint, Western Union, and WorldRemit. Nigeria’s personal remittance market increased by 8.9% to $20.9 billion in 2024, with inflows from International Money Transfer Operators surging 43.5% year-over-year.
Ogundeyi also disclosed that Kuda secured $20 million in 2024, achieving a valuation of $500 million. In the first quarter of 2025, the neobank processed ₦14.3 trillion ($9.3 billion) in transactions, with business banking accounting for 40% of the total value. Kuda issued ₦16.4 billion ($10.7 million) in overdrafts and anticipates finishing the year with over ₦57 trillion in processed volume if the current growth trajectory continues.
“Remittance is a fiercely competitive market,” Oyegun remarked, “but our emphasis is on convenience. That’s our strength.”
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