Kuda Bank—a neobank in Nigeria popularly known as "bank of the free"—has announced the launched of multi-currency wallet within its banking App, allowing users living abroad to send pounds (GBP) and euros (EUR) to Nigeria.
The development is part of the bank's plan of boosting its global growth and recognition. According to the Chief Executive Officer Babs Ogundeyi, the multi-cuureny wallet was launched for the purpose of retaining its customers who are relocating abroad.
Kuda Bank has over 7 million users, and the bank has been seeing rapid migration of its users to live or work abroad. This is the main reason the bank is entering the crowded remittance space. Babs Ogundeyi said serving our customers living abroad is “inevitable” amid a rise in freelancers and digital nomads.
Currently, the Kuda's Multi-cuureny wallet is featuring the Great British Pound (GBP) and European Union (EUR). Meanwhile, the bank has plans to add the United States Dollar (USD) and Canadian Dollar (CAD) in the nearest future.
It's also important to note that why the wallet can be used to send GBP and EUR within the app, Nigerians cannot use the wallet to send money to the UK or any European countries. This means that the Kuda's Multi-cuureny wallet can only be used to carryout inward remittance payments.
This launch of multi-currency features within the Kuda app is making the bank to head-to-head with existing players like Lemfi and Moniepoint's Monieworld.
Nosa Oyegun, Kuda’s VP for Business Banking, said they’re excited about the move, noting that while the remittance space is competitive, it simplifies things for users tired of juggling multiple apps just to complete a single transfer.
This expansion into remittances comes as Kuda Bank tries to grow its business while also aiming for profitability. Though the company’s parent group faced a $40 million loss against $32 million in revenue last year, Ogundeyi mentioned that their Nigerian business remains profitable, earning over ₦6 billion (about $4.1 million) in the first quarter of 2025.
