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Kuda Bank Acquires over 4.6m Customers, Reveals Expansion Plans to UK, Ghana

Nigerian digital microfinance bank Kuda said on Tuesday that it has acquired more than 4.6 million customers in just three years of operations. And strategic plans are also in top gear to extend banking operations to the United Kingdom, Ghana, and Uganda as soon as regulators give their approval.

The Chief Executive Officer and Co-founder, Babs Ogundeyi confirmed these developments in a press conference in Lagos.

According to Babs, the UK is Kuda’s next market launch, while plans are ongoing to launch in Ghana and Uganda within the next few months.

He said as soon as the regulatory process is concluded within a short timeframe, Kuda will go live in those countries.

“We are building a brand. We’re building financial services for all Africans, and our three pillars are availability, accessility, and affordability.

“So, when we started that journey in Nigeria, it came with lots of lessons. Now, we’re looking to expand that offering across different countries, not just in Africa because Africans are everywhere. So also in the West, in the UK, in Europe.

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“The dream is to have a Kuda in every corner of the world. I think that’s very possible. Again, leveraging technology is what we need to make the dream come to reality.

“And I’m super encouraged by it and the strides that we’ve made in Nigeria in the last three years.”

When Kuda first launched, its business strategy was centered on offering banking services to customers who also have accounts with big banks. Kuda Bank is the pioneer of Africa’s Neobanks/fintech generation by offering banking services that let consumers conduct all of their transactions without having to visit a physical office.

Kuda Bank raised $25 million in March 2021 as a result of the increase in investor trust brought on by its progress. Based on contemporary procedures and infrastructure, Kuda Bank has always offered distinctive banking services. Existing products are modified as new ones are developed to keep up with the constantly evolving fintech market trends.

Responding to questions on credit products, Babs said Kuda has slowed down its aggressiveness in giving loans and overdrafts as it continues to learn and gather experience dealing with Nigerian customers.

“Credit remains important to us as a bank, but we are becoming more cautious in that product segment. We still give loans but not as before.”

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Written by PH

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