Nigerian neobank Kuda Technologies has disclosed it processed over 300 million transactions worth ₦14.3 trillion across both its retail and business banking arms in the first quarter of 2025.
Kuda CEO Babs Ogundeyi shared the numbers during a media parley held in Lagos on Monday, July 7, 2025. According to him, ₦8.5 trillion was processed under retail banking, while business users accounted for ₦5.8 trillion.
This is the most detailed operational update the startup has ever disclosed aside from its group financial statements. While Kuda has previously shared customer growth numbers — over 7 million users as of January 2024 — this is the first time it is revealing financial metrics. As of then, it had processed ₦55.8 trillion in total transactions since launching in 2019.
Kuda also disclosed that it issued ₦16.4 billion in overdrafts, meaning it is on track to surpass its entire overdraft issuance for 2023 when Q2 results roll in. That year, it gave out $12.6 million (now equivalent to ₦19 billion at today’s exchange rate). It also paid out ₦130 million in interest to users in Q1.
Transfers, which are mostly free on Kuda’s app, continued to drive user activity. Business banking clients alone were responsible for ₦1.5 trillion in transfers. Interestingly, the startup recorded more paid transfers than free ones, a signal that transfers remain the most preferred payment method among Nigerian users, even when they come at a cost.
With over 300 million transactions already in Q1, the startup appears on track to hit or exceed 1.2 billion transactions by year-end. For comparison, PalmPay reportedly does 15 million transactions daily and serves 35 million registered users, putting it at around 5.4 billion transactions annually. Meanwhile, OPay is said to have over 50 million users.
Kuda is one of the early pioneers of the neobanking model in Nigeria and now competes directly with the likes of OPay, PalmPay, and Moniepoint. While all three have leaned heavily on mobile money and agent networks, Kuda has remained app-first, offering retail banking and credit from a fully digital interface.
Also in Q1, Kuda relaunched its multicurrency wallet, a move that positions it for relevance in the increasingly competitive remittance space. The wallet allows users to hold and move money in more than one currency.
Currently, it supports pounds and euros, with plans to integrate US and Canadian dollars over the next six months. The feature, for now, is only available to users outside Nigeria.
According to Nosakhare Oyegun, VP, Product Innovation and Strategy, the product was launched in response to changing user behaviour. According to him, many of Kuda’s customers have relocated from Nigeria in recent years but continue to send money to their Kuda accounts, likely to cover personal expenses or obligations back home.
While it is a remittance play, Ogundeyi was quick to clarify that the multicurrency wallet is less about chasing a new market and more about offering value to existing users, especially those who would otherwise have to juggle multiple apps to complete their financial needs.
