300 million+ transactions, ₦14.3 trillion naira. How Kuda performed in Q1 2025

Nigerian neobank Kuda Technologies has disclosed it processed implicit 300 cardinal transactions worthy ₦14.3 trillion crossed some its retail and concern banking arms successful the archetypal 4th of 2025.

Kuda CEO Babs Ogundeyi shared the numbers during a media parley held successful Lagos connected Monday, July 7, 2025. According to him, ₦8.5 trillion was processed nether retail banking, portion concern users accounted for ₦5.8 trillion.

This is the astir elaborate operational update the startup has ever disclosed speech from its radical fiscal statements. While Kuda has antecedently shared lawsuit maturation numbers — implicit 7 cardinal users arsenic of January 2024 — this is the archetypal clip it is revealing fiscal metrics. As of then, it had processed ₦55.8 trillion successful full transactions since launching successful 2019.

Kuda besides disclosed that it issued ₦16.4 cardinal successful overdrafts, meaning it is connected way to surpass its full overdraft issuance for 2023 erstwhile Q2 results rotation in. That year, it gave retired $12.6 million (now equivalent to ₦19 cardinal astatine today’s speech rate). It besides paid retired ₦130 cardinal successful involvement to users successful Q1.

Transfers, which are mostly escaped connected Kuda’s app, continued to thrust idiosyncratic activity. Business banking clients unsocial were liable for ₦1.5 trillion successful transfers. Interestingly, the startup recorded much paid transfers than escaped ones, a awesome that transfers stay the astir preferred outgo method among Nigerian users, adjacent erstwhile they travel astatine a cost.

With implicit 300 cardinal transactions already successful Q1, the startup appears connected way to deed oregon transcend 1.2 cardinal transactions by year-end. For comparison, PalmPay reportedly does 15 cardinal transactions regular and serves 35 cardinal registered users, putting it astatine astir 5.4 cardinal transactions annually. Meanwhile, OPay is said to person implicit 50 cardinal users.

Kuda is 1 of the aboriginal pioneers of the neobanking exemplary successful Nigeria and present competes straight with the likes of OPay, PalmPay, and Moniepoint. While each 3 person leaned heavy connected mobile wealth and agent networks, Kuda has remained app-first, offering retail banking and recognition from a afloat integer interface.

Also successful Q1, Kuda relaunched its multicurrency wallet, a determination that positions it for relevance successful the progressively competitory remittance space. The wallet allows users to clasp and determination wealth successful much than 1 currency.

Currently, it supports pounds and euros, with plans to integrate US and Canadian dollars over the adjacent six months. The feature, for now, is lone disposable to users extracurricular Nigeria.

According to Nosakhare Oyegun, VP, Product Innovation and Strategy, the merchandise was launched successful effect to changing idiosyncratic behaviour. According to him, galore of Kuda’s customers person relocated from Nigeria successful caller years but proceed to nonstop wealth to their Kuda accounts, apt to screen idiosyncratic expenses oregon obligations backmost home.

While it is simply a remittance play, Ogundeyi was speedy to clarify that the multicurrency wallet is little astir chasing a caller marketplace and much astir offering worth to existing users, particularly those who would different person to juggle aggregate apps to implicit their fiscal needs.