Kuda Technologies, the Lagos‑based neobank, has finally rolled out its long‑awaited cross‑border remittance service—three years after shelving its initial plans. Now, Nigerians abroad can send funds directly to bank accounts back home via Kuda’s new multi‑currency wallet, designed to hold and transfer funds in major currencies.
According to a statement from founder and CEO Babs Ogundeyi, the wallet supports USD, GBP, EUR, and CAD balances—enabling Nigerians in Canada, the UK, and elsewhere to fund their Kuda wallets and remit money back to Nigeria with transparency, speed, and low costs.
This relaunch comes after Kuda secured payment licences in Canada and Tanzania in March 2024—following an earlier move into the UK market in 2022. While a flat‑fee, subscription plan was launched in the UK, it was later discontinued due to low demand
With fresh licences in place, the neobank is steering away from subscription models and instead offering wallet‑to‑account transfers, aligning services to diaspora needs in Canada, Tanzania, and beyond.
Industry watchers note that the African remittance market is booming—Nigeria received billions from its diaspora in 2023 alone—making Kuda’s broader foreign‑exchange reach a strategic play. By enabling Nigerians abroad to hold funds in foreign currencies before converting and sending across, Kuda seeks to optimise FX flows for both sender and recipient.
Ogundeyi emphasised at a tech conference in Toronto that Kuda’s goal is clear: “to offer Africans living abroad a simple, transparent and cost‑effective way to send money home… improving their financial well‑being and strengthening their connections to their countries of origin.”
As Kuda ramps up its global footprint, it now counts over five million users and has processed more than US$35 billion in transactions since launching in 2019
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With competition heating up from the likes of LemFi and Nala, both of which are targeting diaspora remittances, Kuda’s next moves—especially in pricing, speed, and customer experience—will be crucial.
For now, Nigerians across the globe can once again send support to loved ones back home—this time through Kuda’s wallet in multiple currencies, signalling a new chapter in diaspora‑driven fintech.