Kuda Technologies, the digital-led challenger bank for Africa said that its Nigeria subsidiary – Kuda Microfinance Bank – has acquired over one million customers.
To mark the milestone, Kuda Chief Executive Officer, Babs Ogundeyi, and Chief Technical officer, Musty Mustapha, presented the bank’s 1-millionth customer, Mr. Abiola Jewoola, a gift of N1 million at its Lagos office.
The London-headquartered startup, which launched in Nigeria in 2019 and operates under a microfinance banking licence from the Central Bank of Nigeria, CBN, has witnessed significant growth since the beginning of the COVID-19 pandemic having firmly positioned itself as a safe alternative to brick-and-mortar banks at a time when the significant risk of infection has made visiting banking halls a challenging experience.
Not only is Kuda’s strong digital offering appealing to Nigerian millennials, many of whom are inseparable from their connected smartphones, the bank’s proposition of zero fees on cards, account maintenance and transfers has helped it make headway in Nigeria’s highly competitive retail banking market which is dominated by traditional incumbents.
“Our growth in Nigeria is remarkable no doubt but more importantly, it is an indication of what we can achieve in other markets across the world,” said Babs Ogundeyi.