Kuda Acquires 4.6 Million Customers, Plans Expansion To UK, Ghana

Nigerian Fintech company, Kuda Technologies, has announced this new feat of securing 4.6 million customers within three years of operations. The company also revealed that it is taking strategic steps towards extending its banking operations to Uganda, Ghana and the United Kingdom immediately after it gains regulators’ approval.

This information was confirmed directly by Kuda’s Chief Executive Officer and Co-founder, Babs Ogundeyi, during a press conference in Lagos, Nigeria.

Babs revealed that his company targets the UK as its next market, while it plans its developing launch in Uganda and Ghana in the coming months.

The company is expecting the conclusion of the regulation soon, so it can go live in targeted countries.

In Babs’s direct statement, “We are building a brand. We’re building financial services for all Africans, and our three pillars are availability, accessibility, 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.”

Talking about the company’s dream to be accessible in all counties, Babs said “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 fielding questions about credit products at the conference, Babb noted that the fintech company is tuning down on loan and overdraft disbursement while it continues to gather more knowledge and gain more experience dealing with Nigerian clients.

On a final note, Babs said, “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.”