• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Kuda Is Expanding To The UK With A Remittance Product Targeted At Nigerians In The Diaspora

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
November 10, 2022
in Uncategorised
Share on FacebookShare on Twitter

Nigerian digital bank Kuda is expanding to the UK with a remittance product targeted at Nigerians in the diaspora. Although Kuda is based in London, the startup operates in Nigeria. 

Since launching in 2019, Kuda has seen massive success. The company claims that it currently has up to 5 million users. Although it announced plans to expand into other African countries last year, specifically Ghana and Uganda,  it is yet to do so. The company describes its expansion into the UK as the onset of a global expansion drive.  

Founded by Babs Ogundeyi and Musty Mustapha, Kuda provides Africans (more like Nigerians) with financial services both within and outside Africa. These services are facilitated via its subsidiary, Kuda MFB Limited. Its other subsidiary, Kuda EMI Limited houses newly launched services, one of which is the new remittance product targeted at Nigerians in the UK. 

Currently, Nigeria is sub-Sahara’s biggest inbound remittance market. It is also one of the top 10 globally and is so big that it makes up about 4 percent of Nigeria’s GDP as of 2020. And although it is a big market, sending money to Nigeria from places like the US and the UK remains costly. 

Speaking on why Kuda made the move into the remittance space, Babs Ogundeyi, the startup’s CEO said that “I don’t necessarily think it’s crowded because obviously, there are still a lot of challenges in remitting money to Africa, especially to Nigeria, which is still expensive. But for us, it’s not just a remittance play. There’s a user experience, convenience, and price factor involved too.” 

He also added that Kuda will be taking on a different approach that will involve not charging fees. He said that Kuda is entering the UK by setting a flat fee of £3 with a transfer limit of £10,000. The startup expects most of the transactions that will take place on its platform to fall between £350 to £500, the CEO said. 

Kuda also intends to provide direct debits and local transfers to Nigerians in the UK in addition. Kuda will be relying on a third party, unlike its remittance product which might have been built in-house, to provide these services. Kuda will be relying on Modulr, an embedded payments platform for digital businesses to offer a mobile wallet, virtual and physical cards, local U.K. transfers, and direct debits.

“Ultimately, Kuda is building a one-stop shop for Africans, including other services outside remittance. And our plan is not just for Africa, but for Africans everywhere. The U.K. is the first of the ‘outside of Africa’ destinations. We plan to be in other African countries and expand the remittance services to customers there and the diaspora market,” CEO Babs Ogundeyi said on the expansion.

Related Posts:

  • Kuda-bank-Nigeria
    Kuda Is Expanding To The UK With A Remittance…
  • Kuda-bank-Nigeria.jpg
    The SBP Issues Kuda Bank FinTech License to Operate…
  • Kuda-Bank
    How Nigerian MFB, Kuda Suffered A ₦6 Billion Loss In 2021
  • Zazuu, An Africa-focused Fintech, Secures $2 Million In Funding To Scale Its Operations
    Zazuu, An Africa-focused Fintech, Secures $2 Million…
  • Maplerad, A Nigerian Banking-as-a-service Startup, Secures Seed Funding Of $6 Million In  A Round Led By Valar Ventures
    Maplerad, A Nigerian Banking-as-a-service Startup,…
  • Moniepoint
    MonieWorld - The Diaspora's Way of Getting Remittances
  • Nigerian Fintech NowNow Secures $13 Million In Seed…
  • Nigeria's Klasha Gets $2.1 Million In Additional Seed Funding To Scale Its Products For Cross-border Commerce In Africa
    Nigeria's Klasha Gets $2.1 Million In Additional…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Huawei Officially Launches HarmonyOS for PC May 10, 2025
    • Canada Nears Launch of Instant Payment Technology May 10, 2025
    • Threads Adds Dashboard for Post & Account Limits May 10, 2025
    • Many X Users are Experiencing Timeline Update Issues May 10, 2025
    • Legend Internet Launches Nigeria’s First Fibre-to-the-Room Service May 10, 2025
    • Over 300K Customers Leave 9mobile Over MTN Roaming Delay May 10, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (576) artificial intelligence (419) business (482) china (132) cryptocurrency (209) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (709) government (469) instagram (173) internet (467) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (836) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Huawei Officially Launches HarmonyOS for PC

    Huawei Officially Launches HarmonyOS for PC

    May 10, 2025
    Canada Nears Launch of Instant Payment Technology

    Canada Nears Launch of Instant Payment Technology

    May 10, 2025
    Advertisement Coming to Threads from Next Year

    Threads Adds Dashboard for Post & Account Limits

    May 10, 2025
    Many X Users are Experiencing Timeline Update Issues

    Many X Users are Experiencing Timeline Update Issues

    May 10, 2025
    Legend Internet Launches Nigeria’s First Fibre-to-the-Room Service

    Legend Internet Launches Nigeria’s First Fibre-to-the-Room Service

    May 10, 2025
    Over 300K Customers Leave 9mobile Over MTN Roaming Delay

    Over 300K Customers Leave 9mobile Over MTN Roaming Delay

    May 10, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok