Kuda Bank, a Nigerian microfinance bank that offers convenient, fee-free digital banking services, has announced plans to expand to Tanzania and Canada, as part of a global rollout. This also follows after a successful 2025.
The company’s CEO, Babs Ogundeyi, announced the expansion in a new year’s message to customers, while assuring them of more reliable services.
Part of his message reads,
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“Behind the scenes, the Kuda Technologies team tested and refined our remittance product in preparation for public launches in countries like Canada and Tanzania, where we are licensed to operate. Last year’s progress has set us to do more for you in 2026, so you should look forward to more reliable services, more responsive support, and more rewards for using Kuda consistently”.
The expansion marks a significant shift for Kuda as it evolves from a Nigerian digital bank into a broader financial platform, serving regional and diaspora customers. Also, the decision to enter Tanzania and Canada represents a calculated and forward-looking move that aligns with broader trends in global remittances and the evolving needs of Africa’s diaspora.
Kuda Bank’s Standout Year in 2025
In 2025, Kuda Bank marked a series of significant milestones that underscored its growing influence in Africa’s fintech landscape. Building on its early investments in digital innovation and customer-centric products, Kuda strengthened its market position by driving transaction volumes, enhancing customer engagement, and advancing its service offerings.
Kuda in Numbers 2025
- N29 Trillion+ worth of transactions made.
- Over N656 billion saved.
- More than N125 billion worth of overdraft used.
- N2 billion+ worth of free transfers given.
- Over 1 billion transactions made.
- N797.6 million+ worth of interest paid on savings.
- More than 154.9 million bills paid.
Kuda’s performance in 2025 reflects more than just numerical achievements; it illustrates a fintech that is maturing strategically, diversifying its offerings, and strengthening its foothold across both retail and business segments.
Founded in 2019 by CEO Babs Ogundeyi and CTO Musty Mustapha, Kuda Bank began as a digital-first challenger aiming to reinvent banking for African consumers with a mobile-only platform that removes many traditional fees and barriers.
From modest beginnings with around 300,000 users in late 2020, Kuda quickly expanded its user base by offering free digital banking services tailored to everyday needs. It processed a dramatic increase in transaction volume, from $5.2 million to over $2 billion in one month in early 2021, underscoring the rapid adoption of its platform.
In the years following its launch, Kuda’s customer numbers surged. It hit 2 million users by late 2021, then climbed to 3 million in early 2022 and 4 million by mid-2022. By June 2023, Kuda had surpassed 6 million customers in Nigeria, reflecting strong organic growth as financial services increasingly moved into digital channels.
Kuda also expanded beyond Nigeria. It launched services in the United Kingdom in 2022, setting the stage for broader international reach, and continued building its technology stack around cross-border payments and multi-currency capabilities.
By 2025, Kuda’s growth was measurable not just in users but in transaction scale and product depth. Its journey from a lean startup to a multi-million-customer fintech reflects strategic product development, significant venture capital backing, and consistent user adoption across retail and business segments.
Notably, the bank’s recent planned expansion into Tanzania and Canada signals a new chapter in its evolution from a Nigerian digital bank to a global, platform-driven financial brand.