Nigerian fintech company Kuda Bank, has reportedly laid off hundreds of employees across multiple departments as part of a major operational restructuring.
The job cuts were announced during a company-wide video call on Wednesday, March 25, 2026. Employees were invited to join senior executives, only to be informed before the meeting ended that their contracts had been terminated.
According to multiple reports, the layoffs affected various teams, with the marketing department taking a major hit, with nearly half of its staff (19 out of 40 employees) laid off. Other core units were also impacted, though the exact total number remains unconfirmed, with sources describing it as “hundreds.”
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Speaking on the layoff, Kuda executives emphasized that the restructuring was not due to poor financial performance or individual underperformance. Instead, it stems from a strategic review aimed at repositioning the digital bank for its “next phase of growth” and aligning operations with evolving industry priorities.
“Kuda is evolving how the organisation is structured to support the next phase of our growth and scale. This is not a decision driven by financial pressure, but part of the natural evolution of a company at our stage, aligning with industry benchmarks”, a spokesperson said.
The company has reportedly offered affected staff severance packages with some receiving up to 7 months’ pay along with transition support. However, receiving the full package requires signing a settlement agreement that includes waiving future claims against the bank.
This is not the first round of layoffs at Kuda. Recall that in 2022, the fintech laid off less than 5% of its 450-strong workforce, citing global economic headwind. Also in 2024, the company cut around 117 jobs.
Analysts see the latest job cuts as part of a maturing phase in Nigeria’s fintech industry, where rapid post-funding expansion is giving way to efficiency drives and cost optimization amid macroeconomic headwinds.
Many of the affected employees are expected to leverage their skills in other tech, banking, or startup roles, though the timing adds pressure in a competitive job market. Kuda has not issued a detailed public statement beyond internal communications, but sources close to the company maintain confidence in its long-term stability and growth trajectory.
Cost containment was the primary driver of the improved bottom line. Other operating expenses fell 61 percent to $17.12 million, while staff costs dropped 46 percent to $6.31 million, underscoring a leaner operating structure following workforce reductions and tighter spending controls.
The cost discipline helped offset the impact of Nigeria’s currency devaluation on Kuda’s dollar-denominated financials. While revenue at the Nigerian subsidiary nearly doubled in naira terms to N21.2 billion, group revenue declined 15 percent in dollar terms to $18.34 million from $21.61 million in 2023. Management attributed the drop to the sharp weakening of the naira, which eroded the value of local earnings when consolidated at the group level.
Kuda maintains that the recent restructuring is aimed at driving future growth. However, within the organization, the abrupt layoffs have left many employees uncertain and grappling with what lies ahead.