Kuda Hits New Record, Introduces Loans for Salary Earners to Compete With GTBank, Zenith, Others
- Kuda Bank has announced it reached the milestone of a new record of 7 million total customers
- The bank’s CEO explained how the bank became a lifesaver to many during the cash crunch period
- He disclosed that the company is introducing better services, such as new credit features that include loans for salary earners
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Kuda Microfinance Bank is celebrating hitting a new record of 7 million in total number of customers.
The Nigerian neo-banking app announced that its total transaction value hit N55.8 trillion since it started operations in 2019.
Source: UGC
In addition, it also said it is unravelling many new packages for its customers, including new salary loans and others.
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Babs Ogundeyi, the Group CEO of Kuda Bank, disclosed this in his message to customers as he reflected on 2023 events and gave his outlook for the new year.
Reflecting on 2023
Ogundeyi admitted that the past year wasn’t rosy for many Nigerians and businesses who had to navigate through the period of cash crunch and financial struggles in the country.
He admitted that the heat was also felt by a Kuda, adding that the bank scaled through the murky water.
He said:
"At Kuda, we felt the same pressures that other businesses felt throughout the year but where many sank, we were able to stay afloat thanks to financial discipline and people like you who continue to trust us with their money."
New products in 2024
He said the Kuda Business has become even more useful for Nigerian entrepreneurs serving as lifesavers during the cash crunch.
He said the bank had created a solid foundation for the much bigger steps in 2024, which include new credit features, loans for salary earners, and other services.
He said:
“This year, you can look forward to an all-round better Kuda. We have upgraded the technology that powers our services, made concrete plans to speed up the responsiveness of our customer support teams, and lined up new credit features including loans for salary earners and an improved version of Kuda Overdraft that will give you instant access to money when you need it.
“Businesses are not left out of our plans. To help entrepreneurs earn the revenue they need to keep running, everyone who signs up for a full Kuda Business account can now apply for a Kuda POS terminal with flexible payment options. We successfully piloted the terminals at several trade fairs in Lagos, so we are confident that they will make a difference to SMEs across the country.”
Kuda Bank shocks Access Bank, Zenith Bank, UBA, others with new customer base
Legit.ng reported that Nigeria’s flagship digital bank, Kuda Bank, has attained over six million customers in Nigeria.
The fintech firm has reached a growth trajectory via its strides in the Nigerian fintech space through disrupting marketing and improving banking applications that compete favourably with conventional banks.
Despite complaints of regular downtime by its customers, who are mostly young, the bank remained resilient.
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Source: Legit.ng
