Kuda is looking to tap its multicurrency product currently in the works to bridge diaspora remittances.
The product will allow users to hold, fund, and convert between five currencies: USD, GBP, EUR, NGN, and CAD, within a single wallet on the Kuda app.
“People don’t live in just one country anymore. Africans are global, and their money should move as easily as they do,” Nosa Oyegun, senior vice president, business banking at Kuda, stated during a recent media parley to unveil the product.
He also disclosed that the product is already live on Android for eligible users outside Nigeria and will begin rolling out on iOS.
According to him, the wallet signals a bold step in Kuda’s strategy to serve the millions of Africans who live, work, and travel across borders.
“We’ve been intentional about not creating a separate app for this. It’s part of the core Kuda experience — you sign in to the same app, open a foreign currency balance, convert it when you need to, and spend or send like you always have.”
According to Oyegun, the goal is not to just enable conversion, but to simplify life. He disclosed that users abroad will be able to send money home and spend from the same wallet when they visit, without needing to jump between multiple apps or platforms.
“In 2024 alone, over ₦100 billion came into Kuda accounts from LemFi. That tells us our customers are already living this cross-border reality, and this wallet is simply our first step in recognising and supporting that,” he stated.
Oyegun emphasised that the wallet will not only serve the needs of potential customers but will also retain customers who have moved abroad, not to replace their experience, but extend it.
“These users haven’t churned. They’ve just changed countries. We want to keep serving them.”
He stated that Kuda is joining a growing list of African fintechs building for cross-border realities with its multi currencies wallet.
Oyegun also shared Kuda’s Q1 2025 results, highlighting strong momentum across its core products, with ₦8.4 trillion in total transaction volume and ₦453 billion in savings deposits.
“This scale reflects the trust customers have placed in Kuda’s simple, digital-first approach to money. The multicurrency wallet is a natural next step, extending that same experience to Africans navigating life and money across borders,” Oyegun stated.
