Nigerian Bank Hits N55.8trn in Transaction Volume, Challenges Access, Zenith, Other Big Players

Nigerian Bank Hits N55.8trn in Transaction Volume, Challenges Access, Zenith, Other Big Players

  • One of Nigeria’s digital banks, Kuda Bank, said it has achieved a new milestone after four years of operation
  • The bank’s CEO, Babs Ogundeyi, noted that the bank had processed over N55 trillion in transactions since its inception
  • He said the bank wants to refocus its operations by offering a wide range of new services

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The CEO of Kuda Bank, Babs Ogudeyi, said in a New Year Message that the digital bank has processed about N55.8 trillion in transactions in the last four years.

Ogundeyi said the achievement comes as it serves millions of customers, underscoring the bank’s resilience against the economic challenges in 2023.

Kuda Bank, CBN
Kuda Bank founders, Babs Ogundeyi and Musty Mustapha Credit: Kuda Bank
Source: UGC

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Kuda Bank achieves new milestone to challenge big players

He thanked the bank’s customers for their trust during challenging times and acknowledged the nationwide cash scarcity and the financial strains of 2023.

BusinessDay reports that the bank operates under the microfinance scheme and is licensed by the Central Bank of Nigeria (CBN) with various services, including account opening, deposits, transactions, and credit access.

Kuda Bank now operates in the UK and Pakistan

The bank grew its portfolio by entering into cross-border payments and new markets.

Its international operations span into the UK and Pakistan after acquiring a license via the procurement of a digital banking license for the State Bank of Pakistan.

The bank’s CEO outlined Kuda’s focus on strengthening efforts on existing offerings such as Kuda Overdraft, Kuda PoS terminal, and Kuda Business.

“Kuda will be here to support you, and we will celebrate your progress every step of the way,” the CEO said.

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Kuda Bank shocks Access Bank, Zenith Bank, UBA, others with new customer milestone reported that the new bank and Nigeria’s flagship digital bank, Kuda Bank, have attained over six million customers in Nigeria.

The fintech firm has reached the growth trajectory via its strides in the Nigerian fintech space through disrupting marketing and improved banking application that competes favorably with conventional banks.

Despite complaints of regular downtime by its customers, who are mostly young, the bank remained resilient.


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