Kuda Bank, a United Kingdom fintech company has added new feature to their services.
Kudi bank started operations in Nigeria in 2016 as kudi money, and in 2021 Kuda raised a $55m Series B funding round led by Valar Ventures and Target Global which was valued at a $500m valuation,
Kuda Having raised this funding, Kuda is now expanding its operations in Africa.
Kuda secured central bank of Nigeria license in 2019,and is operating as a micro finance bank in Nigria.
in 2021,it was reported that Kuda bank lost over 6 billion naira, this is due to its no bank charges for transfers within the bank. the bank for the free strategy actually brought a lot of losses, as Kuda seeks to penetrate the market..
PROBLEMS KUDA IS SOLVING IN UK FOR AFRICANS
Kuda bank is revolutionizing its banking activities, before now Africans in Uk have the big hurdle of sending money to their respective African countries.
This hurdle comes in the form of charges and the rate attracted by transfer,setting up accounts etc. according to kuda co-founder Mr.Babs Ogundeyi.
“Africans in the UK are faced with barrier after barrier when it comes to financial services – from challenges setting up accounts to prohibitive and inconsistent fees on meaningful transfers,” said Kuda CEO and co-founder Babs Ogundeyi.
As a result, Uk based Nigerians are forced to limit each transfer to a few hundred dollars, just to avoid the extra huge charges, for example Nigerians pay 8% to send money from uk to Nigeria ,but with kuda new remittance feature, Nigerians can now send up to 10,000 pounds with just 3 pounds flat fee.
The new remittance features available now in kuda ios, andriod and web applications, and more African countries are expected to be added.
Kuda bank is massively growing its services and aims to use technology make life simplier.