Kuda, the money app for Africans is launching in the UK as part of a major global expansion drive, following a total investment of over US$90 million.
In a statement by the company, the launch will among other things, enable hundreds of thousands of UK-based Nigerians to combat high remittance costs on large transfers which currently average out at eight percent¹ – significantly short of the UN Sustainable Development Goal target of three per cent.
‘‘The businesses’ vision is to give all Africans globally access to friction-free and affordable financial services, connecting the diaspora with Africa and increasing financial inclusion. Kuda is entering the UK market (through its UK-based subsidiary – Kuda EMI Limited) charging a flat fee of only £3 with a transfer limit of £10,000. With over £3 billion sent from the UK to Nigeria every year, Kuda is set to save UK Nigerians millions of pounds. Parent company Kuda Technologies Limited was founded in 2019 by two Nigerians, Babs Ogundeyi and Musty Mustapha. Its Nigerian business rapidly expanded to become the country’s number one money app, with nearly five million customers.