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Digital bank Kuda has launched a multicurrency wallet as part of its expansion strategy to serve Africans living, working, and travelling across borders.
The product, which is currently in testing, allows users to hold, fund, and convert between five major currencies—the United States Dollar, British Pound, Euro, Nigerian Naira, and Canadian Dollar—all within a single wallet on the Kuda app.
Speaking during a recent exclusive media parley in Lagos, Senior Vice President, Business Banking, Kuda, Nosa Oyegun, said the new wallet is designed to simplify the fragmented experience Africans face when managing money across different countries and currencies.
“People don’t live in just one country anymore. Africans are global, and their money should move as easily as they do,” Oyegun said.
According to him, the wallet is already available for eligible users outside Nigeria on Android devices, with an iOS rollout set to follow.
He explained that Kuda deliberately chose not to create a separate app for the wallet. Instead, it will remain integrated into the core Kuda experience, allowing customers to log in as usual, open foreign currency balances, convert funds when necessary, and spend or send money without switching platforms.
“In 2024 alone, over N100bn 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,” Oyegun said.
Beyond just currency conversion, Kuda’s aim is to provide users with a seamless financial tool that fits their lifestyle. The wallet will allow users abroad to send money home, convert currencies, and continue spending from the same account when they visit Nigeria, removing the need to juggle between different apps or financial services.
Throughout the session, Oyegun emphasised that the wallet also addresses customer retention. Rather than losing users who relocate abroad, Kuda intends to continue serving them as they transition to life in new countries.
“These users haven’t churned,” he said. “They’ve just changed countries. We want to keep serving them.”
The move places Kuda among a growing list of African fintech companies building products for cross-border use cases. However, Oyegun noted that Kuda’s ambition goes beyond currency exchange; it aims to become a financial partner for Africans wherever they are.
Kuda’s first-quarter 2025 performance, shared during the briefing, reflects the bank’s growth trajectory. The company processed N8.4tn in total transaction volume and recorded N453bn in savings deposits, reinforcing customer trust in its digital-first approach.
