Kuda Technologies Processed Over 300 Million Transactions in Q1 2025

Kuda Technologies processed over 300 million transactions in Q1 2025, marking a major milestone for the Nigerian neobank. This impressive figure was announced by Kuda CEO Babs Ogundeyi during a media event in Lagos on July 7, 2025. The transactions, which spanned both retail and business banking, were valued at a total of ₦14.3 trillion for just the first quarter of the year.

Breaking down the numbers, ₦8.5 trillion came from retail banking customers, while business banking users contributed ₦5.8 trillion. This update is the most detailed operational report Kuda Technologies has ever shared, going beyond its usual customer growth numbers. Previously, the company had only revealed that it had over 7 million users as of January 2024. Since its launch in 2019, Kuda Technologies has processed a total of ₦55.8 trillion in transactions, showing steady and significant growth.

Kuda Technologies processed over 300 million transactions in 2025, and these numbers show the company’s growing influence in Nigeria’s digital banking space. The bank’s CEO, Babs Ogundeyi, also revealed that Kuda issued ₦16.4 billion in overdrafts during Q1. This puts the company on track to surpass its entire overdraft issuance for 2023, which was $12.6 million (now about ₦19 billion). In addition, Kuda paid out ₦130 million in interest to its users in the first quarter, further highlighting its commitment to rewarding customers.

Kuda Technologies processed over 300 million transactions in Q1

Transfers remain a key part of Kuda’s business. Most transfers on the Kuda app are free, which has helped drive user activity. Business banking clients alone were responsible for ₦1.5 trillion in transfers. Interestingly, Kuda Technologies recorded more paid transfers than free ones, showing that Nigerians still prefer transfers as their main payment method, even when there’s a fee involved.

With Kuda Technologies having processed over 300 million transactions in Q1, the company is on course to reach or even exceed 1.2 billion transactions by the end of 2025. For context, PalmPay, a major competitor, reportedly handles 15 million transactions daily and serves 35 million registered users, which amounts to about 5.4 billion transactions a year. OPay, another competitor, is said to have over 50 million users. Kuda’s numbers show that it is holding its own among these giants, especially as it continues to focus on its app-first, fully digital approach, unlike others who rely more on mobile money and agent networks.

Another important development for Kuda Technologies in 2025 is the relaunch of its multicurrency wallet. This feature allows users to hold and move money in more than one currency, making it easier for Nigerians living abroad to send money back home. Currently, the wallet supports pounds and euros, with plans to add US and Canadian dollars in the next six months. For now, this feature is only available to users outside Nigeria.

Kuda’s Vice President of Product Innovation and Strategy, Nosakhare Oyegun, explained that the multicurrency wallet was launched in response to changing user behavior. Many of Kuda’s customers have moved abroad but still send money to their Kuda accounts, often to support family or cover expenses back in Nigeria. CEO Babs Ogundeyi clarified that the multicurrency wallet is not just about chasing new markets, but about adding value for existing users who want a simple way to manage their finances without needing multiple apps.

Kuda Technologies processed over 300 million transactions in 2025, and this achievement highlights the rapid growth and innovation happening in Nigeria’s fintech sector. As the company continues to expand its services and improve its offerings, it is well-positioned to remain a leader in digital banking, both in Nigeria and for Nigerians around the world.

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