Nigerian digital bank Kuda has launched its multicurrency wallet feature, addressing the growing need for seamless cross-border financial services among Africans living across different countries. The new wallet allows users to hold, fund, and convert between five major currencies within a single app.
The multicurrency wallet supports US dollars, British pounds, euros, Nigerian naira, and Canadian dollars. Currently available for eligible Android users outside Nigeria, with iOS rollout planned ahead, the feature marks Kuda’s strategic move to retain customers who relocate internationally.
Kuda Wallet Handles Five Major Currencies
The wallet integrates directly into Kuda’s existing app infrastructure rather than requiring a separate application. Users can log into their regular Kuda account, open foreign currency balances, convert funds, and spend or send money across borders without switching platforms.
“People don’t live in just one country anymore. Africans are global, and their money should move as easily as they do,” said Nosa Oyegun, Senior Vice President of Business Banking at Kuda, during a media briefing in Lagos.
The product remains in testing phase, with the bank collecting feedback from early users before wider deployment. Kuda chose to keep the feature within its core app experience to maintain user familiarity and reduce friction.
Customer Data Drives Multicurrency Strategy
Kuda’s decision stems from observed user behavior patterns. In 2024, over N100 billion flowed into Kuda accounts from remittance service LemFi, indicating existing customers already engage in cross-border transactions.
The bank identified that many customers who relocated abroad continued sending money to their Kuda accounts, likely covering personal expenses or obligations back home. Rather than losing these users to international competitors, Kuda aims to serve them throughout their global journey.
“These users haven’t churned,” Oyegun explained. “They’ve just changed countries. We want to keep serving them.”
According to Nosakhare Oyegun, VP of Product Innovation and Strategy, the multicurrency wallet responds to changing user behavior rather than chasing entirely new markets. The focus remains on adding value for existing customers who would otherwise juggle multiple financial apps.
Strong Q1 Performance Supports Expansion
The multicurrency launch comes alongside impressive first-quarter 2025 results. Kuda processed over 300 million transactions worth ₦14.3 trillion across retail and business banking segments. Retail banking accounted for ₦8.5 trillion, while business users processed ₦5.8 trillion.
The bank issued ₦16.4 billion in overdrafts during Q1, putting it on track to exceed its entire 2023 overdraft issuance of $12.6 million (equivalent to ₦19 billion at current exchange rates). Kuda also paid ₦130 million in interest to users during the quarter.
These metrics represent the most detailed operational disclosure from Kuda since its 2019 launch. The startup previously shared that it had processed ₦55.8 trillion in total transactions as of January 2024, when it served over 7 million users.
Global Expansion Strategy Takes Shape
Beyond the multicurrency wallet, Kuda secured payment licenses in Canada and Tanzania during 2024, supporting its international expansion strategy. The Canadian license enables a Q3 2024 launch of digital wallet services specifically for Africans living in Canada.
The bank’s approach focuses on serving the African diaspora rather than competing directly with established international financial institutions. This strategy acknowledges the unique needs of users who maintain financial ties across multiple countries while building new lives abroad.
Kuda’s timing aligns with broader trends in Nigeria’s remittance market. Personal remittances rose 8.9% to $20.9 billion in 2024, driven by a 43.5% increase in inflows through International Money Transfer Operators.
Digital Banking Market Grows Rapidly
Nigeria’s prepaid card and digital wallet market experienced robust growth with a 20.6% CAGR during 2020-2024. The market is projected to expand at 16.3% CAGR from 2024 to 2028, growing from $9.20 billion in 2023 to reach $20.16 billion by 2028.
This growth reflects increasing e-commerce activity, growing corporate adoption of digital payments, and the shift toward cashless transactions across Nigeria. Kuda positions itself to capture this expansion through its multicurrency capabilities.
The bank emphasizes that its multicurrency wallet serves as a financial partner for Africans wherever they relocate, rather than simply offering currency exchange services. This positioning differentiates it from traditional remittance providers and international banks.
