Kuda Technologies Processes ₦14.3 Trillion in Transactions In Q1 2025, Signals Robust Growth.
Lagos, Nigeria – Kuda Technologies, Nigeria’s leading digital bank, has reported a staggering N14.3 trillion in transactions processed across over 300 million dealings in the first quarter of 2025, underscoring its rapid expansion and growing influence in the fintech sector. The announcement, made during a media briefing in Lagos on Monday, highlights the bank’s pivotal role in driving financial inclusion and digital banking in Africa’s largest economy.
Babs Ogundeyi, Kuda’s chief executive officer, provided a detailed breakdown of the figures, revealing that retail banking users contributed N8.5 trillion, while business clients accounted for N5.8 trillion. Notably, transfers dominated platform activity, with business banking alone generating N1.5 trillion in transfers. Ogundeyi highlighted a shift in user behaviour, noting that paid transfers now outnumber free ones, a trend that suggests Nigerian customers increasingly value convenience and are willing to pay for it.
The bank, which boasts seven million customers, also shared insights into its overdraft programme, issuing nearly N17 billion in overdrafts during the quarter. “Our credit model is a cornerstone of our operations,” Ogundeyi stated. “We’ve scaled it significantly, providing almost 50% more credit compared to the previous quarter, and the interest generated is net positive month-on-month.” This focus on credit underscores Kuda’s ambition to redefine banking by offering accessible financial solutions tailored to the needs of Nigerians.
In addition to its transaction volumes, Kuda paid out N130 million in interest to users in Q1, marking a significant milestone in its commitment to rewarding customers. The bank’s app-first, digital-only model has set it apart from traditional banks and mobile money operators, allowing it to operate without a physical agent network while maintaining low-cost services. This approach has resonated with users, as evidenced by the bank’s growth from surpassing seven million users in January 2024 to processing transactions that rival the N71.5 trillion handled by licensed mobile money operators in Nigeria throughout 2024, according to data from the Nigeria Inter-Bank Settlement System.
The Q1 2025 figures represent Kuda’s most comprehensive financial disclosure to date, offering a rare glimpse into the operations of a neobank that has prioritised user growth and innovation over public financial reporting. While comparative data from previous quarters was not disclosed, Ogundeyi emphasised steady growth in transaction volumes, attributing it to the bank’s user-friendly platform and commitment to free or low-cost services.
Kuda’s success comes at a time when Nigeria’s fintech sector is experiencing unprecedented growth, driven by increasing smartphone penetration and a young, tech-savvy population. The bank’s multi-currency wallet, relaunched in 2025 to facilitate cross-border remittances, has further expanded its appeal, enabling users outside Nigeria to send money directly to Nigerian bank accounts. This move, announced on X by TechCabal, positions Kuda as a key player in global financial connectivity.
As Kuda continues to scale, its focus on innovation, credit accessibility, and customer-centric services signals a bright future for the digital bank. With Nigeria’s digital economy poised for further expansion, Kuda Technologies is well-positioned to lead the charge in transforming how Africans bank, save, and transact.
