Kuda launches in UK, offers £10,000 transfer limit for customers

Kuda Bank, the Nigerian digital bank has launched its banking operation in the United Kingdom (UK), riding on the back of its Uk-based subsidiary - Kuda EMI Limited.

The launch will see Kuda key into the over £3 billion remittances from the UK to Nigeria every year, by charging a flat fee of £3 with a transfer limit of £10,000.

Babs Ogundeyi, CEO and co-founder Kuda, stated that Kuda’s digital-only approach and unique local market knowledge has allowed it to launch a service that drives prosperity for both senders and recipients.

According to him, the UK entity will also offer a mobile wallet, virtual and physical cards, local UK transfers and direct debits. He stated that Nigerians can now make investments in shares, make cardless withdrawals at the ATM and set up micro-saving plans on the new Kuda App.

“Africans in the UK are faced with barrier after barrier when it comes to financial services - from challenges setting up accounts to prohibitive and inconsistent fees on meaningful transfers. They are forced to limit each transfer to a few hundred pounds to avoid losing money or face escalating exchange rates with bigger transfers,” Ogundeyi stated.

He disclosed further that the Kuda App will be available on IOS, Android and the web, initially offering Uk-to-nigeria remittance, with plans to expand the remittance service to other African countries and expand the feature portfolio for UK customers in the near future.

“Technology means the world is getting smaller but the incredible transformation in financial services hasn’t been inclusive. Kuda is changing that - initially for Nigerians, then all Africans in the UK and across the globe,” Ogundeyi stated.