Nigeria’s Kudimoney rebrands to Kuda, secures banking licence from CBN

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Nigerian lending startup Kudimoney has rebranded to Kuda and received a banking licence from the Central Bank of Nigeria (CBN) in preparation of the launch of a full service digital bank.

Launched in 2016 and a participant in last year’s Startupbootcamp AfriTech accelerator programme, Kudimoney has until now been focused on loans.

However, the startup is following a continental trend of fintech startups rebundling the bank with its rebrand to Kuda in light of receiving a microfinance banking licence from CBN. The new platform will offer digital-only, no-fee banking services, targeted at Nigerian millennials. Kuda members receive a debit card, a spending and savings account, and an app that keeps them in control of their finances at all times.

“We’re excited to usher in a new era in consumer banking and serve the many Africans, who we believe are frustrated with traditional banks,” said Babs Ogundeyi, co-founder and chief executive officer (CEO) of Kuda.

“Starting with Nigeria, we’ll launch a new kind of bank with a continued focus on improving our members’ financial lives rather than trying to burden them with hidden fees and excessive charges.”

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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