Kuda Technologies latest figures show a record-breaking 14.3 trillion transactions made in the first half 2025, with over 300 million operations. A staggering 8.5 trillion was generated by retail users, with the remaining amount coming from its business banking arm.
The number of business transfers alone surpassed ₦1.5 trillion, and the fact that paid transfers were more frequent than free ones suggests that Nigerian users are willing to pay for convenience.
Kuda has reached a milestone with these numbers. Despite previously revealing the number of users growing to seven million in January 2024, the microfinance bank has now released financial transaction data for the first time.
While the shift towards transparency indicates confidence in its performance, one’s next steps may be more important.
Beyond the Numbers: Credit, Wallets, and AI
The figure disclosed by Kuda for Q1 includes overdrafts worth ₦16.4 billion, which is half a percentage points higher than the previous quarter, as well as interest payments of ₦130 million to users.
It’s not just about aggressive product usage, but also about the expanding financial ecosystem, where users are adopting more advanced banking features than ever before.
The strategic approach extends beyond the borders of Nigeria. A new multicurrency wallet has been launched by Kuda, which currently accepts both pounds and euros, and is set to launch alongside USD and CAD. This approach targets diaspora users and makes microfinance more conducive to cross-border expansion.
The real game-changer? Artificial Intelligence. Kuda’s announcement of its Q1 results and future plans for AI-based chatbots and business tools is part of a proactive approach. The aim is to enhance customer service, tailor financial advice and detect fraud using machine learning methods.
A Sign of Maturity or a Race?
Kuda’s statistics reveal significant advancement and the leaning it is making towards feel shrewd priorities. The diversification approach Kuda is demonstrating is impressive, as I believe that fintech must move beyond PR to create everyday tools that people use regularly.
Overdrafts demonstrate trustworthiness, multicurrency wallets meet real-purpose needs, and AI integration anticipates user requirements before they manifest.
Despite this, the microfinancing industry in Nigeria is heavily fortified, with competitors such as Moniepoint, PalmPay, and OPay. Unlike most, Kuda is an app-first platform that relies on a digital-only engagement model. While its performance in Q1 suggests that the line is working, it remains uncertain whether this can sustain its effectiveness as agents become more active.
What This Means for Kuda Users
For the average Nigerian, these actions lead to improved banking efficiency. Need a fast overdraft? Kuda has you covered. Can you manage currency exchange rates from foreign countries? Kuda can do that. Want real time answers and fraud alert? AI is onboarding. That’s convenience—without inflated fees. With good margins and frequent enhancements to its existing offerings, Kuda has the potential to become a bank for new users.
The Bigger Fintech Picture
Especially with its ambitious roadmap, Kuda’s performance highlights important trends in Africa’ Growth is occurring in both consumer and SME sectors, rather than in isolation. The usefulness of diaspora-focused tools is increasing at scale. Artificial intelligence is moving from an experimental approach to a necessary and strategic use.
Whether Kuda will maintain user confidence and adhere to the system remains uncertain. High overdraft issuance carries risk. FX controls are essential for multicurrency wallets.
Final Thoughts
Kuda’s Q1 results alone are impressive, but when you consider its expansion into credit, currency diversification, and AI advancements, it shows that it is a fintech with ambitions beyond just cash.
Kuda is positioning itself as a financial infrastructure builder in the long run, rather than just launching sluggish access to information and distrusting digital trust in opportunistic markets. Nigerian and pan-African users are embracing a reality that promises convenient, secure, and inclusive banking.
