A New Era of Financial Flexibility for Africans
In response to the increasing demand for seamless financial management across borders, Kuda, a leading digital bank in Africa, has launched a multicurrency wallet. This innovative feature is designed to help Africans who live, work, and travel internationally manage their money more efficiently.
The multicurrency wallet allows users to keep, fund, and convert between five major currencies: the US dollar, British pound, euro, Nigerian naira, and Canadian dollar—all within a single wallet on the Kuda app. Currently in the testing phase, this feature aims to simplify the fragmented experience many Africans face when managing money across different countries and currencies.
Nosa Oyegun, Senior Vice President of Business Banking at Kuda, highlighted the significance of this development during a media event in Lagos. He stated that the new wallet is designed to make it easier for people to transfer money with ease, given the global reach of Africans today. Oyegun emphasized that eligible customers outside of Nigeria can already access the wallet on Android smartphones, with an iOS version planned for the future.
Kuda made a strategic decision not to develop a separate wallet app. Instead, the feature will be integrated into the core Kuda experience, allowing customers to log in as usual, open foreign currency balances, convert money when needed, and send or spend money without switching platforms.
Expanding Financial Opportunities
The introduction of the multicurrency wallet marks just the beginning of Kuda’s efforts to support its customers’ cross-border financial needs. In 2024 alone, over N100 billion was deposited into Kuda accounts from LemFi, highlighting the growing trust in the platform.
Oyegun noted that the wallet is part of a broader vision to provide a smooth financial tool that aligns with the lifestyles of its users. By eliminating the need to switch between multiple apps or financial services, the wallet enables users from overseas to send money home, exchange currencies, and continue spending from the same account when they visit Nigeria.
This feature also plays a crucial role in customer retention. Kuda aims to support individuals who move overseas as they adapt to life in other countries, rather than losing them to competitors. Oyegun confirmed that these users have not churned; they simply switched nations, and Kuda remains committed to serving them.
Supporting Cross-Border Needs
Kuda’s expansion reflects a growing trend among African fintech companies developing products tailored for cross-border use cases. The bank’s goal is to become a financial partner for Africans wherever they may be, going beyond mere currency exchange.
Kuda’s performance in the first quarter of 2025 underscores its growth trajectory. The company recorded N453 billion in savings deposits and processed N8.4 trillion in total transaction volume, demonstrating strong customer confidence in its digital-first strategy.
With the new multicurrency wallet, Kuda hopes to assist online business owners, freelancers, and remote workers who earn income in USD. Users can now choose to accept USD payments directly or convert naira into USD using the Spend tab. In the near future, GBP and EUR will also be supported as alternative currencies.
Addressing Local Challenges
In Nigeria, where inflation is a pressing issue, having USD on hand can offer significant advantages. More Nigerians are turning to digital platforms to stabilize their financial situations. Managing multiple currencies—whether through remote work, cryptocurrency, or international trade—has become the norm for many.
Kuda aims to meet these evolving demands and grow its business to better serve the market. The multicurrency wallet is a clear demonstration of the institution’s commitment to providing solutions that enhance user experience.
Enhancing User Experience
The new wallet was created to make it easier for Africans to manage their money across various nations and currencies. Customers can log in as normal, open foreign currency balances, convert funds, and send or spend money without switching platforms thanks to the integration of this feature within Kuda.
Beyond currency conversion, Kuda plans to offer a comprehensive financial tool that eliminates the need for users to juggle multiple apps or services. This includes enabling users from other countries to send money to Nigeria, convert currencies, and spend from the same account when they visit.
Through these innovations, Kuda continues to position itself as a leader in the African fintech landscape, offering solutions that meet the needs of a globally connected population.
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