Kuda is preparing to launch its remittance services in Tanzania and Canada, having successfully completed testing in both nations. The digital bank shared this update in its New Year's message to customers, signaling its strategic move beyond Nigeria into cross-border financial services.
These planned launches follow a year of significant transaction growth for the fintech giant, with increased usage across its savings, payments, and credit products. Kuda reported that it focused heavily on infrastructure enhancements throughout the previous year, specifically to facilitate faster international money transfers, particularly in regions where it already holds operating licenses.
While specific launch dates have not yet been announced, this confirmation highlights Tanzania and Canada as the next key markets for Kuda's expansion. The bank aims to better serve Africans abroad and streamline cross-border money transfers.
Transitioning from Local to Global Markets
This expansion represents a significant step for Kuda as it evolves from a Nigerian digital bank into a comprehensive financial platform catering to both regional and diaspora customers. By establishing a presence in markets such as Tanzania and Canada, Kuda is positioning itself to tap into substantial remittance flows into Africa.
For users, this initiative promises quicker and more cost-effective international money transfer options, particularly benefiting Africans living abroad who send funds to support their families. It also enables Kuda to broaden its service offerings from domestic banking to global financial services without relying on third-party platforms.
This strategic shift reflects a broader trend among African fintech companies to explore new international markets, driven by increasing local competition and the growing adoption of digital banking solutions.
Kuda's Performance in 2025
Kuda's expansion into new markets follows a period of robust product engagement in 2025. During the year, customers conducted transactions totaling over ₦29 trillion on the platform. The bank also recorded more than 1 billion individual transactions, indicating a growing reliance on its services.
Savings activities reached ₦656 billion, and customers utilized over ₦125 billion in overdrafts throughout the year. Kuda distributed ₦797.6 million in interest to its users and processed 154.9 million bill payments. Furthermore, the bank provided ₦2 billion in free transfers.
These figures demonstrate not only the growth of Kuda's customer base but also the increasing depth of engagement with its platform across payments, savings, and credit offerings.
As Kuda prepares for its expansion into Tanzania and Canada, the successful execution of these plans will be critical. This involves securing regulatory approvals, establishing local partnerships, and tailoring products to meet the specific needs of these new markets. A successful expansion could significantly reshape Kuda's identity, transforming it from a Nigeria-centric digital bank into a prominent cross-border financial institution serving a wider African audience and the diaspora.