Digital banking platform Kuda has unveiled a new multicurrency wallet as part of its broader strategy to support Africans living, working, and travelling across borders.
Currently in the testing phase, the wallet enables users to hold, fund, and seamlessly convert between five major currencies—US Dollar, British Pound, Euro, Nigerian Naira, and Canadian Dollar—within a single Kuda app interface.
Speaking at a recent media roundtable in Lagos, Kuda’s Senior Vice President of Business Banking, Nosa Oyegun, said the product is designed to streamline the often complex experience of managing finances across countries.
“Africans are increasingly mobile. People no longer live in just one country, and their money should be able to move just as freely,” Oyegun said.
He explained that the wallet is already accessible to eligible users outside Nigeria via Android devices, with an iOS version set to launch soon. Instead of launching a standalone app, Kuda chose to integrate the feature into its existing platform, allowing users to manage both local and foreign currency balances, convert funds, and transact without switching apps.
“In 2024 alone, more than N100bn flowed into Kuda accounts from LemFi. That tells us our customers are already living a cross-border lifestyle. This wallet is simply our way of meeting them where they are,” Oyegun added.
The wallet goes beyond basic currency conversion. It allows users abroad to send money home, switch currencies, and continue spending from the same account when in Nigeria—eliminating the hassle of using multiple financial services.
Oyegun also highlighted the product’s role in customer retention, particularly for users who relocate internationally.
“These customers haven’t stopped using Kuda—they’ve just changed locations. We want to continue supporting them no matter where they go,” he said.
With the launch, Kuda joins a growing number of African fintechs developing cross-border solutions. But Oyegun emphasized that Kuda’s ambition extends beyond just currency management; the goal is to become a long-term financial partner for Africans globally.
Kuda’s strong performance in Q1 2025 reinforces this vision. The bank processed N8.4tn in total transaction volume and secured N453bn in savings deposits, underscoring user confidence in its digital-first model.
