Nigerian digital bank, Kuda Technologies, has announced that it processed transactions worth N14.3 trillion across more than 300 million transactions in the first quarter of 2025.
While figures from previous quarters weren’t disclosed, the bank noted that transaction volumes on its app have continued to grow steadily.
Speaking during a media parley in Lagos, Kuda CEO Babs Ogundeyi shared detailed insights into how the numbers break down between its retail and business platforms.
Of the total, N8.5 trillion came from retail banking users, while business users contributed N5.8 trillion.
Transfers continue to drive most activity on the platform, with business accounts alone responsible for N1.5 trillion in transfers.
Interestingly, users are showing an increasing willingness to pay for transfer services.
“For free transfers, we moved about almost a trillion Naira in transfers. And then on non-free transfers, we did over 3 trillion Naira. So even though we have free, we actually have a lot more non-free,” Ogundeyi said.
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The bank also provided figures on credit distribution. With a customer base of around seven million, Kuda issued close to N17 billion in overdrafts in Q1 2025.
“The better your credit model is, the better you are as a bank. It’s very important, and we’re still scaling it. Compared to last quarter, we gave almost 50% more credit in this quarter,” Ogundeyi added.
The bank also paid out N130 million in interest to users during the same period.
According to Nairametrics, this update marks the most detailed operational data the neobank has shared to date.
Previously, Kuda focused more on announcing user growth, such as surpassing 7 million customers in January 2024, rather than releasing transaction data.
Kuda’s app-only approach sets it apart in a highly competitive fintech space where rivals like PalmPay, OPay, and Moniepoint are scaling aggressively through mobile money and agent networks.
PalmPay recently disclosed it processes about 15 million transactions daily, roughly 1.3 billion transactions each quarter, and serves 35 million users.
OPay, on its part, claims over 50 million users and a network of 500,000 agents across Nigeria.
Despite operating without a physical agent network, Kuda remains a key player in Nigeria’s fintech ecosystem.
According to data from the Nigeria Inter-Bank Settlement System (NIBSS), licensed mobile money operators processed a total of N71.5 trillion in transactions throughout 2024.
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Image Credit: Launch Africa
