Nigerian digital bank Kuda has laid off hundreds of employees across multiple departments in a sweeping restructuring aimed at repositioning the company for its next phase of growth.
The layoffs were announced during a company-wide virtual meeting held on March 25, 2026, where staff were informed that their roles had been terminated following an internal strategic review.
The job cuts affected several units across the organisation, with sources indicating that the marketing team was among the hardest hit, as nearly half of its workforce about 19 out of 40 employees were impacted.
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In an official response, the company stated that the decision was not driven by financial distress or employee performance but by a shift in operational priorities. Management said the restructuring was necessary to align the organisation with long-term goals and industry benchmarks.
“Kuda is evolving how the organisation is structured to support the next phase of our growth and scale,” a spokesperson said, describing the move as part of the company’s natural evolution.
Internal communications to affected staff indicated that the restructuring followed a review of future operational priorities, long-term direction, and competitive positioning within the fintech sector. Despite the layoffs, the company’s financial performance has shown improvement.
Losses declined significantly in recent years, while revenue from its Nigerian operations nearly doubled, reflecting stronger operational efficiency. Affected employees are to receive severance packages based on role and tenure, with some expected to get up to seven months’ salary.
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However, enhanced exit benefits are tied to conditions, including signing settlement agreements. The development reflects a broader trend across Africa’s fintech sector, where startups are shifting from aggressive expansion to profitability and operational efficiency amid changing market conditions.
Source : Nairametrics
