Kuda Launches Offices In UK After $90m Total Investment
After a total investment of over $90 million, Kuda, the money app for Africans is launching new offices in the United Kingdom (UK) as part of a major global expansion drive, as reported by Independent.
A statement issued by the media consultant to the company said that the launch would among other things, enable hundreds of thousands of UK-based Nigerians to combat high remittance costs on large transfers, which currently average out at eight per cent – significantly short of the United Nations (UN) Sustainable Development Goal (SDG) target of 3 per cent.
The businesses’ vision, the statement hinted is to give all Africans globally access to friction-free and affordable financial services, connecting the diaspora with Africa and increasing financial inclusion.
Kuda is entering the UK market (through its UK-based subsidiary – Kuda EMI Limited) charging a flat fee of only £3 with a transfer limit of £10,000.
With over £3 billion sent from the UK to Nigeria annually, Kuda is set to save UK Nigerians millions of pounds.
Parent company Kuda Technologies Limited was founded in 2019 by two Nigerians, Babs Ogundeyi and Musty Mustapha.
