Nigerian digital bank Kuda Technologies has laid off staff across departments in a restructuring push, despite reporting stronger finances.
Kuda
Hundreds were notified via a March 25 company-wide call with executives, affecting teams like marketing (19 of 40 roles). A spokesperson called it a “natural evolution” to match industry benchmarks and growth priorities—not finances or performance.
“Kuda is evolving how the organisation is structured to support the next phase of our growth and scale,” the statement read. Severance offers up to seven months’ pay, tied to settlements.
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Staff criticised the sudden all-hands meeting and timing, amid recent hires. Kuda, with seven million users, narrowed 2024 losses to $5.83 million from $35.11 million prior, boosting Nigerian revenue to N21.2 billion.
It processed 300 million transactions worth N14.3 trillion, issued N16.4 billion overdrafts (up 43%), and eyes profitability with 3-7% monthly net margins.
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Last funded at $500 million valuation ($20 million in 2024 after $45 million prior losses), Kuda reflects African fintechs’ pivot to efficiency amid competition and investor demands.
