Kuda has launched Kuda Business Perks, a new initiative aimed at providing Nigerian SMEs with discounted services to ease operational costs amid economic challenges. With rising inflation, FX instability, and sluggish consumer demand, small businesses are struggling to maintain profitability.
SMEs make up 96% of businesses in Nigeria and contribute nearly half of the country’s GDP, according to the National Bureau of Statistics (NBS) and SMEDAN. However, a 2024 PwC Nigeria MSME Survey found that over 70% of Nigerian SMEs cite high operational costs as their biggest barrier to growth.
To address this, Kuda Business Perks offers discounted services across key business areas, including payments, inventory tracking, staff healthcare, and marketing.
Through partnerships with fintech providers like SeerBit and Paystack, as well as platforms such as Vendy, OneHealth, Lumi, and Braudit, SMEs registered with the Corporate Affairs Commission (CAC) and holding Kuda business accounts can access affordable tools to streamline operations.
According to Nosa Oyegun, VP of Product Innovation and Strategy at Kuda, the initiative is about providing practical solutions rather than generic rewards.
He emphasized that small businesses need tools that work and pricing that makes sense, and Kuda is partnering with platforms that matter to lower cost barriers.
The rollout is happening in phases, with each perk addressing a core business need.
For example, businesses using SeerBit through Kuda will enjoy lower transaction fees on local payments, while Paystack integration will help SMEs accept payments globally more efficiently.
Kuda Business Perks showcases how digital banking infrastructure can evolve beyond access to affordability, tackling one of the most pressing challenges for Nigerian SMEs today.
