Kuda Expands Globally with New Licenses in Tanzania and Canada ๐ŸŒ ๐Ÿ‡น๐Ÿ‡ฟ ๐Ÿ ๐Ÿ’ณ

Kuda Expands Globally with New Licenses in Tanzania and Canada ๐ŸŒ ๐Ÿ‡น๐Ÿ‡ฟ ๐Ÿ ๐Ÿ’ณ

#fintech
#consumer markets
#payments
#remittances
Nigerian neobank Kuda, backed by Target Global, is expanding its reach globally with newly acquired payment licenses in Tanzania and Canada. These licenses will enable Kuda to offer remittance and multi-currency wallet services to Africans in both countries, tapping into the growing market of diaspora communities. Kuda's move puts it in direct competition with other neobanks targeting Africans abroad, such as LemFi and Nala.

With Nigeria being a significant source of immigration to Canada and the UK, Kuda aims to capitalize on the increasing number of Nigerians living abroad. Remittance inflows into Africa reached $100.1 billion in 2022, making markets like Canada lucrative for fintech companies like Kuda. This strategic expansion allows Kuda to diversify its revenue streams amid challenging FX rates impacting startup profits.


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