Nigeria’s digital bank, Kuda Technologies, says it processed a total of N14.3 trillion worth of transactions across more than 300 million deals in the first quarter of 2025. CEO Babs Ogundeyi disclosed this during a recent media briefing in Lagos, adding that retail users generated N8.5 trillion, while business clients contributed N5.8 trillion.
Transfers remain the top activity, with paid transfers outpacing free ones. Kuda also revealed that it issued nearly N17 billion in overdrafts during the period, an increase of almost 50% compared to the previous quarter. The bank’s total customer base now stands at around seven million.
According to Ogundeyi, these figures show steady growth in digital banking adoption, with Nigerian customers increasingly willing to pay for convenience. The bank also paid out N130 million in interest to users in the first quarter, marking its first detailed operational update focusing on financial transactions rather than just user growth.
