Kuda, the African digital bank based out of Nigeria, has revealed that its Android app has now been downloaded over 1 million times.
Kuda bank, which is fully licensed by the Central Bank of Nigeria as a microfinance institution, launched in 2019 as an alternative to brick-and-mortar banks.
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SEE ALSO: [PODCAST] A Chat with Kuda, a Nigerian-based Fully Licensed Digital-Only Bank
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Kuda delivers free banking services through its Android, iOS, and web apps.
The massive growth in numbers comes from its strong digital offering appeal to Nigerian millennials driven by:
- Connected smartphones
- The bank’s proposition on zero fees on cards
- Account maintenance and transfers
The appeal of Kuda also comes amidst a highly competitive finance market dominated by traditional incumbents making it a practical use case for digital banking adoption on the African continent.
According to Bradley Want, Head of Growth, Kuda:
“Our growth in Nigeria is remarkable no doubt but more importantly, it is an indication of what we can acheive in other markets across the world.”
– Head of Growth, Kuda
A crypto-friendly bank, Kuda recently withdrew its services for crypto exchanges following the recent regulatory ban on all banks and financial institutions against running crypto-related accounts.
Hi, Nex Crypto.
— Kuda MFB (@kudabank) February 1, 2021
We understand your frustration and we would like to help but as we previously clarified to active cryptocurrency traders, there are strict regulatory limits for personal accounts.
Please, provide business documentation to keep using your account for business. https://t.co/0cwCiQCkfB
Despite this regulatory ban, Kuda Bank remains the best mobile-only digital bank for Nigerians.
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RECOMMENDED READING: Nigeria’s Digital Bank, Kuda, Becomes the First Registered Nigerian Bank to be Added as a Binance P2P Payment Option
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