Kuda Technologies, the Nigerian-based parent company of Kuda Microfinance Bank, has recently acquired payment licenses in Tanzania and Canada, marking a significant milestone in its global expansion strategy. These licenses enable the neobank to offer remittance and multi-currency wallet services, catering to the needs of Africans residing in these countries.
With the Tanzanian Payment Service Provider (PSSP) license, Kuda will extend its offerings to customers in East Africa, complementing its existing services in Nigeria. Meanwhile, in Canada, the neobank aims to tap into the African diaspora market, providing remittance solutions and multi-currency wallet services.
This strategic move aligns with Kuda’s broader vision to compete with other African-focused fintech startups on a global scale. By securing digital banking licenses in Pakistan and the United Kingdom in recent years, Kuda has positioned itself as a key player in the remittance market, leveraging the influx of Nigerian migrants seeking better opportunities abroad.
Despite challenges encountered in the UK market, Kuda remains poised to capitalize on the growing demand for remittance services, particularly in regions like Canada, where Nigerian immigration is on the rise. This expansion not only strengthens Kuda’s global presence but also enhances its foreign exchange revenue potential, contributing to the growth of the African fintech ecosystem.
