Nigerian fintech company, Kuda has announced the launch its service in the United Kingdom, following an investment of $90 million.
Kuda said the move was part of its major global expansion drive.
Specifically, CEO and co-founder Kuda, Babs Ogundeyi said the move will enable UK-based Nigerians tackle high remittance costs on large transfers that presently average at 8 percent, against the three percent target of Sustainable Development Goal, SDG.
The firm explained that it is entering the UK environment via its UK-based subsidiary – Kuda EMI Limited, to charge a flat fee of £3 with a transfer limit of £10,000.
Ogundeyi said, “Africans in the UK are faced with barrier after barrier when it comes to financial services – from challenges setting up accounts to prohibitive and inconsistent fees on meaningful transfers. They are forced to limit each transfer to a few hundred pounds to avoid losing money or face escalating exchange rates with bigger transfers.
“Technology means the world is getting smaller but the incredible transformation in financial services hasn’t been inclusive. Kuda is changing that – initially for Nigerians, then all Africans in the UK and across the globe.”
He added, “With over £3 billion sent from the UK to Nigeria every year, we are set to save UK Nigerians millions of pounds.”
Ogundeyi informed that the business is taking off with UK-to-Nigeria remittance, with plans underway to extend same service to other African countries.