Digital bank Kuda has launched a multicurrency wallet that allows users to hold, fund, and convert between five major currencies, all from a single app.
The wallet, which is currently in its testing phase, supports the United States Dollar (USD), British Pound (GBP), Euro (EUR), Nigerian Naira (NGN), and Canadian Dollar (CAD). This marks a significant step in Kuda’s expansion strategy to serve the evolving needs of Africans living, working, studying, and traveling across the globe.
“People don’t live in just one country anymore. Africans are global, and their money should move as easily as they do,” said Nosa Oyegun, Kuda’s Senior Vice President of Business Banking, during an exclusive media parley in Lagos.
Rather than introducing a separate product or platform, Kuda has opted to integrate the multicurrency wallet directly into its existing app interface. Users can log in, open foreign currency balances, switch between currencies, and make cross-border payments seamlessly and without the hassle of switching apps or going through third-party services.
Oyegun explained that the bank’s decision to build a unified experience was intentional. Kuda’s development of the multicurrency wallet was spurred by data showing a surge in cross-border financial activity among its users. In 2024 alone, over ₦100 billion flowed into Kuda accounts from LemFi, a popular remittance platform, indicating a strong demand for more flexible, global financial services.“That tells us our customers are already living this cross-border reality. This wallet is simply our first step in recognising and supporting that,” Oyegun noted.
Beyond just convenience, the new product also serves a strategic purpose for customer retention. Oyegun highlighted that many users who move abroad don’t necessarily stop using the app, they just need more relevant tools.
“These users haven’t churned,” he said. “They’ve just changed countries. We want to keep serving them.”
Kuda’s wallet isn’t just about exchange rates, it’s about lifestyle alignment. Whether it’s a student in Toronto sending money home, a businessperson in London managing expenses in multiple currencies, or a holidaymaker visiting Lagos, the wallet allows for continuous financial access in any situation.
Users abroad can send money back to Nigeria, convert currencies for international use, and continue spending from the same account when they travel, eliminating the friction of managing multiple accounts or platforms.
With the release of this wallet, Kuda joins a growing list of African fintechs targeting global Africans. However, the bank’s ambition appears broader than most.
He notes that the bank aims to be more than a currency exchange service, it wants to be a true financial partner for Africans, wherever they are.
The bank’s first-quarter 2025 financials support its ambitious trajectory. According to figures shared at the briefing, Kuda processed ₦8.4 trillion in total transaction volume and held ₦453 billion in customer savings deposits, a testament to the increasing trust in its digital-first model.
As Africa’s digital banking revolution continues to gather steam, Kuda’s multicurrency wallet could represent a turning point, one where mobile-first financial services begin to compete not just within national boundaries, but globally. By designing tools that reflect the realities of migration, mobility, and modern money, Kuda may be positioning itself not just as a bank, but as a bridge between continents.
Currently available to eligible users outside Nigeria on Android, the feature is expected to roll out on iOS in the coming months.
The multicurrency wallet is currently available for selected users and expected to expand further by the end of 2025. Interested customers are advised to update their Kuda app and check eligibility via in-app notifications.
