Kuda Bank Shocks Access Bank, Zenith Bank, UBA, Others With New Customer Base

Kuda Bank Shocks Access Bank, Zenith Bank, UBA, Others With New Customer Base

  • Kuda Bank says it crossed the six million customer base milestone in Nigeria
  • The bank stated that the achievement was possible through its team of dedicated workers
  • The bank has been dogged by constant complaints of downtime by customers who feel let down at critical times

The new bank and Nigeria’s flagship digital bank, Kuda Bank, has attained over six million customers in Nigeria.

The fintech firm has reached the growth trajectory via its strides in the Nigerian fintech space through disrupting marketing and improved banking application that competes favorably with conventional banks.

Kuda Bank, Access Bank, UBA
Kuda Bank Group CEO co-founders, Babs Ogudeyi and Musty Mustapha
Credit: Kuda Bank
Source: Getty Images

Kuda Bank expands to other Africa countries

Despite complaints of regular downtime by its customers, who are mostly young, the bank remained resilient.

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Group CEO/founder of Kuda Technologies Limited, Babs Ogundeyi, the milestone is part of the bank’s unrelenting commitment and resilience of the team at Kuda to build sustainable and creative solutions enabling Africans to enjoy affordable and quality financial services at all times.

Ogundeyi said Kuda Bank has grown from a digital services solutions start-up to an industry leader and that announcing its new customer base was a significant achievement.

According to him, Nigeria is a crucial market for the digital-only bank, and the growth rate in customer acquisition is a push to expand the brand.

He said:

“Nigeria is where Kuda’s story began, and it remains a key market for us even as we expand to reach Africans in other parts of the world. Our success here is a motivator and a blueprint for everywhere else we will establish our brand of accessible, affordable, and rewarding financial services.”

Leadership reports that in four years of operations in Nigeria, the bank has recorded several achievements, and the six million customers sum up the other milestones it had previously registered.

The bank launched the beta app in August 2019 and raised over $90 million from some of the world’s most admired institutional investors, including Valar Ventures and Target Global.

Customer complaints beset Kuda Bank’s performance

Available data shows that Kuda Bank launched its visa cards in the same year in Nigeria, crossed the two million milestones in December 2021, and amassed 1.5 million iOS downloads.

But the fintech company had been dogged with complaints of downtimes by its customers who say the bank disappoints them at critical moments.

Early this year, social media erupted with customers complaining that they were locked out of their accounts and couldn’t perform transactions.

Despite the bank repeatedly saying that the glitch was caused by its app upgrade, customers say it is known for such glitches at critical times.

Nigerians Roast Kuda Bank for alleged deductions, failed transactions

Legit.ng reported that Kuda Bank users in Nigeria have lashed out at the bank for failed transactions which the bank allegedly turn a deaf ear to.

According to social media comments, thousands of customers of the bank have complained about how the bank failed to send money to destination accounts and also never reversed them.

One of the bank’s customers stated that said a Kuda Bank customer sent money to him which he did not receive.

Source: Legit.ng


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