Kuda, the digital-first bank popular among young Africans, has launched a new multicurrency wallet feature as part of its broader strategy to support Africans living, working, and travelling across borders.
Currently in its testing phase, the new wallet allows users to hold, fund, and seamlessly convert between five major currencies: US Dollar (USD), British Pound (GBP), Euro (EUR), Nigerian Naira (NGN), and Canadian Dollar (CAD) all within the Kuda app experience.
This development is designed to simplify the financial lives of Africans who often juggle multiple apps and platforms to manage their money across countries. Rather than creating a separate app, Kuda has opted to integrate the multicurrency feature into its existing platform. This allows customers to open foreign currency balances, convert funds when necessary, send money home, and continue using the same account while traveling or relocating all without switching apps.
The wallet is currently available on Android for eligible users outside Nigeria, with an iOS rollout planned in the near future.
The new feature comes at a time when cross-border activity among Africans is on the rise. Kuda reports that in 2024 alone, over ₦100 billion was received into Kuda accounts from LemFi, indicating strong cross-border engagement from its user base. The multicurrency wallet aims to support this evolving customer behavior by making money movement across geographies more intuitive.
Kuda’s broader goal with this rollout is not just currency conversion but financial continuity. As more Africans move across borders for work, education, or personal reasons, the bank wants to ensure they retain access to familiar and reliable financial tools. Rather than seeing relocation as user churn, Kuda is positioning itself as a financial companion across different life stages and countries.
This move places Kuda among a new wave of African fintechs building products for a borderless future. Kuda’s first-quarter 2025 performance, shared during the briefing, reflects the bank’s growth trajectory. The company processed ₦8.4 trillion in total transaction volume and recorded ₦453 billion in savings deposits, reinforcing customer trust in its digital-first approach and showing strong adoption of its evolving financial services.
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