Digital Bank Kuda Lays Off Hundreds of Employees via Video Call
On March 25, employees of Kuda, a Nigerian digital bank, joined a company-wide video call. Before the call ended, hundreds were informed their contracts were terminated under a new restructuring plan. Kuda says the decision is part of its natural evolution and not driven by financial pressure. A company spokesperson said the move aligns with industry benchmarks and will support the bank’s next growth phase. Impacted staff are being offered enhanced severance packages and transition support. Across several departments, roles were cut, including nearly half of the marketing team. Some employees criticised the process for a lack of clarity, especially after recent senior hires. Affected staff may receive up to seven months’ pay, conditional on a settlement agreement. Since expanding into the UK in 2022, Kuda has narrowed its losses from $35.1 million in 2023 to $5.8 million in 2024. The fintech now has seven million customers, processes hundreds of millions of transactions, and continues to grow its Naira revenue.
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