March 27, (THEWILL) — Kuda Technologies Limited, the Nigerian digital bank backed by global investors, has laid off employees across several departments as part of a company-wide restructuring, despite reporting a sharp improvement in its financial performance.
On March 25, staff were invited to a video call with senior executives during which employees were informed that their roles had been terminated, according to sources familiar with the matter.
The layoffs affected multiple teams, including marketing, where about 19 of the unit’s 40 staff members were reportedly impacted.
In a statement, the company said the move followed a strategic review aimed at repositioning the organisation for its next phase of growth.
“Kuda is evolving how the organisation is structured to support the next phase of our growth and scale,” a spokesperson said.
He noted that the decision was not driven by financial pressure or employee performance but by shifting operational priorities.
The development comes as the digital bank continues to reduce its losses.
Kuda reported losses of about $5.83 million in 2024, a significant decline from $35.11 million recorded a year earlier, supported by improved operational efficiency.
Its Nigerian operations also posted stronger performance, with revenue nearly doubling in local currency to about ₦21.2 billion.
With roughly seven million registered customers, the restructuring reflects a broader effort to streamline costs and position the company for sustainable growth in Nigeria’s increasingly competitive digital banking market.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
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