Why Kuda Is Building A Multicurrency Wallet For Africans Everywhere

For Africans living abroad, managing money across multiple currencies, countries, and apps is often a clunky, fragmented experience. Kuda wants to change that.

At an exclusive media parley in Lagos on July 7, Nosa Oyegun, Kuda’s SVP, Business Banking, offered a first look at the company’s Multicurrency Wallet, currently in testing.

The product will allow users to hold, fund, and convert between five currencies: USD, GBP, EUR, NGN, and CAD, within a single wallet on the Kuda app.

The wallet signals a bold step in Kuda’s strategy to serve the millions of Africans who live, work, and travel across borders.

“People don’t live in just one country anymore. Africans are global, and their money should move as easily as they do,” said Oyegun during the session. He also shared that the product is already live on Android for eligible users outside Nigeria and will begin rolling out on iOS.

“We’ve been intentional about not creating a separate app for this,” he added. “It’s part of the core Kuda experience — you sign in to the same app, open a foreign currency balance, convert it when you need to, and spend or send like you always have.”

“In 2024 alone, over ₦100 billion came into Kuda accounts from LemFi. That tells us our customers are already living this cross-border reality, and this wallet is simply our first step in recognising and supporting that.”

The goal is not just to enable conversion. It’s to simplify life. Users abroad will be able to send money home and spend from the same wallet when they visit, without needing to jump between multiple apps or platforms.

Throughout the session, Oyegun emphasised that the wallet will not only serve the needs of potential customers but will also retain customers who have moved abroad, not to replace their experience, but extend it. “These users haven’t churned,” he said. “They’ve just changed countries. We want to keep serving them.”

With this move, Kuda joins a growing list of African fintechs building for cross-border realities. But its ambition is deeper, to become the one-stop financial partner for Africans everywhere.

Kuda’s Q1 2025 results, shared during the session, highlighted strong momentum across its core products, with ₦8.4 trillion in total transaction volume and ₦453 billion in savings deposits.

This scale reflects the trust customers have placed in Kuda’s simple, digital-first approach to money.

The multicurrency wallet is a natural next step, extending that same experience to Africans navigating life and money across borders.

As more Africans live, work, and connect across multiple countries, the demand for financial tools that match this reality will only grow. The real challenge — and opportunity — for the industry is to create systems that move as freely as the people who use them.