Why Nigerian Entrepreneurs Are Turning To Kuda For Business Growth

The National Bureau of Statistics reported that over 96% of businesses in Nigeria are micro, small, and medium enterprises (MSMEs), contributing nearly 50% to the country’s GDP and employing more than 80% of its workforce.

These numbers show how vital small businesses are to the economy, but they also reveal how vulnerable they are. Limited access to finance, operational inefficiencies, and lack of support infrastructure continue to slow many of them down.

Kuda Business, a digital-only business banking product built by well-known fintech Kuda, is helping Nigerian entrepreneurs tackle these issues head-on. Positioned as an all-in-one business manager, Kuda Business provides tools for invoicing, bulk transfers, payroll, inventory tracking, and expense accounts. Its mobile-first approach eliminates traditional banking friction for time-strapped business owners.

Faith Onyesom, founder of the Lagos-based wellness company Good Faith Yoga, transformed her business operations with Kuda Business. “Before I started using Kuda Business, everything was scattered. I was tracking income with Google Sheets and using a personal account,” she says. “Now I can separate my expenses, track payments in real time, and access reports without stress.”

For Femi Adeleke, who runs Murals.ng, switching to Kuda Business was about growth and credibility. “Before, Murals was a side hustle. When we started getting inquiries from corporate clients, I needed something that looked and felt professional. Kuda allowed me to set up a business account online. That changed everything,” he says. Today, his team uses features like invoicing, expense accounts, and payment tracking to manage large-scale projects. “I didn’t need to walk into a branch or speak to an account manager. Everything was handled digitally and fast.”

Beyond banking, Kuda Business offers something most traditional business accounts in Nigeria don’t: added value through strategic partnerships. The Kuda Business Perks programme offers discounts on tools and services that SMEs need to operate and grow. These include reduced transaction fees from Paystack, subsidised payroll services via PaidHR, up to ₦100,000 in service credits from Braudit, free advertising credits from EatDrinkLagos, and discounted healthcare plans through OneHealth.

For many entrepreneurs, these perks aren’t just nice to have; they’re necessary. “Kuda collaborates with other businesses to provide services to their customers, so in general, they’re very supportive of businesses, and that’s why we use them,” says Femi.

The hospitality industry, one of the hardest hit by economic shocks, is also benefiting.

At Mood Lagos, General Manager Oluwanisola Sauban oversees a team of sixty staff. She says Kuda Business has become the backbone of their payment and payroll systems. “We use it for POS transactions, staff salaries, and supplier payments. The platform is reliable, and when you run a busy restaurant, the last thing you want is payment failure at checkout.”

She recalls how critical Kuda’s POS machines were during the December 2024 rush. “We had high volume, and customers were in a hurry. No one wants to wait for payment issues to be resolved. Kuda helped us close sales smoothly.”

Winston Udeagha, Creative Director of Winston Leather, whose luxury leather brand has gained international attention for its Nigerian-made goods, echoes the sentiment of several other Kuda Business customers.

“Kuda’s support goes beyond banking. They’ve helped with funding and product features like transaction history that make our work easier.” One feature he finds especially helpful is the in-app transaction chat history. “I can search a client’s name and get a full breakdown of every payment between us. That kind of detail matters.”

These stories confirm that Nigeria’s entrepreneurial landscape is evolving. More founders are demanding smarter, more responsive financial tools.

Kuda is meeting that demand with convenience and care by building the systems that Nigerian businesses desperately need to operate efficiently.

As the world marks MSME Day, it’s clear that beyond the global recognition of small businesses, what truly matters is what’s happening locally. Nigerian entrepreneurs aren’t waiting for perfect conditions. They’re pressing forward, and the tools that Kuda Business offers are giving them the capacity to make progress in a modern world.