Kuda Expands Reach with Payment Licences in Tanzania and Canada

Nigerian-based Kuda Technologies, the parent company of Kuda Microfinance Bank, has recently secured payment licences in Tanzania and Canada, marking a significant step in its expansion strategy across African and global markets.

These licences grant Kuda the ability to offer a range of financial services in both countries. In Canada, Kuda plans to provide remittance and multi-currency wallet services tailored to African customers residing in the country.

Meanwhile, in Tanzania, the company will operate as a Payment Service Provider (PSSP), enabling it to offer similar services to customers in the East African region.

With its foray into the Tanzanian and Canadian markets, Kuda will now face competition from other African-focused fintech startups like LemFi, Eversend, and Nala, all of which operate as global neobanks targeting Africans in the diaspora.

This move into the remittance market isn't entirely new for Kuda.

Back in January 13, 2023, the company, along with five other banks, obtained a licence from the State Bank of Pakistan (SBP) to establish a digital bank in the country, indicating its ongoing efforts to capitalize on the growing demand for digital financial services globally.

Source: Osamu Ekhator / TechPoint Africa