Employees were notified during a video call with senior executives, with the marketing team reportedly among the hardest hit. Sources indicate that at least 19 of the company’s 40 marketing staff were affected.
What Kuda Says:
“Kuda is evolving how the organisation is structured to support the next phase of our growth and scale,” a company spokesperson said.
“This is not a decision driven by financial pressure, but part of the natural evolution of a company at our stage, aligning with industry benchmarks.”
Executives emphasized that the layoffs were not performance-related but part of a strategic review of operational priorities. Affected staff are being offered enhanced severance packages and transition support.
Restructuring:
The restructuring follows a review of “future operational priorities, industry benchmarking, and long-term direction.”
Severance packages vary by role and tenure, with some employees eligible for up to seven months’ pay, contingent on signing a legally binding settlement agreement.
Kuda has been cutting costs and improving profitability, with losses falling from $35.11 million in 2023 to $5.83 million in 2024. Staff costs dropped by 46%, while other operating expenses fell by 61%.
Despite growth in local revenue, currency volatility caused overall revenue to decline by 15% in dollar terms. Customer deposits fell to N83.2 billion from N96 billion.
Industry Context:
Other Nigerian startups are also slimming down amid economic pressures:
Vendease cut about 120 employees in 2025 to extend its runway.
Crypto startup Zap Africa reduced its workforce by 44% between late 2025 and early 2026 as it pivoted toward automation and efficiency.
Kuda’s Goal:
The fintech aims to grow its monthly active users to 1.7 million by 2026, with registered users rising to 7 million in 2024.
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