Three years after shelving its initial remittance plans, Nigerian digital bank Kuda Technologies has relaunched its cross-border payment offering through a new multi-currency wallet, allowing users outside Nigeria to send money directly to Nigerian bank accounts.

Announced at a media briefing on Monday, Kuda’s Chief Executive Officer Babs Ogundeyi and Senior Vice President of Business Banking Nosakhare Oyegun said the feature was built entirely in-house and designed to improve the remittance experience for Kuda’s diaspora users.

“The first time, we didn’t quite get it right,” Oyegun admitted. “But now we’ve figured it out.”

The wallet currently supports British pounds and euros, with U.S. and Canadian dollars expected within six months. Due to regulatory restrictions, Nigerian-based users will not have access to the feature for now, as microfinance banks are barred from processing foreign transactions.

Kuda’s new push into remittances follows the discovery that many Nigerians living abroad continued using the Kuda app to manage money or receive funds while visiting home. The updated wallet is aimed at removing the need to juggle multiple apps and intermediaries, which made sending money slow and expensive.

Kuda joins a crowded field that includes Lemfi, Nala, Moniepoint, Western Union, and WorldRemit. Nigeria’s personal remittance market grew by 8.9% to $20.9 billion in 2024, with inflows from International Money Transfer Operators jumping 43.5% year-on-year.

Ogundeyi also revealed that Kuda raised $20 million in 2024 at a $500 million valuation. In Q1 2025, the neobank processed ₦14.3 trillion ($9.3 billion) in transactions, with business banking contributing 40% of total value. Kuda also issued ₦16.4 billion ($10.7 million) in overdrafts and expects to end the year with over ₦57 trillion in processed volume if current growth continues.

“Remittance is a competitive space,” Oyegun said, “but our focus is on convenience. That’s where we win.”