Nigerian fintech giant, Kuda has announced the launch of its new app called "The Money App" for Africans in the UK and Nigeria on the Google Play Store and the App Store.
This news is part of its expansion plans globally after it launched its remittance products to Nigerians in the UK and in Nigeria. The new remittance service offered by the neobank will allow Nigerians in the UK to send money to recipients in Nigeria for a flat rate of $3.
The company which claims to now have up to 5 million users, launched the money app for Africans in Nigeria and the UK in what it describes as an inclusive alternative to traditional finance to deliver services including free money transfers, smart budgeting and instant access to credit through digital devices.
The all-new app has now added new features to its existing ones, some of which are highlighted below:
- The app will now allow its Nigerian users to buy stock in some international companies and startups at a relatively cheaper rate empowering them with the means to take a step away from local inflation toward financial freedom.
- The app will now offer its users an easier way to save through its spend and save feature.
- Users in the UK will be able to open a Kuda UK account to send money to any UK bank account (and receive money) directly, with a valid government-issued UK ID and proof of a UK address.
- Nigerian users in the UK will now be able to send up to £10,000 to Nigeria daily at a flat transaction fee of £3. The Nigerian beneficiaries will be able to receive the money as a transfer or pick-up cash at one of several banks in Nigeria.
- It has also included a user-friendly app interface that will show payments naturally like conversations on a chat app and simpler accessibility to features that would not require a lot of technicalities.
The company has so far received a combined investment of over $90 million and is already making its expansion into foreign markets. The fintech will have to go up against other neobanks that provide similar remittance services with its very competitive options of a $3 flat rate fee for transactions up to $10,000 among others.
Banks such as Revolut, Monzo and Wise, with a much larger footprint in the U.K. and wide acceptance by several demographics, including migrants like Nigerians, now have a newly emerged competitor in the remittance market.