Nigeria-based financial institution Kuda Bank has announced the launch of a new multicurrency wallet capability within its app.
Kuda updated its app to enable users to send, receive, hold, and convert USD directly, which is the first currency supported through the feature. The move follows increased demand from customers for managing their earnings, savings, and spending across different currencies.
Capabilities and benefits
With the newly added feature, which is in the testing phase at the time of writing, Kuda Bank seeks to support remote workers, freelancers, and online entrepreneurs who are earning in USD. The Spend tab offers users the option to exchange naira into USD, as well as accept USD payment directly. The financial institution mentioned that GBP and EUR will be accepted as alternative currencies in the upcoming period.
Furthermore, the ability to hold USD in Nigeria, where inflation rates are high, can be convenient and provide advantages to individuals. Recently, more Nigerians have started using digital platforms to make their financial situation more stable. For most of them, multicurrency management, through remote work, in crypto, or cross-border commerce, has become the norm. Kuda Bank seeks to serve these needs and expand its operations to accommodate the current market demand.
The multicurrency wallet capability underlines the financial institution’s ongoing commitment to facilitating solutions that deliver an optimal experience to its users. Commenting on the initiative, representatives from Kuda emphasised that the new wallet is developed to simplify the fragmented experience Africans face when managing money across different countries and currencies. The capability is integrated into Kuda, enabling customers to log in as usual, open foreign currency balances, convert funds, and spend or send money without switching platforms.
In addition to currency conversion, Kuda intends to deliver a financial tool that allows customers abroad to send money to Nigeria, convert currencies, and spend from the same account when they visit the country, mitigating the need to shift between different apps or financial services.
