On March 25, 2026, staff at Kuda Bank experienced one of the most unsettling moments in their professional lives. During a company‑wide video call with executives, hundreds of employees were informed that their roles had been terminated as part of a major restructuring effort.
Founded in 2019 and known across Nigeria as one of the most popular digital‑only banks, Kuda built its reputation on offering free banking services to millions of customers. It quickly grew into a fintech leader with more than 7 million registered users and operations supported by global investors.
Despite improvements in its financials — with reported narrowing losses and growing revenue — the company said it is adjusting its structure to become leaner and more focused on future growth. As part of this strategy, jobs across several departments including marketing, operations, and customer support were eliminated.
The exact number of employees affected remains unclear, but multiple reports describe the layoffs as “hundreds,” with sources indicating about 200 workers lost their jobs in the restructuring. Many learned of their termination in real time during the announcement, a method that underscored how abrupt and sweeping the changes were.
This move by Kuda comes amid a broader trend in the Nigerian tech and fintech sector, where companies are tightening operations in response to economic pressures, regulatory changes, and the need to extend runway without sacrificing long‑term sustainability. For the workers impacted, the layoffs serve as a stark reminder of how volatile the tech job market can be, even within some of the country’s most visible startups.
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