Kuda Technologies Limited, the Nigerian digital bank backed by global investors, has reportedly laid off employees across several departments as part of a major restructuring of its operations.
According to reports, on Wednesday, March 25, staff members were invited to a company-wide video call with senior executives. Before the meeting ended, hundreds of employees were informed that their roles had been terminated.
Sources familiar with the development said the layoffs affected multiple teams, including the marketing department, where 19 out of 40 employees were reportedly impacted.
In a statement released on Friday, the company said the decision followed a strategic review of the business and is aimed at positioning Kuda for its next phase of growth.
Despite the layoffs, the fintech firm maintained that its financial position has been improving, suggesting the restructuring is part of long-term operational realignment rather than financial distress.
The development has sparked conversations across Nigeria’s fintech space about growth, sustainability, and workforce adjustments in the tech industry.
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