Digital Banking Startup, Kuda Launches Fund To Fight COVID-19

April 15, 2020
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Nigerian digital banking startup Kuda has launched a COVID-19 fund to help buy and distribute food and other essentials to people badly affected by the economic impacts of the pandemic in Lagos.

Launched in 2016 as lending platform Kudimoney, Kuda rebranded in June of last year and received a banking licence from the Central Bank of Nigeria (CBN) to launch a full service digital bank.

That regulatory approval made Kuda Nigeria’s first and only full-stack and mobile-first bank, and the startup raised a US$1.6 million funding round in September to complete its launch. The bank provides full banking services through its apps, allowing Nigerians to run a current account, save money, and earn annual interest.

Kuda has now launched its COVID-19 fund with an initial NGN1500,000 (US$1,300) in partnership with Lagos Food Bank, a non-governmental organisation that provides aid across Lagos State. All donations made will go to Lagos Food Bank and used to buy food and other essentials for open distribution in the city of Lagos.

The fund has been opened to the general public, and Kuda chief executive officer (CEO) Babs Ogundeyi called on people to help those most in need at this time.

“For those of us who are a bit more comfortable, it’s our responsibility to help everyone else,” he said.

“We partnered with Lagos Food Bank because they have shown transparency, responsibility and diligence in using donations to help people in need within Lagos State.”

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