Kuda Lays Off Hundreds in Major Restructuring Move

Kuda, a Nigerian digital bank, has laid off hundreds of employees across various departments as part of a significant restructuring initiative. This decision was disclosed through internal company documents and communicated to affected staff during a video call with senior executives.

The layoffs impact several units, particularly the market team, as Kuda aims to reposition itself for the next phase of growth. The restructuring follows a review of future operations and industry benchmarks, focusing on long-term direction and tightening cost structures.

Affected employees will receive enhanced severance packages and transitional support. This move aligns with a broader trend among startups in Nigeria, where companies like Vendeas and Zap Africa have also announced job cuts to manage operational costs amid rising expenses.