Hundreds of employees at Kuda Bank have lost their jobs following a sudden restructuring exercise announced during a company wide video call on Wednesday, March 25. Staff across multiple departments were affected, with many learning about their exit before the meeting ended. The move, which came as a surprise to several employees, has raised concerns about communication and transparency within the fast growing fintech firm.
The company, however, maintained that the decision was not driven by financial struggles but by a need to reposition for its next phase of growth. According to a spokesperson, the restructuring followed a strategic review of operations, industry standards, and long term priorities. Management explained that the layoffs were not linked to individual performance, but rather to changes in how the organisation intends to operate going forward, with affected workers offered severance packages and transition support.
Sources within the company disclosed that the impact was significant in some units, particularly marketing, where nearly half of the team was affected. Some employees expressed frustration over the process, describing the announcement as abrupt and lacking clear communication. Others questioned the timing, pointing to recent senior level hires. The exit packages, which vary based on role and length of service, are said to include several months of pay, although enhanced benefits may require staff to sign agreements limiting future claims.
Despite the job cuts, Kuda’s recent financial performance suggests a company still pushing for growth and efficiency. The digital bank has expanded into the United Kingdom market and reported a sharp reduction in losses, alongside rising revenue in its Nigerian operations. With millions of customers and billions of naira in transactions processed, the restructuring appears to signal a shift towards sustainability and long term profitability, even as it navigates the human cost of its internal changes.