Kuda layoffs signal end of growth-at-any-cost era in Nigerian fintech

On March 25, Kuda, Nigeria's digital bank, laid off hundreds of employees across marketing, operations, and support teams in a sweeping restructuring. Company executives state the cuts are proactive, driven by industry benchmarks and a strategic review for scale, not financial distress. Kuda's 2024 performance underscores this confidence: 7 million registered customers, annual losses slashed from $35 million to under $6 million, and revenue nearly doubled to ₦21.2 billion ($15.4 million) with reduced operating expenses. This move marks the end of Nigeria's 'growth at any cost' neobank era, as investors now expect efficiency—questioning why fintechs didn't optimize sooner when high transaction volumes can be handled with leaner teams. For Nigeria's tech workforce, it signals a shift toward roles prioritizing operational efficiency and adaptability. Customers should anticipate no service disruption despite the reduced headcount. As fintechs mature, will you focus on building cost-efficient skills or pivot to sectors with more stable employment opportunities?

SOURCE: https://techcabal.com/2026/03/30/techcabal-daily-job-cuts-at-kuda/