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Kuda laid off hundreds of Nigerian staff in restructuring, conditioning enhanced severance on non-claim settlement agreements
Mar 27, 2026Nigerian digital bank Kuda cut jobs across core departments in a restructuring announced March 27, 2026, with hundreds of employees feared affected according to TechCabal and Nairametrics reporting. Severance packages of up to 7 months' pay were offered, but enhanced severance was made conditional on employees signing settlement agreements including a clause not to bring any claims against the company. The restructuring followed a shift in strategy from aggressive expansion toward profitability, after losses narrowed to $5.83 million in 2024 from $35.11 million in 2023.