Kuda Cuts Jobs Across Teams in Surprise Restructuring Move
On March 25, employees at Kuda were called into a company-wide video meeting that quickly turned into a major announcement. By the end of the call, many staff members had been informed that their roles were being eliminated as part of a broader restructuring effort across the company.
The layoffs affected multiple departments, with the marketing team hit particularly hard—about 19 out of 40 employees in that unit were impacted. According to internal communication, the company is reorganising its structure to better position itself for its next phase of growth.
Kuda maintains that the decision was not due to financial struggles or individual performance. Instead, leadership pointed to a strategic review that examined the company’s long-term direction, operational priorities, and how it compares with industry standards. The outcome of that review led to changes in staffing and internal structure.
For many employees, the process felt sudden and unclear. Reports suggest the meeting itself had a rocky start, with staff initially unable to access the call link. When it finally began, executives confirmed the job cuts, catching many off guard—especially given recent hiring moves, including senior-level additions.
Those affected are being offered severance packages that vary depending on role and tenure. Some employees expect payouts of several months’ salary. In addition, the company is offering an enhanced exit option tied to a formal agreement, which includes certain legal conditions.
Despite the layoffs, Kuda’s financial performance has been improving. The fintech has significantly reduced its losses while increasing revenue and cutting operational costs. It has also continued to grow its user base and transaction volume, positioning itself as one of the leading digital banks in Nigeria.
The restructuring signals a shift in focus as Kuda aims to streamline operations and sustain long-term growth, even as it navigates internal changes and employee concerns.
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