Nigerian Neobank Kuda Incurred A Loss Of Over ₦6 Billion In 2021
Sep 23, 2022 ·
1m 58s
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Description
Kuda MFB, a neobank operating under the Nigerian microfinance bank license, has been recording losses for the past two years. The company recorded a loss of ₦6,092,554,866, a 602% rise...
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Kuda MFB, a neobank operating under the Nigerian microfinance bank license, has been recording losses for the past two years.
The company recorded a loss of ₦6,092,554,866, a 602% rise from the ₦868,062,000 ($2,025,295) loss it made in 2020 by the end of the 2021 financial year.
The financial report indicated that the company’s revenue increased by 4,315% from ₦72,649,000 in 2020 to ₦3,207,177,570 in 2021.
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The company recorded a loss of ₦6,092,554,866, a 602% rise from the ₦868,062,000 ($2,025,295) loss it made in 2020 by the end of the 2021 financial year.
The financial report indicated that the company’s revenue increased by 4,315% from ₦72,649,000 in 2020 to ₦3,207,177,570 in 2021.
Information
| Author | Africa Business Radio |
| Organization | Africa Business Radio |
| Website | - |
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