By Valentine Alexander 
In response to the mounting operational challenges faced by Nigerian small and medium-sized enterprises (SMEs), digital bank Kuda has introduced “Kuda Business Perks,” a strategic initiative designed to alleviate financial pressures and enhance business efficiency. Amidst economic hurdles such as inflation, foreign exchange instability, and subdued consumer demand, Nigerian SMEs, accounting for 96% of businesses and nearly half of the nation’s GDP are grappling with sustainability issues. A 2024 PwC Nigeria MSME Survey highlighted that over 70% of these enterprises identify high operational costs as a significant growth impediment.
Kuda Business Perks aims to address these concerns by offering discounted services across critical business operations, including payments, inventory management, staff healthcare, and marketing. This initiative is facilitated through partnerships with fintech companies like SeerBit and Paystack and platforms such as Vendy, OneHealth, Lumi, and Braudit. Eligible SMEs—those registered with the Corporate Affairs Commission (CAC) and holding Kuda business accounts—can access these cost-effective tools to streamline their operations. Nosa Oyegun, Kuda’s Vice President of Product Innovation and Strategy, emphasized the program’s practical approach: “Small businesses need tools that work and pricing that makes sense. We’re partnering with platforms that matter to lower cost barriers.”
The rollout of Kuda Business Perks is phased, with each stage targeting specific business needs. For instance, SMEs utilizing SeerBit through Kuda will benefit from reduced transaction fees on local payments, while integration with Paystack will facilitate more efficient global payment acceptance. This initiative highlights Kuda’s commitment to evolving digital banking infrastructure beyond mere access, focusing on affordability and addressing pressing challenges faced by Nigerian SMEs today.
OpeOluwa Okudero
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