Kuda, a digital bank that operates in Nigeria, has launched a COVID-19 fund to help buy and distribute food and other essential to people badly affected by the economic impacts of the pandemic in Lagos, Nigeria. The fund was launched on April 6, the fund received an initial contribution of 500,000 naira (US$1,300) from Kuda before being opened to the general public.
The fund is entirely independent and there are running it in partnership with Lagos Food Bank, a non-governmental charity currently distributing free food and other essentials across the city.
The company statement said “We partnered with them because they have shown transparency, responsibility and diligence in using donations to help people in need within Lagos State”.
Founded in 2016 as lending platform Kuda received last year a banking license from the central Bank of Nigeria to launch a full-service digital bank.
That regulatory approval made Kuda Nigeria´s first and only full-stack and mobile first bank. The startup raised a US$1.6 million funding round in September to complete its launch.
“Bank of the free” as its slogan says, KUDA provides full banking services through its apps, allowing Nigerians to run a current account, save money, and earn annual interest without excessive charges.