Unrecovered loans, operational expenses, others plunged Kuda to N6 billion loss in 2021: Report

An estimated N6 billion ($14.2 million) loss was incurred by Kuda MFB, a neobank using a Nigerian microfinance bank licence in 2021.

TechCabal citing the bank’s 2021 financial report detailed that the loss was a huge rise of 602% from the N868 million ($2 million) loss it suffered in 2020.

According to the report, the…