Nigerian neobank, Kuda, obtained a licence from the State Bank of Pakistan (SBP) to run a digital bank in the country on Friday, January 13, 2023. The neobank, under the name KT Bank, was one of five banks to receive a licence from the SBP. The other banks include Easy Paisa DB, Hugo Bank, Mashreq Bank, and Raqami.
In 2015, the SBP launched a national financial inclusion strategy to increase the number of financially included Pakistanis to 50% of the country’s adult population by 2020. It has now granted a licence to the five banks, including Kuda, which are expected to incorporate a public limited company with Pakistan’s Securities and Exchange Commission. An in-principle approval is expected to be granted, after which they can commence operations in the country. In November 2022, Kuda announced that it was beginning operations in the United Kingdom, where large numbers of African immigrants reside, providing them with local transfers and direct debits.