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By Chinwendu Obienyi
Kuda Microfinance Bank has unveiled its much-anticipated 2024 annual spending report called ‘My Year on Kuda’, giving customers an in-depth analysis of their financial activities over the past year.
This report is designed to help Nigerians make smarter financial decisions by providing personalised insights into their spending, saving, and investment habits.
‘My Year on Kuda’ offers a detailed breakdown of key financial data, including the total amount spent throughout the year, peak spending periods, comparative analysis with the previous year’s expenses, most frequent beneficiaries, top bill payments, and the number of times payments were made using Kuda cards.
It also highlights how much money customers added to their accounts, their saving frequency, and their usage of Kuda’s popular overdraft feature. In a statement announcing the launch, Nosa Oyegun, Kuda’s Vice President of Product and Innovation, said, “Financial planning is key to achieving financial freedom. ‘My Year on Kuda’ helps our customers reflect on their financial habits and make adjustments where necessary. It’s more than just a report, it’s a tool that gives Kuda customers control of their finances.”
Research has shown that people who actively track their spending and budget their finances are more likely to achieve their financial goals. According to a study by National Endowment for Financial Education (NEFE), individuals who have a clear financial plan are 45% more likely to save for emergencies and 20% more likely to feel confident about their financial future.
By making this data available through an easily accessible report, Kuda is providing its Nigerians with an opportunity to engage in better financial planning. They can identify trends in their spending behaviour, understand where their money is going, and make informed decisions to cut unnecessary expenses and increase savings and investments. The financial planning benefits of the report align with Kuda’s mission to provide accessible, customer-centric banking solutions. With the insights from ‘My Year on Kuda,’ customers are better equipped to manage their finances, make informed decisions, and achieve greater financial stability.
