
Overview
Kuda is Nigeria’s leading digital-only bank (neobank) licensed by the Central Bank of Nigeria as a microfinance bank. Founded in 2019, Kuda operates exclusively through its mobile app and web platform, offering traditional banking services without physical branches or hidden fees.
The platform serves Nigerian consumers seeking modern, fee-free banking solutions with advanced financial management tools. Kuda targets millennials, Gen-Z users, small business owners, and individuals frustrated with traditional bank charges. The app provides comprehensive banking services including current accounts, savings products, loans, bill payments, and budgeting tools. Users can open accounts within minutes using only their smartphone, making banking accessible to the underbanked population across Nigeria.
Key Features
Zero Monthly Fee
No account maintenance or hidden charges
25 Free transfer
No account maintenance or hidden charges
High Savings Interest
Up to 12% annual interest on savings products
Instant Account Opening
Complete KYC and account setup in minutes
Automated Savings
Spend+Save feature automatically saves percentage
Pros & Cons
Advantages
- Zero account maintenance fees
- 25 free transfers monthly
- High savings interest rates (up to 12%)
- User-friendly mobile interface
- Instant account opening process
Limitations
- Poor customer service (2.5/5 rating)
- Frequent account restrictions
- Transaction processing delays
- Limited customer support channels
- BVN revalidation issues
Security Features
CBN Licensing: Fully licensed and regulated by Central Bank of Nigeria as microfinance bank
NDIC Insurance: Customer deposits insured up to ₦500,000 by Nigeria Deposit Insurance Corporation
Multi-Factor Authentication: PIN, biometric, and SMS verification for transactions
End-to-End Encryption: 256-bit SSL encryption for all data transmission and storage
Real-Time Fraud Monitoring: AI-powered systems detect and prevent suspicious activities
Pricing & Fees
Service | Fee | Details |
---|---|---|
Account Opening | Free | No charges for new account creation |
Zero account maintenance fees | Free | Zero account maintenance fees |
Domestic Transfer | Free | 25 free transfers per month, ₦10 after |
ATM Withdrawals | Free | Free withdrawals at all Nigerian ATMs |
Card Insurance | Free | Free physical debit card delivery |
Getting Started
Detailed Ratings
Final Verdict
Kuda offers exceptional value with zero fees and competitive savings rates, making it attractive for cost-conscious users. The app’s modern interface and automated features provide excellent user experience. However, significant customer service issues and frequent account restrictions create major concerns. While the banking features are impressive, poor support quality limits its reliability for users requiring assistance. Best for tech-savvy individuals comfortable with digital-only banking.