Kuda Bank Review 2022: The Pros and Cons

Kuda bank is a Nigerian digital bank that operates entirely online. Unlike traditional banks that offer in-person face to face service in their branches, Kuda bank provides servings, loans, bill payments and 25 free monthly transfers all done via its mobile app.

Kuda is fully regulated and licensed by the Central Bank of Nigeria CBN to operate as a microfinance fintech. The digital-only bank that runs predominantly on smartphones was founded in 2016 and began operating in 2017, and has so far served over 1.4 million Nigerians.


  • 25 free bank transfers every month month: transfers on traditional bank apps costs about N10 per transaction but you can do it for free on Kuda bank.
  • No monthly maintenance fee or hidden fees.
  • 15% savings interest rate on your deposits: this sure beats traditional banks that even charge account maintenance fees from your deposits.
  • Offers short-term overdraft loans: you automatically get low interest loans when you use the Kuda bank app regularly.
  • Free Kuda bank Visa debit card: when you perform transaction of up to N1000, you can apply for a Kuda Bank debit card that can be used at over 3,000 ATMs across Nigeria and to pay at POS pay points.
  • Good referral bonus: you get a N1,000 bonus for each new user you share your referral code with. Invite your friends and family and start making money with Kuda digital bank.


  • High interest rates: the interest rates on those short-term overdraft loans can be as high as 0.3% interest rate daily.
  • Operates only in naira: unlike traditional banks that offers domiciliary accounts in USD, EUR, or GBP accounts, Kuda is exclusively a naira denominated bank.
  • has networking problems: registration is especially difficult on the Kuda app, bugs and networking issues can sometimes hold up the BVN verification portal on the app for days.
  • Poor customer service: a lot of customers have complained of not getting a response from the email and customer service numbers available on the app. The official website is also not responsive as at the time of writing this review.

requirements to open a Kuda bank account

To open an account with Kuda Bank in Nigeria, you will need to be over 16 years old and have the following required documents:

  • Email address
  • Nigerian phone number
  • BVN (Bank Verification Number)
  • Smartphone with the Kuda App.

Kuda bank loan

You can borrow money on Kuda bank app if you use the app regularly for your transactions. No paperwork is required, just request for the loan online at 0.3% daily interest rate. It is safer compared to borrowing money from loan sharks that might embarrass you if you default on your repayment.

How to Contact Kuda Bank

Since Kuda Bank is a digital bank, it does not operate physical branches. If you have questions and concerns about your account, you can contact the customer support team in the following ways:

  • Live Chat: Chat with customer support directly from the Kuda app.
  • Kuda Bank Website: Visit their help center for answers to frequently asked questions.
  • Phone: Call 01 633 5832 to speak with a representative.
  • Email: Send an email to Kuda Bank at [email protected].

Customer service response time on Kuda is poor, you might have to contact them through the multiple channels in case of an emergency.

Kuda Bank ATM Card

Every Kuda bank accounts gets a free virtual card that can be used to make payments online. You can request for a physical one at the cost of N1,000. A Visa Kuda bank debit card will be delivered to your physical location free of charge. delivery is Nationwide and you should get the card within 7 working days from the day you requested for it.

In case of theft or misplacement, you can quickly block your Kuda debit card on your phone app as both are directly linked.

Frequently asked questions

Where is kuda bank’s location?

Kuda bank’s registered office is located at 151 Herbert Macaulay Rd, Yaba, Lagos, Nigeria. It has its corporate headquarters in London, United Kingdom.

Is Kuda Bank legit?

Kuda bank is safe, regulated and licensed by the CBN as a microfinance fintech. Tho some of its services can be improved, it is not a scam and deposits are insured by the NDIC.

Can Kuda Bank receive money from abroad?

No, Kudi bank’s license only permits it to operate naira denominated transactions within Nigeria. If you want to receive dollars from abroad, you have to open a domiciliary account.

Can Kuda Bank work without a BVN?

No it cannot, your 11 digit BVN number, email address, a Nigerian phone number and ID card are required to open a Kuda bank account.


A writer! Columnist and an academic researcher
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