Kuda bank is Nigeria’s first mobile only bank that is licensed by the central bank of Nigeria. Kuda bank comes in with many amazing features, like zero card maintenance fees, free transfers, automatic savings and more.

Kuda bank is registered and licensed by the Central bank of Nigeria (CBN) and their registration number RC796975. It is headed by CEO Babs Ogundeyi.

Kuda bank is mobile first and they have no physical bank to carry out transactions. This means that all its transactions are carried out on mobile.

With the Kuda bank app, you get next to zero charges. Traditional banks will charge you for almost any transaction you carry out (inter/intrabank transfer charges, SMS alert charges) and even charge a maintenance fee for your card.

Kuda bank does not charge card maintenance fee, SMS alert charge and also allows each user up to 25 free transfers every month. Cool right?

Kuda bank has predicted that it will save its customers up to 1,312.5 naira every month and 15,250 naira every year in unnecessary bank charges.


  • easy to use without the need to visit a physical location.
  • reduced charges compared to traditional banks.


  • Requires internet connection to work.
  • Also needs some tech savviness to work around.

Requirements to open a Kuda bank account?

The following are the requirements to open a Kuda bank account:

  1. Email address and phone number
  2. Valid ID card (NIN, Voter’s card, international passport etc.)
  3. Biometric verification number BVN.

How to open Kuda bank account on my phone/online?

Download the app, which is available on both Google playstore and also iOS app store.
Install the app on your phone and launch it
Input your email address and password. If you have a referral code, input it.
Copy the verification code sent to your email and paste it
Input your first name, middle name, last name, gender and date of birth
Input your phone number
Get the verification code sent to your phone and paste it
Input your state, city, street name
Agree with terms and condition
Create PIN
Your account will be created
You will then be required to login

Kuda bank account tiers

Kuda bank operates three tiers of bank accounts, each tier is dependent on the documents you used in opening the account.

Tier 1

This tier of account does not require bank verification number or any valid ID, all you need to provide is your email address, phone number and your personal details. It is very limited and you will need to provide your BVN and valid ID to remove the limits.

Tier 2

In this tier of account, you have submitted your Bank verification number but have not submitted any Valid ID. Limits are also placed on this tier of account, although not as much as the tier 1 account.

Tier 3

In this Tier, you have submitted your BVN and a valid ID.

  1. Lite: All you need for this account type is your name and phone number.
  2. Basic: All you need is your name, phone number and bank verification number (BVN).
  3. Premium: All you need is your Name, phone number, Bank verification number and Valid ID card.

On the premium account, you can easily transfer 250,000 naira maximum at ago, with maximum transfers per day reaching 1million naira while the value stands at 500,000 on a POS.

Is kuda bank legit?

Kuda bank is a safe and legit financial service provider properly licensed by the central bank of Nigeria and has the registration number of RC 796975.

They use the same protocols that regular banks use to protect all your transactions on the app, so you should have no fear using it.


A writer! Columnist and an academic researcher
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