Home Reviews KudaBank Review: All You Need to Know About Kuda Bank (2023)

KudaBank Review: All You Need to Know About Kuda Bank (2023)

What is Kuda Bank

Kuda bank is not your regular bank, kuda bank is Nigeria’s first mobile-only bank licensed by the Central Bank. Zero card maintenance fees, free transfers, automatic savings.

And their registration number is RC 796975 and the CEO of Kuda bank is Babs Ogundeyi

Kuda Bank Brief History

Kuda bank journey started a few years back with the name Kudimoney, Since then kuda bank have learnt a lot about the frustrations people were facing with traditional banks,hence kuda bank grew their teams and put in work to bring out a great vision of different kinds of bank to life. a long the line, KudiMoney decided to change their name.

 they had to change due to the frequent adoption of the “Kudi” name by other FinTech startups. In hindsight, because in our launch region (Nigeria) Kudi means money. The new direction was a perfect excuse for a name change.

Kuda bank wanted to build a bank that people will love, so it was fitting that ended up with the name Kuda, which means Love in Shona language.

Kuda bank Nigeria

Features of Kuda Bank


For Kudabank, they’re mobile-first. This makes a lot of sense as Nigeria is a largely mobile dominated market. Statista reports that “in 2018, there were 49.4 million mobile phone internet users in the country. This figure is projected to grow to 76.3 million by the end of 2023.”

Being mobile-only is a great way to go, especially as quite a number of people do not enjoy the physical, brick and mortar bank experience.

Next-to-zero (Bank) charges

Now to a very important one. Traditional banking institutions have thrived on bank charges. Inter/intrabank transfer charges, SMS alert charges, card maintenance charges and more are frequent financial burdens that their users have to take up. Kuda has reduced this to the barest minimum.

Kuda does not charge a card maintenance fee, neither do they do SMS alert charges. For transfers, currently, each Kudabank user gets 25 free transfers every month.

kudabank nigeria

Kudabank has predicted this move to save its users a significant 1,312.5 naira every month and 15,250 naira every year. (The equivalent of what traditional banks would have charged them if they did that number of transfers per month).


Talk about efficiency, the flexibility of Kudabank’s features have has surprised its users. Not only that, but users have also been excited by the flexibility of the company’s operation.

kudabank nigeria

A significant aspect of this is that you get your Kuda card delivered to your doorstep. To be clear, no other bank does this.

Customer service

While they don’t run a 24/7 customer service –as I didn’t get a response to my in-app chats until 6 am– subsequent responses to my messages and inquiries were swift.

Users love a product with which they wouldn’t experience unnecessary issues. And if they do, they want to be able to resolve them in a jiffy. Traditional banks don’t provide these, Kudabank does.

In fact, Hubspot reports that 90% of customers rate an immediate response as “important” when they have a customer service issue. “Immediate” here is defined as 10 minutes or less.

(A screenshot is due here, but the Kudabank mobile app does not allow users to take screenshots in-app).


Additional account benefits

Asides just being a bank to you, with Kudabank you also have a savings feature. Where you can set it to save a particular amount whenever you spend money from your account.

A savings feature is great as before the advent of Fintech products solely focused on savings, the bank account also served as the savings product. But no deliberate action was done to make the “savings account” experience better for users.

How does Kuda bank make money?

Like regular banks, KUDA BANK makes money by using collective deposits to make risk-free investments backed by the government. kuda bank also makes money from service fees sellers pay them when people like you shop with your Kuda Card. In the future, kuda bank also plans to make make money from interest paid on loans.

Is Kuda Bank Safe?

Yes, your money is safe with kuda bank.  all accounts are secured with the same high-security encryption other local banks use.



Kuda bank is a digital only bank that runs predominantly on smartphones, though they also have a USSD channel. This means that, one do not need physical locations to provide full banking services.

Being digital only means you save all the money you would have spent on maintaining branches, as a result kuda bank can afford to charge a lot less than other banks do.


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