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Kuda Bank Review: Monito's Definitive Verdict on Trust, Fees, Usability, and the Kuda App

Feb 25, 2022
Advertiser disclosure

Kuda is an excellent digital bank and mobile app that is fully licensed and regulated by the Central Bank of Nigeria. While the Lagos-based company is still a young one, it has earned the trust (8.1/10) of over 1.4 million clients.

Not only does the app provide high-quality services (7.6/10) that help account holders save money, earn savings interest, and track their budgets but it also charges a very low fee schedule (10/10). Nigerians who open a Kuda bank account get 25 free transfers per month, free ATM withdrawals at select ATMs, and no monthly maintenance charges.

Along with customers who consistently review Kuda’s products and services highly (9.5/10), the experts at Monito recommend Kuda Bank without reservation to Nigerians who want to take control of their financial health. 

What Monito Likes About Kuda Bank

  • 25 free domestic bank transfers per month;
  • No monthly maintenance fee or hidden fees;
  • Free ATM withdrawals at 3,000 Nigerian ATMs;
  • Set rules to save whenever you spend;
  • Applies a high 15% savings interest rate on your deposits;
  • Offers short-term overdraft loans.

What Monito Dislikes About Kuda Bank

  • Overdraft loans charge a 0.3% interest rate daily;
  • Does not integrate with Google Pay or Apple Pay;
  • Operates only in naira, and lacks USD, EUR, or GBP accounts.
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Take Financial Control With Kuda

Rated as the best all-around digital bank in Nigeria by experts at Monito, Kuda Bank offers an unrivalled fee schedule of zero hidden fees. Get 25 free domestic transfers per month, free ATM withdrawals, a 15% savings interest rate, and a user-friendly app to track your expenses.


Monito Score


🔒 Trust


Licensed and regulated by the CBN.

✅ Service


Services only available in NGN.

💸 Pricing


No ATM withdrawal or transfer fees.

👥 Customer


Large number of good and excellent reviews.

Last updated: 23/02/2022

Who is Kuda Microfinance Bank For?

Kuda Bank, also known as Kuda Microfinance Bank, is a licensed and regulated bank in Nigeria available for residents and citizens of Nigeria who want to transition from traditional banking to convenient and fee-free digital banking. Kuda Bank is ideal for customers who would like to earn interest on savings and transfer money for free, or need to take out an occasional short-term loan.

How 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.
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Can Kuda Bank Work Without a BVN?

It is optional to provide your BVN to Kuda Bank, but your account will be limited to two free transfers per month if you do not share this information.

Kuda Bank cannot use your BVN to access your other bank accounts in Nigeria. The BVN is used as a part of its ‘Know Your Customer’ scheme to prevent fraud and to confirm your identity.

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How Monito Reviewed Kuda Bank's Services

As with all services reviewed by Monito, Kuda Bank underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts analysed several key criteria, including customer reviews, the percentage cost of various transaction types, top-up options, access to customer service, as well as business and legal metrics such as revenue, legal authorisation, and company size. As with all Monito Scores, Kuda Bank's score was peer-reviewed by at least one Monito expert.

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Trust & Credibility


Background check

Regulated by the Central Bank of Nigeria with deposit insurance from the NDIC.

Security & reliability

Uses 3-D secure physical and virtual debit cards.

Company size

Founded just in 2019 with around 215 employees.

Transparent pricing

All fees not shown on front page fee schedule.

Is Kuda Bank Legit?

Kuda Microfinance Bank is a fully-licensed bank in Nigeria, regulated by the Central Bank of Nigeria and offering its services to over 1.4 million Nigerian clients.

Founded in Lagos, Kuda Bank is insured by the Nigerian Deposit Insurance Corporation (NDIC). Outstanding amounts in your bank account up to 200,000 naira will be protected in the case of bankruptcy or disaster.

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

Service & Quality


Managing the account

Provides 25 free domestic transfers per month but does not support international transfers or currencies other than naira.

Contacting support

Offers extensive help centre, phone, email, and live chat although not 24/7.

Making card payments

Provides free Visa debit card but Apple Pay, Google Pay, and bill splitting are not supported.

Using the mobile app

Highly rated software that freezes your card, helps you budget, and tracks your spending habits.

Kuda Bank Product & Service Quality

Kuda Bank was founded in Lagos, Nigeria and is one of the fastest-growing financial technology companies in the country. The Kuda app connects you to a Kuda debit card, helps you budget and save, and even offers microloans to credit-worthy clients.

How to Transfer Money with Kuda Bank

Kuda Bank sets aside 25 free domestic transfers per month for you, which you can easily initiate from the app. Send money directly to your Nigerian bank account or a friend’s account by entering the details on the mobile app. 

You can even send money without providing an account number. The Kuda app can generate a unique Kuda Payment Link, which you can send to anyone with a smartphone. The money will enter the recipient’s account once the payment link has been claimed.

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International Money Transfers with Kuda Bank

Nigerian banks cannot legally accept international remittances in the form of Nigerian naira (NGN). If you want to receive money from abroad, it must be in US dollars.

You must open a US dollar account with a traditional Nigerian bank to receive international payments. This is because Kuda Microfinance Bank only operates in naira. Read more.

Kuda Bank Card

When you open a bank account with Kuda Bank, you can apply for a virtual Visa debit card for free. You can request a physical Visa debit card delivery to your address for free if you have at least 1,000 naira in your balance. You may use these cards anywhere online where Visa is accepted.

The Kuda app is directly linked to your card and allows you to freeze your card instantly. This feature provides an added level of security in case your card is lost or stolen.

Kuda Bank USSD Code

Kuda Bank's USSD code is: *894.

With USSD codes, you can add money to your Kuda bank account from GTBank, Polaris Bank and Zenith Bank accounts too. 

Instead of memorizing the USSD of your other Nigerian bank, you can use the Kuda app to specify your Nigerian bank, your account, and how much you want to send over. The app will automatically generate the USSD code for you, which you dial. The transfer should initiate soon after.

Kuda Bank App Review

Kuda Bank’s mobile app is one of the best finance platforms available in the Nigerian market. To start, clients will profit from an annual interest savings rate of up to 15%

Their ‘Save + Spend’ feature was designed to help you save money effortlessly. Whenever you use your card or account to spend, Kuda can set aside a percentage of the amount in a savings pot for you. All you need to do is set your desired percentage rate in ‘Save + Spend’ settings.

To get a better picture of the great features that come with Kuda’s well-designed app, have a look at this list:

  • No maintenance fees, transfer fees, ATM fees, or bill payment fees;
  • Earn up to 15% annual interest on savings that you set aside;
  • Apply for short-term overdraft loans from the app;
  • Set daily, weekly, or monthly savings rules to build wealth;
  • Spend with a physical card, virtual card, or Pay ID;
  • Set personal rules to save whenever you spend;
  • Categorize and track your spending habits.

Fees & Exchange Rates


Everyday use

Zero hidden fees when you top up your account, pay bills, send transfers, or withdraw from ATMs.

Online spending

No fees for spending with your Visa debit card online.

ATM withdrawals

Offers three free ATM withdrawals per month at 3,000 ATM locations in Nigeria.

Kuda Bank's Fees & and Exchange Rates

The Kuda App is free to download and it is completely free to open a bank account too. Kuda Bank has an easy-to-understand fee schedule, which charges no monthly fees or hidden charges. 

Money Transfers with Kuda Bank

Kuda Bank provides their clients with 25 free transfers to any Nigerian bank per month if you sign up with your Bank Verification Number (BVN). After those 25 transfers, you will be charged 10 naira each. Your transfer limit resets each month.

Kuda Bank sets a maximum transfer limit at 50,000 naira per transfer. It also sets a deposit limit at 50,000 naira per deposit. Your entire account has a maximum balance limit of 300,000 naira. It is possible to upgrade your Kuda bank account and raise these limits by verifying your identity through the app with official documentation.

Kuda Bank is unable to initiate international transfers or receive remittances from abroad. To deal with international money transfers, you will need to talk to a traditional Nigerian bank. Run a search on Monito’s comparison engine to find a transfer service that can lower costs when you are ready to send money to Nigeria.

Kuda Bank ATM Fees 

Kuda Bank has partnered with over 3,000 ATMs across Nigeria to give you free cash withdrawals. You will be allotted three free withdrawals per month. After that, ATMs will charge you 35 naira per withdrawal for the rest of that month.

Microfinance Loans with Kuda Bank

As a fully-licensed bank with the Central Bank of Nigeria, Kuda Bank has the legal capacity to loan money to clients in Nigeria. You may apply for a short-term loan if you are an active user on the Kuda App and have a good credit history. Kuda Bank will run a credit check on you before they loan you money.

You can apply for a loan on the app without submitting tedious paperwork. Their standard loans apply a daily interest rate of 0.3%. Unlike 1-year or 5-year loans, these loans (also known as overdraft) are intended to be short-term loans that get paid back in a matter of days or weeks.

If you do not pay back the loan by the Maturity Date deadline, Kuda Bank reserves the right to charge extra fees for defaulting and to pursue legal action.

Best Nigerian Digital Bank Cards Compared

To get a better picture of how Kuda Microfinance Bank's fees and services compares with other Nigerian digital banks, take a look at the table below:

Kuda Bank


Monthly Fee



Bank Transfer Fee






Card Delivery Fee



App Store Score



Go to KudaGo to VBank

Customer Satisfaction


Customer review score

Given a combined 4.3 out of 5 stars on the Apple and Google app stores.

Number of positive reviews

Around 77,000 total four to five-star reviews given by Kuda Bank customers.

Customer Satisfaction Score

Customers have given Kuda Bank 4.3/5 stars on the Apple app store and on the Google Play store combined. Over 77,000 customers have given Kuda Bank a four or five-star review.

Positive Kuda Bank Reviews

  • Excellent app for budget and savings management; 
  • Frequently happy with the 25 free transfers per month;
  • Modern app with instantaneous transfers and transactions.

Negative Kuda Bank Reviews

  • Customers have found customer service difficult to reach by email;
  • Clients have reported delays and errors when opening accounts;
  • Physical debit cards may take longer than three weeks to ship.

Frequently Asked Questions About Kuda Bank

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