Is Kuda Bank Legit? Read This Before You Register To Avoid Scam

Is kuda bank legit or not? Read my honest review before you register, to get the full information about kuda which will show you if they are legal or fake bank in Nigeria.

Kuda which was formally known as kudi money was founded by two vibrant young men by name Babs Ogundeyi and Musty Mustapha. Their aim of establishing this digital bank was for them to be able to put an end to unnecessary bank charges and to make banking transactions stress free.

Kuda bank app has 4.3 rating on playstore with a lot of positive reviews, with the help of kuda you can no longer go and stand on queue in any commercial bank with the aim of waiting for ATM card (Collection or application).

You can open kuda bank with #0 in Nigeria and apply for your ATM and it will be delivered to you within 2 weeks of application.

Everything about the digital banking app is totally free, not only that they also help you to save, how? They help their customers to save whenever any transaction is made.

Unlike, most commercial banks in Nigeria that will always debit you unnecessary in the name of card maintenance fee, credit and debit alert fee, ATM application fee etc, digital bank like kuda will never debit you unnecessary like that, instead they will be helping you to save those money.

I didn’t noticed these not until I noticed a huge amount in my save, and also their free transactions which is also great. It is a good app to make a quick transactions within a blink of an eye without the stress of searching for POS or ATM machines. Most importantly, your money and transactions are very safe with kuda.

Note: This article is not sponsored by anyone, it is for educational purpose only and nothing more.

Is kuda bank legit?

Yes, kuda bank is safe, I have been using kuda bank for years without any issue, it is registered with NDIC which helps to insured all deposits. The bank was licensed by central bank of Nigeria (CBN). Currently, it is approved for microfinance and mobile banking services.

Kuda Bank

Kuda app Review on Playstore.

Kuda has a tools that helps to track all your spending habits, saving more and making the right money moves.

Is kuda bank legit?

Kuda app review on play store


Here is why I choose kuda bank;

  • It is free to open an account with kuda bank.
  • No card or account maintenance fees.
  • It help you grow your savings with up to 15% annual interest.
  • Free credit and debit alerts.

To open account with Kuda is very easy even if you do not have any money with you. To open an account in Kuda bank they will request for the following details;

Email address, password, an optional referal code, your bank verification number (BVN), your full name, your phone number for verification, and a login pin you will need when ever you need to access the app.

Once the above details are available, you can download the Kuda app on play store and signup.



Frequent asked questions:

Is Kuda a registered bank?

Yes, they have a microfinance banking license from the Central Bank of Nigeria. With registration number of RC 796975.


How is Kuda different from other banks?

Kuda bank is totally different from other banks, they operate majorly on internet which means you can only access the bank using your phone or PC. For your debit card, they will deliver your debit card to you in your address in Nigeria.

However, because they do not operate any bank they save more money and reduced costs. That’s why they can afford not to charge you ridiculous fees and pay you more interest than most banks.


What fees do kuda charge?

They will offer you 25 free transfers every month if you sign up with your Bank Verification Number (BVN). Extra transfers will cost you 10 naira each.


How does Kuda make money?

They make money by using collective deposits to make investments and issue credit.

They also make money from commission on airtime purchases and from service fees sellers pay them when people like you shop with their Kuda Card.


What do I need to open a Kuda account?

To open a Kuda account, you must be at least 16 years old and you must have an email address and a phone number.


What kind of account will I get?

If you sign up with your name, phone number and BVN (Bank Verification Number), you will get an account limited to a maximum balance of N300,000 a maximum deposit of 50,000 naira at a time and a maximum transfer of N50,000 at a time.

If you add a government-issued ID (like your driver’s license, national ID card or international passport) to your Kuda profile, they will remove those limits from your account.


Why do kuda bank need your bvn?

They ask you to confirm your BVN so they can be sure no one is pretending to be you. When you confirm your BVN, they will match your details with the information on the national BVN database owned by the Central Bank. They won’t use your BVN to access your other bank account(s).

Is there a minimum balance?

No, Kuda don’t have a minimum account balance.


Is my money safe with Kuda?

Yes, your money is safe with kuda bank. They secure all accounts with the same high-security encryption used by regular banks. For extra protection, we insure every deposit you make into your Kuda account.

If all banks are wiped out by a natural disaster or something, the Deposit Insurance Fund of the National Deposit Insurance Commission (NDIC) is required to pay you N200,000 as compensation.


How will I add money to my Kuda account?

There are several ways to add money to your Kuda account:

You can transfer money to your Kuda account from any Nigerian bank with a bank app or through internet banking.

You can also add money to your upgraded account with a Nigerian debit card. Tap Add Money on your Kuda dashboard and choose the Add By Card option.

If you have cash, you can deposit it into your Kuda account at our partner banks. Tap Add Money on your Kuda dashboard and choose the Add By Deposit option to get instructions.


Will I get account statements?

Yes, you can request an account statement for a specific time period. To request an account statement, tap More on the app then tap Statements & Reports.


Where is kuda office located?

They are located at 151, Herbert Macaulay Way, Yaba, Lagos.

How do I contact kuda if I need help?

The easiest way to reach them is to tap More on the Kuda app then tap Chat With Us.

You can also send an email to or call 01 633 5832 between 8:00 am and 5:00 pm on weekdays.


Read Prince Jayjay’s review about the app on play store;

Question: Is kuda app legit?

Answer: I don’t even know where to start, such a wonderful banking app, though at first i was scared of opening an online banking app which i know nothing about, but on giving it a trial, this is the best, safest and most efficient app, the online banking so easy, transfers go easily and fast, easy to use, I so much love this app.



I have been able to show you all you need to know about kuda bank, their app and how they operate, I wrote this based on my personal view about the app with some opinion of other users.

I urge you to research more about the app before using, or if you have been using the app kindly drop your review about the app in the comment section below.

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