Kuda Bank Review: Get Free #1,000 For Sign up Bonus • XanderBlog
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Kuda Bank Review: Get Free #1,000 For Sign up Bonus

Have you tried to use a digital bank in Nigeria? Well, I have. I tried Kuda Bank. Not for the gifts (free bank charges) offered by this Fintech company in Nigeria, I tried just because I love everything technology. Then, from regular banks, I have a Piggyvest, Opay. etc.

KUDA offers current accounts without monthly rates, a free debit card, consumer savings plans and loans on its platform

Kuda Bank is registered on CBN

Yes, Kudabank is registered in the Corporate Affairs Commission (RC 796975) and licensed by the Central Bank of Nigeria (CBN). His deposits in Kuda Bank are insured by Nigeria Deposit Insurance Corporation (Indend).

Who possesses Kuda Bank? Who is Kuda Bank’s CEO?

Kuda Bank was founded by Babs Ogundyi and Musty Mustapha in 2019. And currently, the company has raised $ 91.5 million of investors to date.

Babs Ogundyi is the CEO of Kuda Bank.

What is Kuda Bank about? Is Kuda Bank legitimate and reliable? What kind of bank is Kuda?

It is a digital bank in Nigeria. A completely reliable online bank, without paper, and its account can be open in minutes.
It is intended to be a digital only bank that runs predominantly on smartphones.
(Opinion: This potentially limits the possible customer base for only people with smartphones)

They used to be Kudimoney (hahaha, Kudi is the John Smith of Fintech’s names) but the old things happen.

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Kuda Bank or Kuda Microfinance Bank is a legitimate digital microfinance bank recorded in Nigeria.

Also look at this post to learn how to make 50k monthly Click here

How does Kuda Bank work?

Kuda Bank works as a normal bank, but everything is online through the application or Kuda Bank website.

Kuda Bank offers:

  • There are no ATM maintenance fees.
  • No cash withdrawal rates.
  • There are no transfer rates to other banks * ( * Kuda customers get 25 free transfer to other banks every month. After that, any transfer to other banks costs N10).
  • Free deposits (** Kuda account holders can deposit money in more than 10,000 branches in Nigeria for free).

Wait first: Is this possible? How does Kuda Bank make money?
If possible.

Regular banks in Nigeria will generally charge things like when it transfers money from their bank account to another account with another bank. Kudabank does not charge him so much, or at all (25 free free transfers).

The money that was maintained with the banks (deposits) do not feel exactly there, they are accustomed to granting loans to those who need them and would pay them later with interest. Alternatively, they are invested in/with assets that provide yields from which the real owner of the deposit receives a portion as interest, or nothing is paid, depending on the account class, either current or savings.
Kuda earns money technically investing the “retained balances” of money that remained with them and issuing loans. They also earn money with the Air Time and Service Time Purchasing Commission, sellers pay us when people like you buy with your Kuda card. Investment yields/profits are used to subsidize rates such as transfer charges,
Then he wonders how it is profitable for them, but the truth is that they are doing practically what the regular banks are doing, but with fewer general costs, because they do not build branches that need maintenance and that serve with employees of different pays qualifications, they do not use Pool car fleets to move your account officers, etc. They invest ‘more’ in technology.
Works? If it does. But.
As charming as the idea of ​​a Nigerian digital bank sounds, it is still a Nigerian bank. It is a fantastic premise, Ceteris Paribus. But you know that in Nigeria everything is never “paribus’es”.

All things that potentially stress it with other online transfers of the banks are potentially here, for example, when Nibss is below, it is below for all banks.
If a mobile networks payment processing door is inactive, then you cannot buy air time when you want.

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Essentially, the bank works, but the ecosystem still has significant problems to exercise.

How about the Kuda Bank application? Download the KUDA application

The Kuda application is surprisingly good. Intuitive design with great attention to detail.

How do I start with the Kudabank application? Click here to download the application

How to open Kuda’s bank account

What do you need to open a Kudabank account? Do not hurry, there are 3 levels based on the amount of information it provides:

  • Lite: All you need is a phone number and phone number
  • Basic: name, telephone number and BVN
  • Premium: name, telephone number, BVN, valid ID
  • Any limit in premium accounts? Yes. 250k in a single transfer, 1 million max. The limits do not matter because there are no charges!

How to transfer Kuda Bank money to other banks?

To transfer or send money from the Kudabank application to other banks in Nigeria, follow these steps:

  • Open your Kuda Bank application and click “Payments
  • Then click “Send money
  • Complete the details of the transfer.
  • Confirm the transfer.

USD code to transfer money to Kuda Bank

To transfer money to Kudabank account from the first bank with USD code: dial*894*amount*KUDA account number telephone number linked to the first bank account.

To send Wema Bank money to Kuda’s bank account with USD code: Dial*945*KUDA account*amount# of the phone number linked to the account and follow the instructions on your screen.

To transfer money from GTBANK, Polaris Bank and Zenith Bank a Kuda Bank using the USSD code, follow these steps.

  • Open the application or KUDA website and log in.
  • Click “Add money
  • Touch add “By USSD
  • Write the amount you want to send
  • Touch the correct USD code to mark it and follow the instructions.
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Where is the location of Kuda Bank?

Kudabank’s registered office is located at 151 Herbert Macaulay RD, Yaba, Lagos, Nigeria.


Kuda Bank attends to customer problems through his option of aid in the application. But if you ever need help (or simply want to chat), you can contact KUDA by email: [email protected].

However, Kuda does not have a telephone number for customers. You can communicate with them through the application or by the previous email.

Should you open an account?

Absolutely! It is not perfect, but it is really good.

Open a Kuda bank account here>>

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I am Omotunmishe Temitope (Xander), A Digital Marketer, and Web Developer, A pro blogger who has a passion for blogging and has taken blogging as part of my daily activities.
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