Complete Review - Is Kuda bank Legit or Scam, everything about Kuda bank | allschoolinfo

Complete Review – Is Kuda bank Legit or Scam, everything about Kuda bank

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Complete Review – Is Kuda bank Legit or Scam, everything about Kuda bank.



Complete Review - Is Kuda bank Legit or Scam, everything about Kuda bank

Welcome to thereviewland Home we I decided to try KudaBank. Interestingly not because of the bank Charges Hype, just because I love tech.

So asides from regular banks I have an Alat Account, PiggyVest, Cowrywise, Quickteller, TopupAfrica, Dot. etc

Yes, that’s too much but mind your business.

Is Kudi Bank Legit or Scam?

Is kuda bank legit/safe? Kuda bank is safe. It is properly licensed by the central bank of Nigeria and has the registration number of RC 796975.

What Does Kuda bank all about?

It’s a full-service digital-only bank platform designed to assist consumers in smartly budgeting, saving and spending.

The company’s platform allows the opening of a digital account synchronized with the bank which excludes unnecessary bank charges, helps in earning interest and also assists in gaining access to low-interest loans, enabling consumers to save periodically and earn interest for their savings while excluding any physical banking hassle.

It’s a Completely Online Bank, No paper, your account can be open in minutes.

Its meant to be a digital-only bank that runs predominantly on smartphones.

(Opinion: This potentially limits possible customer base to only people with Smartphones)

They used to be KudiMoney (LOL, Kudi is the John Smith of Fintech names)but old things are passed away.

Kuda offers checking accounts with no monthly fees, a free debit card, with plans underway to offer consumer savings and P2P payments options on its platform

Kuda Claim:

No ATM Maintenance fees

No Cash withdrawal fees

No transfer fees to Other banks * (*Kuda Customers get two free transfer to other banks every month. After that any transfer to other banks cost N10.)

Free Deposits (**Kuda account holders can deposit money in over 10,000 branches across Nigeria for free.)

Notice: Is this even possible? Yes, it is.
TLDR Version

Perhaps,Regular banks normally charge you for things like transferring money from your account to another account with another bank. Kuda says it won’t charge you as much, or at all. Monies kept with banks (deposits) don’t exactly sit there, but they are matched to be given out as loans to those who need them now and would pay later with interest.

Furthermore,they are invested in/with businesses that provide yields from which the actual owner of the deposit gets paid a portion as interest, or gets paid nothing out of it, depending on the class of account, whether current or savings.

Here, Kuda will technically invest the ‘retained balances’ of monies kept with them, and the yields of the investments are used to subsidize such fees like transfer charges, etc.
Everybody is happy.

Then you wonder how it’s profitable for them, but the truth is, they’re doing practically what the regular banks are doing, but with less overhead costs, because they don’t build branches that need maintenance and which they staff with employees of different pay grades, they don’t use fleets of pool cars to move their account officers around, etc. They invest ‘more’ in technology.

Does it really work? Yes, it does. But.

As lovely as the idea of a digital Nigerian bank sounds, it’s still a Nigerian bank. It’s a fantastic premise, ceteris paribus. But you know that in Nigeria everything never “Paribus’es”.

All the things that potentially stress you out with other banks Online transfers are potentially here as well eg when NIBSS is down it is down for all banks.
If a Mobile Networks payment processing gateway is down then you cant buy Airtime when you want.

Essentially, the bank works but the ecosystem still has significant kinks to work out.

Details about the App? The app is surprisingly good. Intuitive design with a lot of attention to detail. But.

It’s still in Beta, shows some quirky behavior with IOS 13 (works perfectly for me but I have heard complaints). Works fine on most Android phones. Works on EDGE as well for low bandwidth areas.

Are they even Registered? yes, by CBN with a Microfinance Banking License

How do I get started? Click here, Shameless Referral Plug.

Download Kuda bank App.

What do you need to open an Account? Don’t rush me, there are 3 tiers based on how much info you provide:

Lite– All you need is a Name and Phone Number

Basic– Name, Phone Number and BVN

Premium– Name, Phone number, BVN, Valid ID

Any limits on the Premium Accounts? Yes. 250k on a Single Transfer, 1 million Max in a day, 500k on POS, 30k single withdrawal on ATM. Limits don’t matter because: NO CHARGES!!

Other Issues:

I called Customer Care on Saturday a number of times, it rang out with no response, ( Insert Shocked emoji) I got a call back in 5 Minutes though. Help was Very Knowledgeable, helpful and pleasant. Emails seem to be dealt with faster

No information about ATM card in App, is it shipped? Stolen? where is it?

Should you open an Account? Absolutely! It’s not perfect but its really good in terms of using for eveyone

Who is the owner of Kuda bank?

How ever the possible and every means is cleared here the founder of Kuda banks is Babs Ogundeyi

When was Kuda bank founded?

Kuda bank was founded in the year 2016 and became active in year in year 2018 byBabs Ogundeyi

Kuda Bank board of directors

Kuda bank is always on a proceeding units, dropping every legit information they required is assured and guaranteed, below are they board of directors:-

Contact Information


Formerly Known As


Ownership Status

Privately Held (backing)

Financing Status

Venture Capital-Backed

Primary Industry

National Banks

Other Industries

Other Financial Services

Financial Software

Primary Office

151 Herbert Macaulay Way




+234 0903

Is Kuda Bank registered with CBN?

Yes, its a full service digital microfinance bank that is duly licensed by the Central Bank of Nigeria (“CBN”).

They registered office is at 151 Herbert Macaulay Rd, Yaba, Lagos, Nigeria.

Kuda Bank customer care number

Kuda bank has its own easiest way of getting them reached by tapping on they app icon more on the Kuda app , then select the chat with us button , and also you can reach them via the following email…..

Kuda bank USSD code

USSD code always play a vital rolls in terms of online banking, here Kuda bank has its own dual procedure used in adding funds through the use of ussd, with the following steps :-

how to send money to your kudi bank using first bank

1. Dial *894*amount*Kuda account number# from the phone number linked to the account.

2. Follow the prompts on your screen to complete your transfer.

How to transfer from Kuda bank to other bank

To add money by transfer:

1. Open Kuda.

2. Tap Add Money on your dashboard.

3. Tap Bank Transfer.

4. Tap Share to copy or send your Kuda account details and send money from another bank app or internet banking.

How to transfer money from gtb to Kuda Bank

Adding Money With GTBank’s using the USSD *737#


To send money from a GTBank account:

1. Dial *737*50*amount*416# from the phone number linked to the account.

2. Follow the prompts on your screen to complete your transfer.

conclusion on: Kuda bank Review

Indeed every beginning has an end result, here comes Kuda bank final review if it’s legit or not?

However kuda bank has additional evidence proving is legit, 100% save to work with since it has a supported authority’s from the centre bank of Nigeria showing every steps and service rendered by Kuda bank has a legit and trusted source supporting it , it’s said to be legit and safe to invest, save or partner in any financial services.

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