Nigeria
United Kingdom
activeNeobank
- HQ
- Lagos
- Fee
- Free wallet
Kuda
Nigerian digital bank for free transfers and a naira card.
Legal entity: Kuda Microfinance Bank Limited — CBN-licensed full-service microfinance bank, deposits insured by NDIC (Kuda terms).
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7.2Solid
AlternativesFive questions
At a glance
Is it a bank?
Yes — Digital / commercial bank licence (Central Bank of Nigeria). Still read the entity on the statement.
If it fails?
NDIC on funds in the Kuda account, subject to prevailing NDIC limits (Kuda terms). Do not call it a CBN commercial-bank licence — the terms name a microfinance bank.
Salary?
Nigerian naira account at a CBN microfinance bank can take salary where Kuda and the employer’s rail allow it. This is not a UK sort-code account.
Open from abroad?
Nigerian KYC (BVN/NIN stack). Not a passporting EMI.
Monthly fee
Free core account
Account number
No IBAN-class local rail on this file.
NeoBankDB Verdict
Licence first · score second
7.2
/10 · Solid
Correct Nigerian digital bank to put on a comparison table. Confirm the current CBN class and whether USD cards are issuing before you recommend it for dollar spend.
What it is
Kuda is a Lagos-born digital bank. The consumer job is naira payments and a card, in a market where agency banking and super-apps (OPay) compete on the same screen. Licence class under CBN is the safety question; NDIC follows the bank, not the brand on the icon.
Best for: Nigerian residents who want a mobile bank with free transfers.
Last checked 2026-08-01. Not advice.
What it does well
- +CBN-licensed digital bank, not a grey wallet
- +Free transfers are the local job-to-be-done
- +Diaspora story via the UK
- +Card issuing when the rails work
What to watch
- −USD card availability swings with FX policy
- −App Store ratings hide outage days
- −Support queues on locked accounts
- −UK product is not a UK current account replacement
Legal entity, not the app icon
Who is behind it
- Legal name
- Kuda Microfinance Bank Limited — CBN-licensed full-service microfinance bank, deposits insured by NDIC (Kuda terms).
Who holds the money
The account
- Partner bank
- Kuda Microfinance Bank Limited
- Remote open
- Nigerian KYC (BVN/NIN stack). Not a passporting EMI.
- Onboarding
- Nigerian KYC in the Kuda app.
- KYC documents
- Nigerian identity (BVN/NIN) as CBN AML requires.
- Minimum age
- 18.
- Salary / payroll
- Nigerian naira account at a CBN microfinance bank can take salary where Kuda and the employer’s rail allow it. This is not a UK sort-code account.
- Local rails
- NUBAN / Nigerian domestic rails. Not an EEA IBAN.
How money actually moves
- Who holds the cash
- Bank balance
- How money moves
- Faster Payments
- Built for
- Personal · Freelancer
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Bank-grade; still not freeze-proof
- Card
- Kuda lists a physical card and a virtual card on visa, plus Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
NDIC on funds in the Kuda account, subject to prevailing NDIC limits (Kuda terms). Do not call it a CBN commercial-bank licence — the terms name a microfinance bank.
Who holds the money: Kuda Microfinance / Kuda Bank (confirm current CBN class)
- Central Bank of NigeriaDigital / commercial bank licence · Nigeria
Fees
- Monthly
- Free core account
- FX markup
- USD card / FX desks are product- and availability-dependent
- ATM
- Plan and network dependent
Features
- –IBAN
- ✓Fee-free core
- –Multi-currency
- –Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- –Business
- –Kids
- –Halal
- Free in-network transfers
- Naira debit card
- Budgeting pots
- UK presence for diaspora
- USD virtual cards when issuing
Before you tap Sign up
How to open
Step 1
Read the CBN class
Microfinance bank, not a UK-style PLC bank. Terms: Kuda Microfinance Bank Limited.
Step 2
Nigerian KYC
BVN/NIN. 18+.
Step 3
NDIC, not FSCS
Cover is NDIC at the microfinance bank, subject to NDIC’s live limits — Kuda does not publish a naira figure in the terms we read.
Operator documents
Their own papers
These are the operator’s documents. They outrank this review if they disagree.
Score
- Safety25%
- 7.2
- Fees20%
- 8.6
- Features15%
- 7.4
- App15%
- 7.8
- Global15%
- 5.0
- Support10%
- 6.0
Change log
Full logNo dated notes yet. When the licence, fees, or status moves, it lands here.
Available in
Straight answers
FAQ
01Is Kuda a bank?
Kuda is filed as Digital / commercial bank licence. The named regulator is Central Bank of Nigeria. Still read the entity on the statement before you send money.
02What happens to money in Kuda if it fails?
NDIC on eligible deposits at the licensed bank
03What does Kuda charge each month?
The monthly fee on this file is Free core account. Fees change — open the operator's pricing page if it is linked.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
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