Home » KudaBank Review: Everything you need to knows safe or not

KudaBank Review: Everything you need to knows safe or not

ENZ REVIEW:

Rating: 3.5 out of 5.

As of now, Kuda Bank App is one of Nigeria’s top-rated financial services apps. Most Nigerian youths are attracted to it because of its unique feature of being a bank that only operates online.

What is Kuda Bank, exactly?


A normal bank, Kuda Bank is Nigeria’s first mobile-only bank, and it’s owned by the Central Bank of Nigeria. Transfers are free, and automatic savings are available.
The registration number is RC796975, and the CEO of Kuda Bank is Babs Ogundeyi.

Histories of the Kuda Bank

Few years ago Kudimoney was the name of Kuda Bank’s foray into the world. A lot of things have changed in the past few years at Kuda Bank as a result of learning about the problems people have with traditional banks. After some time, KudiMoney decided to change their name.

As a result of other FinTech companies using “Kudi” as a brand name, they had to change the name. So it was only natural that the name Kuda, which means “love” in Shona, was chosen for the bank.

The Owner of Kuda Bank?

The CEO of the Kuda Bank is Babs Ogundeyi. He attended Brunel University in London for his tertiary education and has spent the majority of his career in Nigeria working in the financial business, both private and public.

He previously worked at PricewaterhouseCoopers, where he advised banks and served as the Federal Government of Nigeria’s Senior Special Advisor on Finance.

Babs helped launch Nigeria’s first classified vehicle magazine, Motor Trader Nigeria, which was later acquired by Financial Standard, a Nigerian media company.

How Kuda bank make money?

Like regular banks, KUDA BANK makes money by using collective deposits to make risk-free investments backed by the government. kuda bank also makes money from service fees sellers pay them when people like you shop with your Kuda Card. In the future, kuda bank also plans to make make money from interest paid on loans.

Is Kuda Bank Safe?

Yes, your money is safe with kuda bank.  all accounts are secured with the same high-security encryption other local banks use.

Related: Best easy loan in nigeria with no collateral Quick loan

How 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 the App.

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

  1. Lite– All you need is a Name and Phone Number
  2. Basic– Name, Phone Number and BVN
  3. 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 of 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 it’s really good.

Open a Kuda bank account here>>

2 thoughts on “KudaBank Review: Everything you need to knows safe or not”

  1. Pingback: kuda bank transfer To Other Banks in Nigeria » earnaze

  2. Pingback: Kuda Bank: How To Register, Fund Your Account and Transfer, » earnaze

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