Questions people ask us often.

Is Kuda a registered bank?

Yes, we have a microfinance banking license from the Central Bank of Nigeria. Our registration number is RC 796975.

What makes Kuda different from other banks?

We don’t have branches (because you don’t need branches). Kuda runs entirely on your phone or browser (with an internet connection) and we’ll deliver your debit card to any address in Nigeria.

Because we don’t have branches, we save a lot of money. That’s why we can afford not to charge you ridiculous fees and pay you more interest than most banks.

What fees do you charge?

We’ll give you 25 free transfers every month if you sign up with your Bank Verification Number (BVN). Learn more about free transfers here.

Extra transfers will cost you 10 naira each.

Everything else is free - using your account, using your Kuda Card and withdrawing cash from our partner ATMs.

So how do you make money?

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

We also make money from commission on airtime purchases and from service fees sellers pay us when people like you shop with your Kuda Card.

Do you give loans?

Yes, we give loans and you’ll be able to get one automatically if you use your Kuda account regularly.

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.

How do I open an account?

Download Kuda on Google Play (for Android) or the App Store (for the iPhone) and follow the prompts on your phone. It will take a few minutes at most.

What kind of account will I get?

If you sign up with your name and phone number, you’ll get an account limited to a maximum balance of 300,000 naira, a maximum deposit of 50,000 naira at a time and a maximum transfer of 10,000 naira at a time. You'll be able to send money only to other Kuda accounts.

If you add a government-issued ID (like your driver’s license, national ID card or international passport) to your Kuda profile, your account will still be limited but you’ll be able to send money to other banks.

If you add a government-issued ID and confirm your BVN (Bank Verification Number), we’ll remove those limits from your account.

Learn more about our account levels here.

Why do you need my BVN?

We ask you to confirm your BVN so we can be sure no one is pretending to be you.

When you confirm your BVN, we match your details with the information on the national BVN database owned by the Central Bank.

We won’t use your BVN to access your other bank account(s).

Is there a minimum balance?

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

Is my money safe with Kuda?

Yes, your money is safe with us. We 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 you make an insurance claim on a deposit and the claim is successful, the Deposit Insurance Fund of the National Deposit Insurance Commission (NDIC) is expected to pay you up to 200,000 naira as compensation.

Since you don’t have branches, how will I get my card?

We’ll deliver your Kuda Card to you anywhere in Nigeria. Learn more about cards here.

How many ATMs do you have?

Thanks to our partnership with Zenith Bank, you can make free withdrawals with your Kuda Naira MasterCard at Zenith Banks ATMs in Nigeria.

How will I put money in my 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 most debit or credit cards. Tap Add Money on your Kuda dashboard and choose the Card option.

Adding money to your account by card is free up to a total of 100,000 naira. After that, we will no longer cover the third party payment gateway fee. Learn more about the payment gateway fee here.

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 Cash Deposit option to get instructions.

Please, follow the guides here to add money to your Kuda account.

Will I get account statements?

You can request an account statement for a specific time period.

Tap More on Kuda then tap Statements & Reports.

Where’s your office?

We’re at 1-11 Commercial Avenue, Sabo, Yaba, Lagos.

What should I do if I need help?

The easiest way to reach us 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.

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