NigeriaFrequently Asked Questions

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.

How is Kuda different from other banks?

We don’t have branches (because you don’t need branches). Kuda runs entirely on your phone (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).

Extra transfers will cost you 10 naira each.

How does Kuda 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 their Kuda Card.

Do you give loans?

We give overdrafts, and you’ll be eligible to take an overdraft 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.

What kind of account will I get?

If you sign up with your name, phone number and BVN (Bank Verification 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 50,000 naira at a time.

If you add a government-issued ID (like your driver’s license, national ID card or international passport) to your Kuda profile, we’ll remove those limits from your account.

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 all banks are wiped out by a natural disaster or something, the Deposit Insurance Fund of the National Deposit Insurance Commission (NDIC) is required to pay you 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.

How will you add money to my Kuda account?

There are several ways to add money to your 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 a Nigerian debit card. Tap Add Money on your Kuda dashboard and choose the Add By Card option.

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 Add By Deposit option to get instructions.

Will I get account statements?

Yes, you can request an account statement for a specific time period.

To request an account statement, tap More on the app then tap Statements & Reports

Where’s your office?

We’re at 1-11 Commercial Avenue, 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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