Is Kuda Bank Legit? Palmpay Review

Kuda Bank, also known as Kuda Microfinance Bank, is a Nigerian licensed and regulated financial institution that caters to individuals looking to transition away from traditional banking and embrace the convenience and fee-free nature of digital banking. Kuda Bank is an excellent option for customers who value earning interest on their savings and making free money transfers.

Kuda Bank is entirely accessible via its mobile app, which is available for iOS and Android devices. Customers can use the app to open an account, deposit and withdraw funds, transfer funds, pay bills, and manage their finances.

This blog post will cover all you need to know about Kuda Bank and how legit it is.

What is Kuda Bank and How Does it Work?

Kuda Bank is a Nigerian digital bank that offers a range of banking services, including a free account, free ATM withdrawals, and free transfers. The bank is licensed by the Central Bank of Nigeria (CBN) and is insured by the Nigeria Deposit Insurance Corporation (NDIC).

Kuda Bank operates entirely through its mobile app, which is available for iOS and Android devices. The app allows customers to open an account, deposit and withdraw money, transfer money, pay bills, and manage their finances.

Kuda Bank Features and Benefits

Kuda Bank is a leading digital bank in Nigeria that has gained popularity for its innovative features and user-friendly app. 

  • Zero-Fee Account: Kuda Bank offers a completely free account with no account maintenance fees, ATM withdrawal fees, or transfer charges within the Kuda network. This makes it an attractive option for cost-conscious customers.
  • Mobile App-Based Operation: Kuda Bank operates entirely through its mobile app, available for both iOS and Android devices. This eliminates the need to visit physical branches, providing a seamless and convenient banking experience from the comfort of your smartphone.
  • Instant Savings Features: Kuda Bank simplifies saving by offering automatic savings plans and round-up savings features. These features help you save consistently without having to manually transfer funds.
  • 24/7 Customer Support: Kuda Bank provides 24/7 customer support through the app, ensuring you have immediate assistance when needed. The app offers chatbot support, email support, and a dedicated customer support phone line.
  • Secure and Reliable Banking: Kuda Bank adheres to stringent security measures to protect your personal information and financial assets. The app integrates biometric authentication, fraud detection systems, and regular security audits to maintain a secure environment.
  • Partner ATM Network: Kuda Bank operates in partnership with a network of over 3,000 ATMs across Nigeria, allowing you to withdraw cash conveniently without being restricted to Kuda ATMs alone.


To open a Kuda Bank account, you must meet the following requirements:

  • Be a resident of Nigeria: Kuda Bank is currently only available to residents and citizens of Nigeria.
  • Be at least 18 years old: You must be at least 18 years old to open a Kuda Bank account.
  • Have a valid identification document: You must provide a valid government-issued ID, such as a driver's license, voter's card, national ID card, or NIN slip.
  • Have a smartphone: You will need a smartphone with an internet connection to open and manage your Kuda Bank account.
  • Download the Kuda Bank app: You can download the Kuda Bank app for iOS or Android devices from the App Store or Google Play Store.
  • Complete the application process: The application process is quick and easy. You will need to provide the required information and verify your ID.
  • Activate your account: Once your application is approved, you will need to activate your account by verifying your phone number and setting up a PIN.

How to Download and Open a Kuda Bank Account

  • Visit the Google Play Store or Apple App Store on your smartphone.
  • Search for "Kuda Bank" in the app store's search bar.
  • Select the Kuda Bank app from the search results.
  • Tap on the "Install" or "Get" button to download the app.
  • Once the download is complete, launch the Kuda Bank app on your smartphone.

To Create a Kuda Account

  • Open the Kuda Bank app and select the "Sign up" option.
  • Enter your valid phone number and tap on the "Continue" button.
  • Verify your phone number by entering the six-digit code sent to your phone.
  • Provide your personal information, including your full name, email address, and date of birth.
  • Create a strong password for your Kuda Bank account.
  • Review and agree to the Kuda Bank terms and conditions.
  • Tap on the "Create Account" button to finalize the account creation process.
  • To fully activate your Kuda Bank account, you need to complete the identity verification process.
  • Take a clear selfie of yourself holding your government-issued ID.
  • Upload a clear photo of your government-issued ID, ensuring all details are visible.
  • Once you've uploaded your documents, wait for Kuda Bank to review and verify your identity.

Is Kuda Bank Legit? 

Yes, Kuda Bank is a legitimate and regulated digital bank in Nigeria. It is licensed by the Central Bank of Nigeria (CBN) and is insured by the Nigeria Deposit Insurance Corporation (NDIC). 

Kuda Bank has also been praised for its innovation and user-friendly app, which has been downloaded over 1 million times. The bank has a strong track record and is well-funded, making it a reliable option for Nigerian customers


What is the minimum deposit for a Kuda Bank account?

There is no minimum deposit for a Kuda Bank account.

Is Kuda Bank safe?

 Yes, Kuda Bank is safe. Your money is insured by the NDIC up to N500,000 per depositor.

How long does it take to open a Kuda Bank account?

It only takes a few minutes to open a Kuda Bank account online or through the mobile app.

What are the interest rates on Kuda Bank loans?

Kuda Bank does not offer loans at this time.

How can I contact Kuda Bank customer service?

You can contact Kuda Bank customer service by email or through the mobile app.


Kuda Bank is a safe and convenient option for anyone looking for a digital bank in Nigeria. The bank offers a variety of features and benefits, including a free savings account, a free debit card, and free unlimited transfers to other Nigerian banks.

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