Kuda — review & details

In Bank accounts · By the Rateweb editorial team · How we rate · Details checked 18 Jul 2026

A licensed microfinance bank built app-first — no account-maintenance fee, a free transfer allowance each month, budgeting tools and overdrafts. Deposits NDIC-insured.

Best app-only bank

Kuda

A licensed microfinance bank built app-first — no account-maintenance fee, a free transfer allowance each month, budgeting tools and overdrafts. Deposits NDIC-insured.
★★★★☆
4.2/5 · How we rate
None
Monthly Fee
Free monthly allowance, then a small fee
Transfers
CBN microfinance bank
Licence
NDIC-insured (to ₦2m, MFB)
Deposit Safety
App-first budgeting
Best For
digital
Type
Pros
  • No account-maintenance fee; free transfer allowance each month
  • Clean budgeting, savings and overdraft features
  • Licensed microfinance bank; deposits NDIC-insured
Cons
  • No physical branches
  • Free transfers are capped each month
  • MFB insurance caps at ₦2m vs ₦5m at a commercial bank
Fees, eligibility & documents
Fees
Monthly maintenanceNone
TransfersFree monthly allowance, then a small flat fee
Statutory levy₦50 EMTL on inflows of ₦10,000+
Eligibility
  • 18+ (limits apply by KYC tier)
  • Valid Nigerian ID
  • BVN and/or NIN
Documents needed
  • Valid ID (NIN, passport, driver's licence or voter's card)
  • BVN
  • Proof of address (utility bill) for a full-tier account
Visit Kuda
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How Kuda compares in bank accounts

Kuda scores 4.2/5 in our bank accounts rankings. Our current top pick is Opay (4.3/5). Always compare a few before you decide — see the full bank accounts comparison.

Kuda
4.2/5 · this page
 Opay
4.3/5
 Moniepoint
4.2/5
Monthly Fee None None None on personal
Transfers Free monthly allowance, then a small fee Free (fair-use limits apply) Low flat fee; reliable at scale
Licence CBN microfinance bank CBN national licence (Jan 2026) CBN national licence (MFB, 2026)
Deposit Safety NDIC-insured (to ₦2m, MFB) NDIC-insured NDIC-insured
Best For App-first budgeting Free transfers + agent cash-out Small business + POS/agents
Visit Kuda → Visit Opay → Visit Moniepoint →

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Details last checked: July 2026

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