Kuda bank: How to open an account, save and how it works

The idea of Kuda began some years ago when a small team of people determined to transform banking. This team launched a savings app for Nigerians. That savings app is what brought about Kuda. Today, what began as a savings app for Nigerians has grown into a Central Bank-licensed, microfinance bank to help Nigerians get the best out of their money without overcharging them.

With Kuda, you can open an account within few minutes, track your spending, save more, and make the right money moves. The idea of Kuda is to ease Nigerians from the frustrations they experience with the regular banks – regardless of who they are and where they live in Nigeria.

Kuda is referred to as the bank of the free. This is because when you become a subscriber, you get a debit card for free, send money with no charges, and even receive 15℅ interest every year when you save automatically. Kuda would help you get the best out of your money than the existing commercial banks.

How Kuda bank Works

Kuda operates like a traditional bank but makes banking easier because it offers digital banking services. To create a Kuda Account, you will download the Kuda App and sign up for a new Kuda account. Before your account is created, you will provide Kuda with accurate and precise information about you. Thereafter, Kuda will generate an account number for you

When your new Kuda account is created, Kuda will manage your bank account for you, being identified as a customer. Kuda will also provide additional services like banking, savings, and granting of credit facilities.

You can then request a debit card for free, and get it delivered to the location you have provided. You can also operate and manage your account via the Kuda app. You will be able to pay bills, make instant transfers, manage your Kuda card and save as you spend.

KUDA makes money by using collective deposits to make investments with the backing of the government. KUDA also makes money from commission on airtime purchases and service fees, sellers pay when you shop with your Kuda Card.

Also read: V bank: How to use, invest and how to make money (V by VFD)

Benefits of Using Kuda Bank

These are the benefits you get when you create an account with Kuda:

  • Debit card delivery to your location at no cost
  • Creating smart budgets to help you take control of your spending
  • Get a crystal-clear visual analysis of your finances
  • Withdraw cash for payments free of charge at over 3,000 ATMs
  • 25 free transfer to other banks every month
  • Save automatically to receive 15% interest every year.
  • Easily block your card when it goes missing
  • No card maintenance fee

Is It Safe To Use Kuda Bank?

Kuda Microfinance Bank is a leading full-service digital Microfinance bank, registered in Nigeria with the Corporate Affairs Commission (RC 796975) and duly licensed by the Central Bank of Nigeria (CBN). Your deposits in Kuda bank are insured by the Nigeria Deposit Insurance Corporation (NDIC).

Kuda Microfinance bank is a product of Kuda Technologies Ltd. The head office address is located at 151 Herbert Macaulay Way, Yaba, Lagos, Nigeria. Kuda is co-founded by Babs Ogundeyi and Musty Mustapha.

KUDA secures all accounts with the same high-security encryption used by regular banks.

Kuda is extremely committed to respecting and protecting the personal information of its customers. Therefore, making Kuda bank a safe platform to use for your financial transactions. Accompanying these facts are customers’ reviews on the official website of Kuda.

Requirements to open a Kuda bank account

These are the conditions you need to meet to be able to open a Kuda Account:

  • Be minimum of 18 years old and a Nigerian citizen
  • A smartphone(iOS/Android) that supports the latest version of the KUDA app.
  • An active phone number and email address
  • Have not yet opened an account with KUDA
  • You may need a referral code, use: R1krkMLH

KUDA offers two account opening options: Basic and Full KYC account types. The information required for the Basic account include:

  • Name
  • Phone number
  • BVN

The information required for the Full KYC account include:

  • Name
  • Phone number
  • BVN
  • Valid ID(National ID Card, Voters Card, Drivers Licence, and National Passport)

The advantage of the Full KYC account type over the Basic account type is that you will not have limitations on maximum single deposits and account balance. Also, you will have an unlimited daily transaction with up to #1,000,000 single transaction limit.

Either of the accounts does not require paperwork. The opening is fully digital. So, it only takes a few minutes to start enjoying the benefits KUDA offers.

Kuda savings

These are the saving features Kuda offers:

1. Kuda spend + save

Spend+Save is an exclusive feature that saves money for you automatically every time you spend from your Kuda account. You can withdraw from your Spend+Save savings anytime.

2. Flexible Savings

Flexible savings is an amazing feature on the KUDA app that allows you to save daily, weekly or monthly toward a goal and get up to 10% annual interest. With Flexible savings, you can meet your money goals every time.

3. Fixed Savings

Fixed Savings is a feature that helps you to stash your money and watch it grow. With Fixed savings, you can save 5,000 naira or more at once and get up to 15% annual interest.

At the end of the tenor of your chosen KUDA Savings plan, the accumulated funds will be transferred to your Kuda Bank account. You can make withdrawals before the expiration of the tenor. This can be done at no charge for recurring savings, but for one-time lump sum savings, there will be a charge.

Kuda card

Kuda will send a free debit card to your address at no cost and never charge you a card maintenance fee. The Kuda MasterCard is issued by Zenith Bank, under a license from MasterCard Incorporated. To request a Kuda Card:

  • Sign in to Kuda
  • Tap Cards at the bottom of your dashboard.
  • Tap Request A Card.
  • Tap Get A Physical Card.
  • Fill in your delivery address.
  • Confirm your phone number.
  • Type in the name you want us to print on your card.
  • Confirm your delivery details.

Kuda fees

KUDA gives 25 free transfers every month if you sign up with your Bank Verification Number (BVN). If you sign up without your BVN, you will get 2 free transfers every month. Extra transfers will cost you 10 naira each.

Everything else is free – using your account, using your Kuda Card, and withdrawing cash from KUDA’s partner ATMs.

Kuda sign up

Follow these steps to sign up on the KUDA app:

  • Download Kuda on Google Play or the App Store.
  • Open the app and follow the prompts on your screen to open an account.
  • Use EHREDWD4 as your referral code
  • Add money to your account and start enjoying KUDA free benefits.

KUDA & Payoneer

Payoneer is a global platform for receiving payments from companies and over 2,000 marketplaces, networks, and business platforms in the US, the UK, the EU (European Union), and Japan. Payoneer makes it convenient for Nigerian freelancers to get paid from abroad.

KUDA partnered with Payoneer for a fast and affordable way to receive international business payments with your Kuda account. All you have to do is to create a new Payoneer account or connect your existing one on Kuda.

Afterward, you can begin to receive payments from companies and marketplaces abroad. You can also send money from your Payoneer account to your Kuda account.

Integrate your business with Kuda API

You can seamlessly integrate and empower your business with financial services on the Kuda Developer Dashboard(an open API platform). KUDA API is the fastest way to integrate banking services into your project.

With KUDA’s API, you will be able to initiate and analyze payments, verify the identity of any account holder, and create fully transactional wallets for your business.

The API is designed to allow application developers to create bank accounts, send money, and view transaction histories.

Kuda bank referral code

The Kuda bank referral code is EHREDWD4.

Kuda head office address

151 Herbert Macaulay Way, Yaba, Lagos.

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Anthony Adewuyi

Anthony Adewuyi

Anthony is a Content Writer with MakeMoney.ng. He is passionate about Finance, Business, and Tech related topics. He is a Digital Entrepreneur with vast experience in Data Analytics and Advanced Google Analytics

Articles: 178


  1. Good night my brother and sister, I am here to open an account and I don’t know the way, please show me the way. Thank you sir

  2. Please am finding it difficult to pass the stage of phone number verification, once I get the message from Kuda I can’t move to the next step which is step 5, what should I do?

  3. How can I open the kuda bank account? I just to know now, so I’m waiting for help me to open for me

  4. I am unable to pass step 5, what should I do? They keep on telling me to go back to the refresh and I did that for several times but is not working, please help.

  5. Please, I have been trying to open an account with kuda, since yesterday but till now no response. Also, must I have a referral

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