V Bank vs Kuda Bank: Which is better?

Both V Bank and Kuda Bank are widely rated among the best Fintech companies in Nigeria. This is because they continually deploy trending digital technology to improve personal and business banking through their respective apps. In this article, we will compare the two and discuss which is better.

Before we start comparing the two digital banks, let’s introduce them.

V Bank

Also known as V or V by VFD, V Bank is an online banking platform in Nigeria. It operates as a digital bank and enables its users to create a bank account in a few minutes.

Users can request for loans, physical/virtual debit card and also earn high return on fixed savings account.

You should read – V bank: How to use, invest, and make money (V by VFD).

Kuda Bank

Kuda Bank is another large Fintech company in Nigeria. Kuda functions like a traditional bank but makes it easier by offering digital banking services. Once you create your Kuda account, Kuda will manage it for you and also provide you with additional banking services.

Kuda is also called ‘the bank of the free’ since it freely gives you a debit card and allows you to send money with no charges.

You might be interested in – Kuda bank: How to open an account, save and how it works.

How we will compare them

Each day, new users are joining either of these 2 digital banks. Many do wonder which of them is better and more functional. 

In this article, we will compare the two digital banks based on the criteria below:

  1. Authenticity and legality.
  2. The number of users and the number of mobile app downloads.
  3. Service charge.
  4. Debit card.
  5. Support for international money transfers.

Authenticity and Legality

Kuda BankV Bank
Kuda Bank is a service provided by Kuda Technologies Limited. It is registered in Nigeria with the Corporate Affairs Commission (RC 796975).

This digital bank was established by Babs Ogundeyi and Musty Mustapha. These people are professionals in the finance field.
V Bank is one of the digital services made available by VFD Microfinance bank. VFD Microfinance Bank is registered in Nigeria with the Corporate Affairs Commission (RC 1209088).
Kuda Bank is licensed by the Central Bank of Nigeria (CBN). Your deposits in Kuda bank are insured by the Nigeria Deposit Insurance Corporation (NDIC).V by VFD is licensed by the Central Bank of Nigeria. All the deposits saved with this bank are insured by the Nigeria Deposit Insurance Corporation (NDIC).

Kuda Bank has its head office at 151, Herbert Macaulay Way, Yaba, Lagos, Nigeria. 

V Bank’s head office is situated at 214, Broad Street, Lagos Island, Lagos State, Nigeria.


Both V Bank and Kuda Bank are legally registered in Nigeria. All deposits with them are insured by the NDIC. Both banks also have a physical office address.

This is a qualifier that both banks are authentic, legal, and safe to use.

Popularity and acceptance

Kuda BankV Bank
Kuda Bank has 1.4 Million registered users. This is as of August 2021.

On the Google Play Store, the Kuda banking app has over 1 million downloads.
The exact number of users is not known

V Bank app has more than 500,000 downloads on the Google Play store.
It has a review rating of 4.4 on the Google play store and 4.8 on the iOS store. 
It has a review rating of 4.2 on the Google play store and 4.4 on the iOS Store.


Even though both digital banks have a large number of users, Kuda Bank seems to be taking the lead. Kuda Bank has more registered users and more downloads. Kuda Bank also has a higher review rating on both the Google Play store and iOS store.

This shows that most people prefer Kuda Bank, and most Kuda Bank users find it enjoyable.

Service Charge

Kuda BankV Bank
Kuda Bank allows its users 25 free transfers every month. After the 25th transfer, subsequent transactions will cost ₦10 each time. If a user has not verified his/her BVN, he/she will only enjoy 2 free transfers every month. V Bank is free to use throughout the year. There are zero transaction charges, meaning that you can send money to anyone for free.
Kuda Bank has zero charges for payment for utility bills.
V Bank charges 100 for every bill you pay through their app.


V Bank takes no bank charges for all transactions. If you are someone that dislikes paying service charge, then V Bank will be more suitable.

Kuda Bank has zero charges for payment of bills, but V Bank charges ₦100 each time you pay a bill. Kuda Bank is more suitable for people that pay bills frequently.

The choice between Kuda Bank and V Bank depends on the preference of the user.

Debit Card

Kuda BankV Bank
This is one of the reasons why Kuda Bank is referred to as “The bank of the free“. Debit cards are free in Kuda Bank. Also, the card will be delivered to you free of charge. No delivery fees are required.V Bank requires a one-off payment of ₦1,000 for debit cards. You need to pay ₦1,000 before you can request a debit card from V Bank. You will receive your debit card latest 14 days after the request.


In this aspect, Kuda Bank appears to be better since it gives you a debit card free of charge.

Support for international money transfers

Kuda BankV Bank
Kuda Bank partners with Payoneer. Payoneer is a platform that allows people to send money from one country to another. Payoneer is used in the US, UK, Japan, EU countries, Nigeria, etc. 

To use this feature, you have to create your Payoneer account. (You can also connect your existing Payoneer account to your Kuda account if you already own one).
V Bank is yet to introduce a feature like this. 


This special feature by Kuda Bank is very useful for businessmen and freelancers that receive payments from people living outside Nigeria.

Final Thought

Both V by VFD Microfinance Bank and Kuda Bank provides quality service for Nigerians. Selecting the best as a user will be determined by your needs and personal preferences. 

We hope that this comparison and review will assist you in choosing which one is better for you. Meanwhile, you should note that we are not paid by anyone to write this post.

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Victor Iyiola

Victor Iyiola

Victor Iyiola is a Content Writer with MakeMoney.ng. He has a great passion for Business, Finance, and Entrepreneurial topics. Victor is a big fan of
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