Questions People Ask Us Often

Is Kuda a registered bank?

Yes, we are licensed by the Central Bank of Nigeria. Our registration number is RC 796975.

What makes 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 how we can afford to pay you more interest than most banks and charge so little.

What fees do you charge?

We’ll give you 25 free transfers every month if you sign up with your Bank Verification Number (BVN). Learn more about free transfers here.

Without your BVN, you’ll 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 our partner ATMs.

Learn more about fees here.

So how do you make money?

Like regular banks, we make money by using collective deposits to make risk-free investments backed by the government. We also make money from service fees sellers pay us when people like you shop with your Kuda Card. In the future, we will make money from interest paid on loans.

Do you give loans?

No, we don’t give loans yet.

What do I need to join Kuda?

To sign up for a basic account, you must be a Nigerian who has turned 18 and has an email address and a phone number.

How do I join?

Download the Kuda app on the App Store or Google Play and follow the prompts on your phone. It will take a few minutes at most.

What kind of account will I get?

If you sign up with your name and phone number, you’ll get a basic 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 20,000 naira at a time.

If you add your Bank Verification Number (BVN) and a government-issued ID (like your driver’s license, national ID card or international passport) to your Kuda profile, your account will be upgraded to a full account without those limits.

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 the best banks in the world.

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. Learn more about cards here.

How many ATMs do you have?

Thanks to our partnership with Access Bank, you can withdraw cash free of charge at over 3,000 Access Bank and Access Diamond Bank ATMs in Nigeria.

How will I put money in my 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 most debit or credit cards. Tap Add Money on the Kuda app and choose the Add By Card option.

Adding money to your account by card is free up to a total of 100,000 naira. After that, we will no longer cover the third party payment gateway fee. Learn more about the payment gateway fee here.

If you have cash, you can deposit it into your Kuda account at our partner banks. Tap Add Money on the Kuda app and choose the Add By Deposit option to get instructions.

Will I get account statements?

Yes, we’ll send you stamped monthly and annual account statements by email. You can also get an instant account statement for a specific timeframe on the app. Tap More on the Kuda app then tap Statements.

Where’s your office?

We’re on the first floor of Moorehouse, 151, Herbert Macaulay Way, Yaba, Lagos. Visits are by appointment only, please.

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 0903 220 0350.