How to Borrow Money From Kuda Bank

The Kuda bank app, popularly known as the money app for Africans, is one of the most reliable digital banking apps in Nigeria and Africa as a whole.

With this fantastic bank app, one can make transfers without charges, save and also make an investment with good ROI.

Is that all? Of course not. In this article, we shall give detailed information about the Kuda bank app. Yes, we mean everything you need to know. Let us get started.

Kuda Bank

Kuda bank was formerly and natively known as Kudi money and Kuda Microfinance Bank, respectively. Musty Mustapha and Babs Ogundeyi were the brains behind it in 2016. The bank was licensed as Nigeria’s first mobile-only bank by the Central Bank Of Nigeria in 2017, with its headquarters in London, United Kingdom.

Formerly, Kuda bank was applauded for not charging a dime on bank transfers and card maintenance, including instant savings. Its efforts warmed the hearts of most Nigerians during the End SARS protest.

However, as of July 2022, the bank placed a N50 fee on deposits starting from N10, 000.

The bank has been excellent. It is currently valued at $500 Million with over 17 million users.

Who Owns Kuda Bank?

Kuda bank was founded by Babs Ogundeyi and Musty Mustapha in 2016.

kuda bank app owners

Currently, Babs Ogundeyi is the Chief Executive Officer of Kuda. He attended Brunel University in London. And has proven over the years that he is worth the tag of the owner of Kuda bank. This could be seen in his career journey.

We can not talk about Motor Trader Nigeria– a car magazine that Financial Standard later took over without mentioning the efforts of Mr. Ogundeyi.

The Kuda Bank App

The Kuda bank app is a mobile application that allows people to carry out digital financial activities conveniently, no matter how busy and where they are. It was released on 19 August 2019.

It is available for Android and IOS users, highly rated with over 1 176 reviews, more than 5 million downloads, and a portable size of 27 megabytes on Playstore.

Read Also: How to Get Loan from Access Bank

With the Kuda bank app, one can save and invest without the fear of doubt or uncertainty.

It has good features and an interface that makes it easy for users to navigate.

This bank app ensures the following;

  • People taking charge of their finances
  • Being able to plan and save for the future.
  • And also make wise and fruitful financial decisions.

How Does Kuda Bank Work?

  • The Kuda bank works like other conventional banks. They offer premium banking services to their customers without charges.
  • Kuda bank allows people to perform transactions anywhere they are and anytime.
  • All their activities are done online through smartphones and laptops, unlike the traditional physical banks where people would form long queues and waste several hours before being attended to. That could be frustrating and stressful, right? Yes, it could be.
  • And that is why Kuda is set to disrupt the narrative. Furthermore, this Mobile banking app gives opportunities to its users to secure and plan effectively for their future through automatic savings.
  • Also, it offers a package known as Spend+Save. This helps you save anytime you spend.
  • Additionally, smart investments can be made and also, one stands a chance to earn 15% interest on total savings as a reward annually. With its debit card that can be provided anywhere for free, one can comfortably pay one’s bills.
  • Kuda makes money from the interest on the loans offered to borrowers. This means you can take a loan from the bank. Also, they make money from the investment made from the people’s deposits, backed by the government.

Read Also: How to Get Loan from Zenith Bank

Requirements For Kuda Bank Account

To open a Kuda bank account, the following must be in place;

  • Be a Nigerian citizen and must be at least 18 years old.
  • A referral code
  • Verified phone number and email address.
  • Have not opened a bank with Kuda before.
  • A smartphone.

How To Open A Kuda Bank Account

The first step to opening a Kuda account is signing up on the kuda bank app.

How To Sign Up On Kuda

  • Download the app and launch it.
  • Click on the sign-up icon
  • Personal details will be needed. Like; email address, referral code (if being referred by another), and password.
  • On the second page, add your name, phone number, date of birth, and gender.
  • Proceed to verify the phone number provided through the OTP sent.
  • After the verification, the next stage is to enter your street name, address, and state.
  • And finally, a selfie and you are signed in.
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After signing up on Kuda, the next thing is to open a Kuda account. With a Kuda account, you can monitor your account and carry out financial activities.

Kuda bank has three kinds of accounts that are unique in their own ways, though with variations and limitations. They are ;

  • Lite Account
  • Basic Account
  • Premium Account

1.Lite Account

This is the least Kuda bank account. Paperwork, including a Bank Verification Number, is not needed. Just a name and a verified Mobile phone number.

2. Basic Account

The next kuda account is the basic account. The only difference between this account and the lite account is the use of BVN.

3. Premium Account

This is the highest and most superb account of all. A valid ID, name, phone number, and Bank Verification Number are needed.

With the premium account, you can transfer as much as N250, 000 at a time and N1, 000, 000 transfers in a day.

Kuda Bank Login

To login into your Kuda bank account, follow the guidelines below;

  • Enter your registered email address or your phone number.
  • Enter your password.
  • Then click on sign up.
  • A verification OTP will be sent to you; confirm it, and you are logged in.

Kuda Bank USSD Code

The Kuda bank USSD code is *894#. With this code, you can make transfers and deposits and withdraw money.

Meanwhile, there are various ways to add money from other banks to Kuda bank. This shall be discussed in the subsequent sections. Keep reading.

How To Transfer From Kuda Bank To Other Bank

To transfer money from Kuda bank with the USSD transfer code, follow the steps below;

  • Launch your Kuda bank
  • Move to your dashboard
  • Tap the payment button
  • Click on send money
  • Select the right code
  • Put the necessary information about the transfer and,
  • Confirm the transfer from your end.

kuda bank app review (1)

How To Add Money To Kuda From Other Banks With USSD Code

Below is the list of banks that allows transfers to Kuda bank and the correct USSD codes;

From First Bank To Kuda

To add money from First Bank, To Kuda, use *894*amount*Kuda account number#.

From GT Bank To Kuda

Here, *737*50*amount*415# is the code for GT Bank.

Zenith Bank To Kuda

To add money to Kuda from Zenith bank, enter *966*amount*Kuda account number#.

Wema Bank To Kuda

This is very simple. Enter *945*Amount*Kuda Account number#.


These codes should be entered into your registered phone number.

Rules For Transferring Money With Kuda

The following are the three significant rules guiding the transfer of money in Kuda bank.

  • You must update your account before adding money to your account with a card. This comprises mainly of BVN and a valid Identification.
  • Kuda will stop paying the gateway fee when you add up to N100, 000 to your account. This means the free top-up limit has been exceeded.
  • The payment gateway is on you if you make deposits with an international card.

Where Is Kuda Bank Located?

Kuda bank is a London-based digital bank.

And it is spread across different countries, of which Nigeria is not an exception.

In fact, it was the first virtual bank in Nigeria since 2017. This way, the issue of wasting time and other resources on physical banks was drastically reduced.

This is simply because people can comfortably save, transfer and pay their utilities without stress, unlike before.

How Many Branches Does Kuda Bank Have?

There is only one Kuda bank branch in Nigeria, located at 151 Herbert Macaulay Way Yaba, Lagos State.

There are chances that there will be more branches in Ikeja and Abuja considering how busy they are. This also include other cities.

However, Kuda bank is absolutely an online bank. Hence, they are ever ready to listen to your complaints. Get the app today.

Where Is Kuda Bank Located In Nigeria?

The Kuda bank is located at 151 Herbert Macaulay Way Yaba, 101245, Lagos State.

Kuda Customer Care Number

In case of fraud or need to inquire about Kuda, then reaching out to them through the customer care number is the best thing to do.

You can reach them using: 01-6335832, or you can send an emai tol: or

Kuda WhatsApp Number

All information needed about Kuda bank is in the Kuda bank app. However, further conversation can be made with their WhatsApp number: 0700022555832.

Is Kuda Bank Legit?

Without mincing words, the answer is YES. It is a hundred percent legit.

This could be seen in its reputation and zeal to provide comfortable digital banking for Nigerians, unlike the physical banks in Nigeria. Hence, it is called an “African money app” and a “free money app.”

It is at a $500 million valuation with over 2 million users. The bank earned the support of many during the End SARS protest considering its contribution.


We have reached the end of this article, and we are confident you are armed with the correct information about the Kuda bank app.

Kuda bank is a fanatic app for digital banking, and its services are top-notch.

Feel free to share your thoughts and questions in the comments section. We shall respond to swiftly!