Kuda Bank: History, Founders, Services, Account Opening and Fees
Kuda Bank has become one of the popular digital banking platforms in Nigeria, offering customers a convenient way to manage their money without depending on traditional banking halls. Through its mobile application, customers can open accounts, transfer money, pay bills, purchase airtime, save money and access other financial services.
Unlike traditional banks that rely heavily on physical branches, Kuda focuses on technology-driven banking, allowing customers to perform many everyday financial transactions directly from their smartphones.
The bank was established to make financial services more accessible, affordable and convenient, particularly for people who prefer managing their finances online.
But when was Kuda Bank founded? Who are its founders? What services does it offer, and how can Nigerians open an account?
In this article, Global Bank Hub explores Kuda Bank's founding year, history, founders, banking services, account-opening process, requirements and applicable fees.
Table of Contents
You can place this table of contents below the introduction in your Blogger article.
Overview of Kuda Bank
When Was Kuda Bank Founded?
Who Founded Kuda Bank?
History and Development of Kuda Bank
Where Is Kuda Bank Located?
Services Offered by Kuda Bank
How to Open a Kuda Bank Account in Nigeria
Requirements for Opening a Kuda Account
Kuda Bank Account Types and Tiers
Kuda Bank Transfer Charges and Other Fees
Kuda Mobile App and Online Banking
Is Kuda Bank Licensed by the CBN?
How to Contact Kuda Bank Customer Support
Advantages of Banking with Kuda
Frequently Asked Questions About Kuda Bank
Conclusion
1. Overview of Kuda Bank
Kuda, officially known in Nigeria as Kuda Microfinance Bank Limited, is a digital-first financial institution that provides banking services through mobile and online platforms.
The bank focuses on making everyday banking easier by reducing the need for customers to visit physical banking locations.
Kuda provides personal and business banking products, savings options, payment services and access to credit facilities, subject to eligibility.
Although its services are primarily digital, the institution also has a physical presence in Lagos, Nigeria.
Some important facts about Kuda Bank include:
Bank name: Kuda Microfinance Bank Limited
Popular name: Kuda Bank
Country of origin: Nigeria
Founders: Babatunde Ogundeyi and Mutairu Mustapha
Founding history: Kudimoney began in 2017, while Kuda emerged as a digital banking brand in 2019.
Headquarters/registered office in Nigeria: Yaba, Lagos
Industry: Banking and Financial Technology
Regulator: Central Bank of Nigeria (CBN)
Deposit insurance: Nigeria Deposit Insurance Corporation (NDIC)
Official website: https://www.kuda.com/
2. When Was Kuda Bank Founded?
Kuda's history dates back to 2017, when the business began as Kudimoney, an online savings and lending platform.
The company later developed into a digital banking business under the Kuda brand, with its banking application launching in 2019.
This distinction is important because 2017 represents the beginning of the business, while 2019 represents a major stage in the development and public launch of Kuda as a digital bank.
The company was established to address some of the difficulties associated with conventional banking, including transaction charges, long queues and the inconvenience of visiting bank branches for everyday services.
Over time, Kuda expanded its financial products and became an established name in Nigeria's growing fintech industry.
3. Who Founded Kuda Bank?
Kuda was founded by two Nigerian entrepreneurs:
Babatunde Ogundeyi (Babs Ogundeyi)
Babatunde Ogundeyi, popularly known as Babs Ogundeyi, is one of the co-founders of Kuda.
He has a background in finance, business management and entrepreneurship. Before building Kuda, he gained experience in the financial sector and public service.
His financial knowledge and understanding of the challenges facing banking customers helped shape the company's ambition to make banking more accessible and affordable.
Ogundeyi has played an important role in developing Kuda's business strategy and expanding its position in the financial technology industry.
Mutairu Mustapha (Musty Mustapha)
Mutairu Mustapha, also known as Musty Mustapha, is Kuda's other co-founder.
He has a technology background and has contributed to the development of the digital infrastructure behind the company's banking products.
His experience in software and technology helped establish the technological foundation required to deliver banking services through mobile and online platforms.
Together, the two founders developed Kuda into a financial technology business focused on improving how people access and use banking services.
4. History and Development of Kuda Bank
Kuda's development reflects the growth of digital banking in Nigeria.
2017: The Beginning as Kudimoney
Kuda's business journey began in 2017 under the name Kudimoney.
The platform initially focused on online savings and lending services, giving customers another way to access financial products without relying entirely on conventional banking systems.
2019: The Kuda Brand Emerges
In 2019, the company introduced Kuda as its digital banking brand and launched its mobile banking application.
This development marked an important change in its business model, bringing more everyday banking services into a mobile-first environment.
Expansion of Digital Banking Services
As its customer base grew, Kuda expanded its products to include transfers, debit cards, savings, bill payments and other financial services.
The company also attracted investment from international investors, helping it develop its technology and expand its operations.
Growth into a Wider Financial Platform
Kuda has continued to introduce additional products, including business banking, overdrafts, investment-related services and premium banking features.
Its development demonstrates how financial technology companies are changing the way customers interact with banks in Nigeria.
5. Where Is Kuda Bank Located?
Kuda originated in Nigeria and operates in the Nigerian financial market through Kuda Microfinance Bank Limited.
Its registered office in Nigeria is located at:
1–11 Commercial Avenue, Yaba, Lagos, Nigeria.
Although Kuda operates primarily through its digital platforms, customers can access support through its official website, mobile application and customer service channels.
For its latest office information and international operations, customers should consult the official Kuda website.
6. Services Offered by Kuda Bank
Kuda provides different financial products designed to help individuals and businesses manage their money.
Some of its major services include:
Personal Banking
Customers can open personal accounts and use them to receive money, make transfers, pay bills and manage everyday financial activities.
Money Transfers
Kuda allows customers to send money to other Kuda accounts and accounts belonging to other Nigerian banks.
Savings Services
The platform provides savings products that help customers set aside money and work towards their financial goals. Applicable interest rates and product conditions depend on the savings option selected.
Debit Cards
Kuda provides debit cards that customers can use for eligible payments and withdrawals.
Airtime and Data Purchases
Customers can purchase airtime and internet data for supported Nigerian mobile networks through the application.
Bill Payments
Kuda supports payments for services such as electricity and other available bill-payment categories.
Business Banking
Kuda provides business banking products designed to help entrepreneurs and business owners receive payments and manage their business finances.
Overdraft and Credit Services
Eligible customers may access overdraft facilities subject to Kuda's requirements, credit assessment and applicable terms.
Investment Services
Kuda also offers investment-related products through its platform. Availability, eligibility, risks and applicable charges depend on the particular product.
7. How to Open a Kuda Bank Account in Nigeria
Opening a Kuda account is designed to be convenient because the process can be completed through a smartphone or supported online platform.
Here is a general guide to getting started.
Step 1: Download the Kuda Application
Visit the Google Play Store or Apple App Store and search for the official Kuda application.
Make sure you download the genuine application to avoid fraudulent copies.
Step 2: Create Your Account
Open the application and follow the registration instructions.
Provide the requested personal information, including your name, email address and active phone number.
Step 3: Verify Your Identity
Follow the instructions to provide your Bank Verification Number (BVN) and other requested identification details.
You may also be required to complete facial verification.
Step 4: Provide Your National Identification Number
Link your National Identification Number (NIN) where required to upgrade your account and meet the applicable account-tier requirements.
Step 5: Complete Address Verification
Depending on the account tier you want to access, Kuda may request your residential address and supporting proof of address.
Follow the instructions provided in the application.
Step 6: Secure Your Account
Create your password and transaction PIN. Never share these security details with another person.
Step 7: Start Banking
After successful registration and verification, you can begin using the services available to your account.
Important: Account-opening requirements and eligibility conditions can change. Check Kuda's official Help Centre before starting the registration process.
8. Requirements for Opening a Kuda Account
Before opening a Kuda account, applicants should prepare the information and documents that may be requested during registration.
These include:
An active Nigerian phone number.
A valid email address.
Bank Verification Number (BVN).
National Identification Number (NIN), where required.
A compatible Android or iOS smartphone.
A valid government-issued identification document, where requested.
Residential address and supporting proof of address, where required.
Facial verification during registration.
Kuda's current account-opening guidance states that applicants must be at least 18 years old and must be Nigerian citizens or residents.
Additional verification may be required depending on the account tier and regulatory requirements.
9. Kuda Bank Account Types and Tiers
Kuda provides banking products for individuals and businesses. Its personal account verification system also has different tiers.
The main verification tiers include:
Tier 1
This tier is associated with an account linked to a BVN.
Tier 2
This tier requires both a BVN and an NIN linked to the account.
Tier 3
This tier requires a BVN, an NIN and a verified residential address.
Each tier has applicable transaction and account limits. Customers should check the latest limits on Kuda's official Help Centre before making financial decisions.
10. Kuda Bank Transfer Charges and Other Fees
One of the reasons Kuda attracts customers is its approach to affordable digital banking.
However, customers should understand that some transactions and services may attract charges.
According to Kuda's published fee information:
Transfers between Kuda accounts are free.
Customers who register with a BVN or NIN receive 25 free transfers to other banks every month.
Additional transfers to other banks cost ₦10 each.
A 7.5% VAT applies to the ₦10 transfer fee.
A ₦50 stamp duty applies to qualifying transfers of ₦10,000 or more to another account, in accordance with applicable regulations.
Kuda also advertises features such as free bill payments and card delivery, although specific product conditions may apply.
Customers should always check the latest fee schedule in the Kuda application or official website because charges can change.
Does Kuda Charge an Account Maintenance Fee?
Kuda advertises no account maintenance fee for its standard banking service.
This is one of the features that distinguishes its digital-first approach from some conventional banking products.
However, customers should check the terms of any premium or additional services before subscribing.
11. Kuda Mobile App and Online Banking
The Kuda mobile application is the main channel through which customers access their accounts.
It allows users to perform many banking activities without visiting a physical branch.
Some features available through the platform include:
Checking account balances.
Viewing transaction history.
Sending and receiving money.
Purchasing airtime and data.
Paying available bills.
Managing debit cards.
Accessing savings products.
Receiving transaction notifications.
Contacting customer support.
Customers can also access Kuda's supported online banking services through its official website.
12. Is Kuda Bank Licensed by the Central Bank of Nigeria?
Yes. Kuda Microfinance Bank Limited is licensed by the Central Bank of Nigeria.
The bank is registered in Nigeria under RC No. 796975 and operates under a national microfinance banking licence.
Kuda also states that customer deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC), subject to applicable deposit insurance rules and limits.
This regulatory framework is important because it establishes Kuda's status as a licensed financial institution rather than simply an ordinary money-transfer application.
13. How to Contact Kuda Bank Customer Support
Customers who experience problems with transfers, account verification, debit cards, bill payments or other banking services can contact Kuda through its official support channels.
Available contact options include:
Official website: https://www.kuda.com/
Help Centre: https://help.kuda.com/
Customer support email: help@kuda.com
Telephone: 0700022555832
Customers should use official channels when reporting financial problems and should never disclose their password, transaction PIN or one-time password (OTP) to anyone claiming to represent the bank.
14. Advantages of Banking with Kuda
Kuda offers several benefits to customers who prefer digital banking.
Some of the major advantages include:
Convenience: Customers can access many banking services through their smartphones.
Easy account opening: The registration process is designed to be completed online.
Affordable transfers: Eligible customers receive a monthly allowance of free transfers to other banks.
Savings options: Customers can access available products designed to encourage saving.
Bill payments: Users can pay supported bills through the application.
Debit card services: Customers can access debit card facilities.
Business banking: Entrepreneurs can use Kuda's business banking products.
Digital account management: Customers can monitor transactions and manage their finances through the application.
15. Frequently Asked Questions About Kuda Bank
When was Kuda Bank founded?
Kuda's business began in 2017 as Kudimoney. It introduced the Kuda digital banking brand and application in 2019.
Who founded Kuda Bank?
Kuda was founded by Babatunde Ogundeyi, popularly known as Babs Ogundeyi, and Mutairu Mustapha, also known as Musty Mustapha.
Is Kuda a Nigerian bank?
Yes. Kuda Microfinance Bank Limited is incorporated in Nigeria and licensed by the Central Bank of Nigeria.
Where is Kuda Bank's headquarters?
Its registered office in Nigeria is at 1–11 Commercial Avenue, Yaba, Lagos.
Can I open a Kuda account with my phone?
Yes. You can register through the official Kuda application using a compatible smartphone and the required personal information.
Does Kuda charge for transfers?
Kuda offers unlimited free transfers to other Kuda accounts and 25 free monthly transfers to other banks for eligible customers who register with a BVN or NIN. Additional interbank transfers attract a published fee.
Does Kuda have an account maintenance fee?
Kuda advertises no account maintenance fee for its standard banking service.
Does Kuda offer loans?
Kuda offers overdraft facilities to eligible customers, subject to its assessment and terms.
Is Kuda Bank regulated by the CBN?
Yes. Kuda Microfinance Bank Limited is licensed by the Central Bank of Nigeria.
What is Kuda Bank's official website?
Kuda's official website is https://www.kuda.com/.
Conclusion
Kuda Bank has played an important role in the development of digital banking in Nigeria. From its early beginnings as Kudimoney in 2017 to the introduction of its Kuda banking application in 2019, the company has continued to expand its financial products and services.
Founded by Babs Ogundeyi and Musty Mustapha, Kuda was developed around the idea of making banking more accessible, convenient and affordable through technology.
Today, customers can use its platform for money transfers, savings, bill payments, airtime purchases, debit card services and other financial activities.
For Nigerians looking for a digital banking option, understanding Kuda's history, account requirements, services and fees can help them decide whether its products meet their financial needs.
Have you ever used Kuda Bank? What has your experience been like with its mobile application, transfers and customer service? Share your opinion in the comment section and let other readers know what you think.
Keep visiting Global Bank Hub for more information about banks, digital banking platforms, account-opening guides, banking charges and financial services in Nigeria and around the world.
Related 👇
