Kuda review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Kuda suits Nigerian adults and small business owners who want a fee free debit card, locked savings and a personal loan in one app. The monthly fee is NGN 0, personal loans are NGN 150,000 at 9%, and Loan paid into the Kuda account in minutes.
Key facts
Loans
- APR
- 9%↗
- Loan amount
- NGN 150,000↗
- Term
- 3 months↗
- Funding time
- Loan paid into the Kuda account in minutes↗
- Rate type
- Fixed↗
- Lender type
- Direct lender↗
- Eligibility
- At least 16 years old; Nigerian resident with BVN or NIN, email address and phone number↗
- Loan types
- Personal, Credit-line↗
- Pricing model
- No monthly fee, Fixed rate
Pros and cons
Pros
- The everyday account runs a monthly fee of NGN 0.
- Personal loans of NGN 150,000 priced at 9%, and Loan paid into the Kuda account in minutes.
- Locked savings pay 20% at a fixed rate for 3, with deposits of NGN 100,000 to NGN 5,000,000.
- Card users get a debit card plus virtual card for online spending.
Cons
- The savings pot is fixed and Locked for the full 3-month term, no early withdrawal, so the money stays put for the full term.
- Phone is not among the support channels listed (help centre), so questions are answered in writing.
- Eligibility is limited to Nigerian residents with BVN or NIN, an email address and a phone number.
Who it suits
- Nigerian adults and business owners who want a no monthly fee everyday account.
- Savers who can leave money locked for 3 to earn 20%.
- Borrowers who want NGN 150,000 at 9% arranged inside the same app.
Who should look elsewhere
- Plazo, if a virtual card is what you want rather than a debit account.
- Skrill, if you want a prepaid balance for spending across several currencies.
- AccessMore, if a prepaid account from another market fits you better.
How Kuda compares
Skrill is a prepaid account for multi currency balances, where Kuda serves a single market with savings and lending.
Where Kuda is available
- Available
- Nigeria
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep a Kuda account?+
The everyday account carries a monthly fee of NGN 0, and the card is a debit card rather than a paid membership. Borrowing sits on a separate footing, priced at 9% on NGN 150,000. The savings side is the part that pays, at 20%.
Who is behind Kuda and who lends the money?+
Kuda is operated by Kuda Microfinance Bank Limited, which sits in Nigeria. Lending runs through Kuda itself as a direct lender, so the account you bank with is the same one you repay. personal and credit line lending is offered from that same setup.
Who can open an account?+
Eligibility is open to adults with Nigerian residency, BVN or NIN, an email address and a phone number. The account is aimed at business, and the monthly fee is NGN 0, so there is no charge for holding it open.
What do I earn on the savings side?+
The locked savings product pays 20% at a fixed rate for 3, with deposits of NGN 100,000 to NGN 5,000,000. The account kind is fixed, and Locked for the full 3-month term, no early withdrawal. The site median for savings headline rates is 3%.
How much can I borrow and how fast?+
Personal loans of NGN 150,000 are priced at 9%, and Loan paid into the Kuda account in minutes means the money lands in the same Kuda account. Lending is a direct lender arrangement, so approval and repayment both run through the app you already use.
What card comes with the account?+
The account is built around a debit card, and virtual card is listed for online spending, so card details can be added for online shops. The monthly fee stays at NGN 0 for the basic account.
How do I get help if something goes wrong?+
Support runs on help centre, so questions are handled in written help articles rather than by live chat. Card, savings and loan queries all go to the same channel, which suits people comfortable reading answers online.
Sources
- help.kuda.com/en/articles/16781793-earn-20-p-a-with-kuda-... checked September 26, 2026
Backs: Access terms, Headline rate, Minimum deposit, Rate type, Term
“Once your money is locked, it cannot be liquidated or withdrawn before the maturity date shown in the app.”
- kuda.com checked September 26, 2026
Backs: Audience, Headquarters, Legal entity, Lender type, Pricing model, Monthly fee
“Kuda Business is the all-in-one business manager for Nigerian entrepreneurs”
- kuda.com/borrowing checked September 26, 2026
Backs: Loan types
“Access loans and overdrafts when you need them.”
- kuda.com/cards checked September 26, 2026
Backs: Card type, Features
“Order a physical or virtual card for safe payments”
- kuda.com/faq checked September 26, 2026
Backs: Eligibility
“To open a Kuda account, you must be at least 16 years old and you must have an email address and a phone number.”
- kuda.com/help-center checked September 26, 2026
Backs: Support channels
“Help”
- kuda.com/personal-loan checked September 26, 2026
Backs: Loan amount, Funding time
“Get a loan of up to ₦150,000 on the Kuda app”
- kuda.com/personal-loan/loan-calculator checked September 26, 2026
Backs: APR
“If you take a loan of ₦0.00 at a monthly interest rate of 9%, you'll repay ₦0.00 monthly for 1 month.”
- kuda.com/savings checked September 26, 2026
Backs: Account kind
“Earn up to 20% annual interest with a Kuda Locked Fixed Pocket.”
Compiled from 9 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Currency conversion fee, Free ATM withdrawals, Protection.
Kuda
A fee free Nigerian account that bundles a debit card, locked savings and personal loans.