Kuda Bank: A Game-Changer or Just Another Fintech?
By Tunde Adeyemi
If you’ve been paying attention to the world of digital banking in Nigeria, then you’ve probably heard of Kuda Bank—“the bank of the free.” They’ve been making waves for a few years now, promising zero fees, convenient banking, and an end to the headaches we’ve all had with traditional banks. I’ve been using Kuda for about two years now, and let me just say: it’s been an interesting ride. Grab a seat, because I’m about to give you the real gist—no excuses.
What Kuda Bank Gets Right
Let’s start with the positives, because honestly, Kuda has a lot of good things going for it. First of all, the zero fees promise is real. For someone like me who’s tired of hidden charges popping up like uninvited guests, this was a game-changer. No maintenance fees, no SMS charges, and no crazy deductions for transferring funds to other banks. For context, I once used a traditional bank (name withheld) that deducted N52 for every transfer I made. Imagine doing that multiple times in a month—your money just vanishes! With Kuda, I’ve transferred money to other banks countless times, and it’s always free. That alone can make you feel like a small win in this cash-strapped economy.
Another thing I rate Kuda for is the user-friendly app. If you’ve ever struggled with clunky bank apps that take ages to load or crash in the middle of a transaction, you’ll appreciate Kuda’s smooth experience. The app is simple, intuitive, and doesn’t try to do too much. Need to check your balance? Done in two taps. Want to freeze your card? Easy. Need to request a debit card? Just click a button, and the card gets delivered to you within days. For someone like me who isn’t always tech-savvy, this ease of use is a big deal.
And let’s talk about the spending insights feature. Basically, Kuda categorizes your spending so you can see where your money is going each month. For someone who tends to “just dey spend” without tracking, this feature has been a wake-up call. Last month, I discovered I was spending way too much on shawarma and suya. I had to tell myself the truth: “Tunde, you need to calm down.” Small features like this make you feel like Kuda is not just holding your money but helping you make better financial decisions.
Where Kuda Bank Falls Short
That said, Kuda isn’t perfect—far from it. One major issue that has frustrated me (and many others) is the occasional downtime. There have been times when the app just refuses to work. Imagine needing to make an urgent transfer, and the app keeps telling you, “Service unavailable.” It’s annoying, especially when you’re in a situation where cash isn’t an option. I remember one time I was trying to pay for fuel at a filling station, and Kuda failed me. I stood there, embarrassed, while other customers gave me side-eyes. It’s moments like these that make you miss the reliability of traditional banks.
Another issue is the customer service. Don’t get me wrong, they try, but sometimes the response time can be painfully slow. If you have a problem and you’re expecting quick help, you might be disappointed. It’s mostly email-based support, which isn’t ideal when you need immediate answers. I’ve had to wait hours—sometimes even a full day—for a resolution. In a country like Nigeria, where time is money, that’s just not good enough.
There’s also the matter of physical presence—or the lack of it. Because Kuda is a digital-only bank, there are no branches to visit if you need in-person help. For someone like me who grew up in a system where “going to the bank” was the norm, this can feel limiting. Sometimes, you just want to sit across from a human being and sort out your issues. Kuda doesn’t give you that option, and it’s something you’ll have to live with if you’re switching to digital banking.
Lastly, while Kuda’s no-fee structure is great, they do have limits. For example, if you’re sending money to other banks and exceed a certain number of free transfers (I think it’s about 25 per month), they start charging you. It’s not a huge fee, but it’s worth noting. Also, the interest on savings isn’t exactly life-changing—it’s just 15% per annum on their Save feature. Better than nothing, but don’t expect to get rich off it.
The Human Experience
Now, let me get personal for a moment. Kuda has been a breath of fresh air for me, but it’s also been a reminder of the challenges we face in Nigeria’s financial ecosystem. The idea that I can open a bank account without stepping into a branch still feels like magic to me. I remember when opening a bank account used to take hours, with endless forms and photocopies of your NEPA bill. Kuda killed all that stress. I opened my account in less than five minutes, sitting in my living room. For this alone, I’ll always respect them.
That said, using Kuda has also taught me to never put all my eggs in one basket. While I love the convenience of digital banking, I’ve kept my old traditional bank account as a backup. Why? Because in Nigeria, you never know. One minute everything is fine; the next minute, there’s a “network issue.” I’ve learned to always have a Plan B.
And then there’s the emotional side of things. For me, Kuda represents hope. It’s proof that Nigerian companies can innovate and create solutions that actually work. But it’s also a reminder that we have a long way to go. The occasional glitches and service failures remind me that our infrastructure (both digital and physical) still needs serious improvement. I want to believe that Kuda—and other fintech companies like it—will continue to push the envelope and make things better for all of us. But for now, it’s a mixed bag.
So, would I recommend Kuda Bank? The answer is yes—with a caveat. If you’re tired of traditional banks and want a simpler, more affordable option, Kuda is worth trying. Just don’t expect perfection. Be prepared for the occasional hiccup, and always have a backup plan. At the end of the day, Kuda is doing something revolutionary, but they’re still a work in progress.
For a young guy like me, who’s always on the go and prefers to handle everything on my phone, Kuda has been a blessing. But for my dad, who still doesn’t trust anything without a physical building, Kuda would be a hard sell. It’s all about what works for you.
So, that’s my story. What about you? Have you tried Kuda? Did it change the way you bank, or did it leave you shaking your head? Let’s talk about it—I’m curious to hear your own experience.