Kuda

Kuda money app review

If you regularly transfer money to Nigeria, the Kuda money app could enable you to do this more cheaply.

No reviews yet. Write a review

Kuda is a Nigerian neobank that launched in the UK in November 2022. Its parent company, Kuda Technologies Limited, was founded in 2019 by two Nigerians, Babs Ogundeyi and Musty Mustapha.

Kuda aims to help save UK Nigerians millions of pounds when sending money from the UK to Nigeria. Here, we take a closer look at how it works.

What is the Kuda money app?

Kuda has joined forces with payments platform Modulr so that it can offer a mobile wallet, virtual and physical cards, local transfers and direct debits.

The Kuda app is designed to let users send money within the UK as well as transfer money to Nigeria. There are plans to expand payment transfers to other African countries in the near future.

The app is available on iOS, Android and the web.

How does it work?

The Kuda app enables users to send up to £10,000 to Nigeria each day – the beneficiary can receive the money in their Nigerian bank account or they can pick up cash at selected Nigerian banks. There’s a flat fee of £3 for each transfer to Nigeria, but this is considerably less than many other providers charge. Over £3 billion is sent from the UK to Nigeria each year at an average fee of 8% per transaction, according to Kuda.

On top of this, you can make transfers to any UK bank account for free, and you can schedule future transfers and recurring payments to make life a bit easier.

There are plans to offer further features for UK customers in the future.

Who is it for?

The Kuda app is designed for those living in the UK who want to send money to family and friends in Nigeria on a regular basis without paying extortionate fees.

What are the benefits?

The biggest benefit of the Kuda money app is that it only charges a flat fee of £3 for money transfers from the UK to Nigeria. What’s more, customers can send up to £10,000 per day.

How to apply

To apply, you’ll first need to download the Kuda app from the Apple Store or Google Play. To sign up, you’ll need a valid UK ID such as a passport, a driving licence or national identity card, and proof of a UK address, such as a utility bill or bank statement.

You can add money to your account from any UK bank account through the Kuda app or internet banking.

Pros and cons of the Kuda app

Pros

  • Flat fee of £3 for transfers to Nigeria
  • Send up to £10,000 daily
  • Free transfers to UK bank accounts
  • Easy to set up account

Cons

  • Limited app features for UK customers
  • No FSCS protection

Our verdict: Is Kuda any good?

The Kuda money app could certainly be worth downloading if you regularly send money back home to Nigeria and want to save on fees. Currently, there’s no other reason to sign up, but there are plans to add more features for UK customers in the future so it’s worth keeping an eye on.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

More guides on Finder

  • Revolut Ultra review

    Learn more about Revolut Ultra, the new plan from Revolut.

  • Chase vs Starling

    We look at how bank accounts from Chase and Starling compare.

  • Chase vs Monzo

    Use our guide to compare the free current accounts from digital challenger banks Chase and Monzo.

  • Chase vs Revolut

    We look at how current accounts from Chase and Revolut compare.

  • Juni business account review

    Learn more about Juni’s business account for ecommerce and online marketing entrepreneurs.

  • SumUp business account review

    Find out more about the SumUp business account, including its pros and cons.

  • Monzo app and card review: Is it worth it?

    Is Monzo’s app-only current account the right option for you? Read our review to get the low-down on all of the features of the account, its card and the app.

  • Revolut Plus review

    Revolut Plus is the latest current account to be offered by digital banking brand Revolut – we take a look at its features and fees.

  • Monzo Premium account review

    Digital challenger bank Monzo has launched a new Premium tier for its current account. We take a look at the cost and what’s on offer.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site