Kuda money app review

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

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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


  • 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


  • 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.

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