Is Kuda Bank SCAM?, Reasons Why They are Legit- Nreviews.Ng

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A review on Kuda Bank and why they aren't a Scam

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Introduction to Nigerian digital Banks and their Trust level

What are digital banks? Digital banks enable Bank customers to access banking products and services via electronic/online platforms. It enables bank customers to transact from the comfort of their homes.

Kuda as a digital Bank:

Overview of Kuda Bank

Kuda Digital MicroFinance Bank is a Nigeria-based fintech company operating in Nigeria and the UK it was previously known as Kudi Money and was rebranded to kuda bank in 2019.

     It was founded by Babs Ogundeyi in 2019. It has dominated the digital Banking sector ever since with an estimated net worth of $500 million.

Biography of the CEO
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CEO of kuda bank 

The CEO of kuda bank Bank (Babs Ogundeyi), Babs Ogundeyi was born and raised in Nigeria. He attended The Downs School and also King’s College in Taunton.

Is kuda Bank registered with the CBN?

Kuda bank is fully licensed by the CBN with their registration address as 151 Herbert Macaulay Rd, Yaba, Lagos, Nigeria.


Can I lose all my money if Kuda Bank closes?

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Kuda Bank is licensed and regulated by the CBN and all deposits are insured by the Nigeria Deposit Insurance Corporation, which means your deposits are safe and insured by the CBN and will be paid even at bankruptcy.

Is Kuda Bank having issues?

Generally, digital banks at some points encounter issues of 

1. Phishing. Having an online banking account, you might fall victim to phishing. ...
  • Identity Theft. Even if hackers do not steal from your account, you can still have your account details compromised in the case of identity theft.
  • 2. Keylogging
  • 3. Pharming.
But the most common  issue Nigerian Banks face are :
  • System maintenance
  • System upgrades
  • Server downtimes etc.
It's absolutely normal to have bad banking experiences with banks at the point of maintenance, upgrades, or downtime. It happens not only to Kuda but entirely to all digital banks, and at this point, customers are not to reinitiate transactions as it can lead to multiple failed transactions and will take a while to resolve.

Is Kuda Bank Legit?

Kuda Bank is absolutely legit, not only Kuda all Nigerian licensed banks are legit, and can't go fleeing with your money.

Also, check out 0 charges Bank in NIGERIA

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