Which Other Bank Is Like Kuda? Top Kuda Alternatives 2023

Kuda is currently one of the most popular banks in Nigeria. It’s different from other traditional banks, as it doesn’t have a physical location that customers can visit. Everything is done online via the Kuda banking app.

Despite being an online-only bank, Kuda has successfully attracted thousands and millions of users in Nigeria. And it’s not the only one. There are many other similar, online-only banks you can use.

So, to answer the question “which bank is like Kuda?” we’ll list some Kuda alternatives. Check them out below:

1. Opay

Opay, like Kuda, is an online-only banking platform. In particular, it’s a mobile banking platform you can access on Android and iOS devices.

With Opay, you can make quick, easy payments. You can transfer money to anyone, including other Opay users and users of other Nigerian banks. Opay won’t charge you for transfers, just as Kuda doesn’t.

Opening an Opay account is simple. All you need is a phone number. But, over time, you will need to provide more details – BVN, ID, etc. – to upgrade your account. Upgrading your account will allow it to hold a higher balance.

Aside from making monetary transactions, Opay is also a social platform. You’ll find a chat feature in the app that lets you talk to friends and family, just like WhatsApp and Messenger. This feature is one advantage Opay has over Kuda.

Furthermore, Opay allows offline banking. In other words, even if you don’t have a smartphone, you can still use the platform via USSD. Via the USSD code *955#, you can send money, pay bills, and more.

Finally, if you plan to make money from your savings, Opay is one of the best alternatives to Kuda. When you save with Opay, you can earn up to 15% interest in a year.

2. FairMoney

FairMoney is a Kuda alternative popular for its instant loans. And that’s why it’s one of the top ones on this list. You can get an instant loan from FairMoney without any collateral. So long as you pay back on time, you don’t have anything to worry about.

FairMoney gives out loans of up to a million naira. To collect this loan, you must, of course, first create an account with the digital bank. The bank has accreditation from the Central Bank and the NDIC, so it’s safe to use.

Like Kuda, you can use your FairMoney account to make free transfers to other Nigerian banks. Also, you get a debit card, which you can use at ATMs and POS and to make online payments.

Back to loans, FairMoney gives out over ten thousand per day. Loan processing takes around five minutes to complete. It’s faster than other banks that require extensive documentation to offer loans.

So, if you need a bank like Kuda to collect loans, FairMoney is one of the best. Before taking loans from FairMoney, however, you should be aware of the interest rates. Of course, no bank gives loans without charging interest, and FairMoney is no different. 

FairMoney interest rate is usually around thirty percent. But note that the higher the loan duration, the higher the interest. For example, you’ll pay higher interest if your loan is for three months rather than eighteen months. 

3. VBank

At number three, we have VBank, a microfinance bank. VBank became popular after a run of campaigns on social media by some of Nigeria’s top celebrities. And afterward, the bank has kept up with delivering quality to customers.

VBank takes a different, unique approach to digital banking. While some banks give you annual interest on savings, VBank gives you monthly interest.

As you’d expect from a bank like Kuda, VBank doesn’t charge you any transaction fee. That’s not all. You also get free account maintenance with the bank.

Another advantage of using VBank is earning money as an affiliate. Known as Veelage, the affiliate network rewards you with thirty thousand to two million naira if others sign up on the platform with your referral code.

VBank is one of the few banks like Kuda to introduce WhatsApp banking. You can simply message the Whatsapp Bot, known as Bolanle, and tell it what you want to do.

Suppose you don’t have data or a smartphone. In that case, you can use the USSD banking option with *5037#. Whichever banking option you choose, you get first-rate service with VBank.

4. Alat

Developed by Wema Bank, Alat is self-acclaimed “the first fully digital bank in Nigeria.” Indeed, due to its affiliation with a traditional bank, you can do more with Alat than with Kuda or any other digital-only bank.

Currently, more than seven hundred thousand people use Alat, including customers and non-customers of Wema bank. You can open an account on the platform within five minutes. It’s faster and easier if you’re a Wema Bank customer.

After creating an account, you can order a debit card for free. Interestingly, Alat gives you three debit card designs to choose from. And you’ll get it promptly, irrespective of your location in Nigeria.

Alat is also a good bank like Kuda for installing loans. The bank offers low-interest short-term loans, which you’ll find convenient. If you want to save, you can count on Alat as well. Among the features of the app are many automated savings plans to leverage.

Alat boasts a 24/7 customer service plan. They are helpful if you face any problems while using the digital bank.

5. Rubies

Advertised as a 21st-century digital bank, Rubies targets young spenders. The platform makes banking and payment as easy as it can be. And you can sign up as an individual or professional.

With Rubies, you can bank via your browser (internet banking), mobile app, or USSD. As a result, the bank will still work for you if you don’t have a smartphone. This is one of the top features of apps like Kuda.

You can also count on Rubies for streamlined transactions if you’re a business. The platform features a native payroll system, making paying your workers and suppliers easier. There’s also an ERP and Open API.

One of the best features of this digital bak is the Rubies Credit. Rubies Credit helps you qualify for high-volume loans if you maintain a good credit score. It comes with a unique credit scoring algorithm.

Aside from loans, Rubies also have other features for generating revenue. Some include Digital Lending, Receivable Financing, and Crowdfunding.

Furthermore, Rubies works for Fintech-as-a-Service and Platform-as-a-Service. These are features you won’t find in many apps like Kuda.

6. Carbon

No matter your spending lifestyle, Carbon is a digital bank to leverage. NDIC-insured and licensed by the Central Bank, the bank has all the backing to operate legally in Nigeria. Hence, it’s a bank like Kuda you can trust.

Carbon charges cheap transaction fees. While it’s not zero like Kuda, it’s minimal and won’t reflect much in your spending. Besides, Carbon charges zero account maintenance fees, and you get two percent interest on annual savings.

Many apps like Kuda on this list offer easy access to instant loans. Carbon is one of them. Carbon lets you collect loans without filling out lengthy forms or providing collaterals and guarantors.

You can get an approved load within twenty-four hours of creating an account. The amount you will get, however, won’t be much. Subsequently, you increase your potential loan amount by saving more and repaying your loans on time.

Talk about savings; Carbon is one of the best apps like Kuda to profit off your money sitting in an account. In particular, you can earn up to fifteen percent interest on your savings account. But you must save up to fifty thousand – which is relatively not a huge sum.

Finally, Carbon makes it easy to track your spending with free credit reports. Nothing goes undetected when you bank with Carbon.

7. Sparkle

Sparkle is an app like Kuda for entrepreneurs. Nevertheless, you can still use it if you’re an individual. No matter where you are in Nigeria, you can make payments and manage your money easily with Sparkle.

One of the first things to interest you about the platform. The UI is super intuitive, and every feature is within quick reach. But Sparkle isn’t all about aesthetics. The app offers far more.

It takes around five minutes to open a Sparkle account. Once your account is verified, you can begin sending and receiving money and making payments and paying bills.

Notably, Sparkle comes with special features like scheduled payments, SparklePay, and QR Payments. These will come in handy in different situations.

Like Kuda, you can request a physical card from Sparkle. The card will work just like the debit cards you get from traditional banks. In addition, Sparkle also offers virtual cards, which will come in handy if you make a lot of international payments.

Other top features of Sparkle include Taxation, Payroll, Invoicing, Inventory, and Business Support.

Frequently Asked Questions About Which Other Bank Is Like Kuda?

What bank is better than Kuda?

Many users agree that digital banks like VBank and ALAT are better than Kuda. However, the better bank is subjective at the end of the day. It all depends on what type of transactions you handle and your experience.

If you pay bills regularly, Kuda is always an ideal option, the sole reason being that the platform charges zero fees. However, if you are an entrepreneur, ALAT or another alternative may be better.

The Kuda app is not much optimized for business people. However, the admins have solved the problem by introducing Kuda Business.

Which bank is associated with Kuda bank?

Kuda Bank associates with Access Bank, GTB, and Zenith bank. So, while it still is a digital-only bank, it does have backing from some traditional banks. And this backing gives it an advantage over other digital-only banks.

You might ask, how does this association or partnership work? Well, it’s simple. Ordinarily, there’s no Kuda bank location where you can perform physical deposits and withdrawals – not counting ATMs.

But you can walk into any associated traditional banks and carry out your physical transactions. The associated bank takes responsibility for your transaction and sees that it goes through successfully.

Does Kuda Have a Dollar Account?

Yes. Kuda has dollar accounts. In other words, you can send and receive USD with your Kuda account. Not just that, Kuda also supports Euro and Pounds accounts.

This is one of the reasons Kuda is popular and considered one of the best digital banks in Nigeria. Note that the accounts operate separately. Your naira account is independent of your dollar, euro, or pounds account.

With support for dollar accounts, Kuda is a bank to rely on for international transactions. Also, the bank uses fair conversion rates, so you get the most of your money crossing the borders of Nigeria.

Bottom Line

Kuda is one of the best digital banks in Nigeria. That’s true. But the digital bank apps listed above are also among the bests in Nigeria. So, if you cannot use Kuda for one reason or the other, you can switch to any of them.