One Of The Best Microfinance Banks in Nigeria But Are Customers Calling Kuda Bank A Fraud? Why?

by Lara Carter

2021 has been a mixed year for Kuda Bank. The company grew rapidly as an epitomable bank in Nigeria’s micro finance banking industry. Kuda is a digital microfinance bank registered in Nigeria and licensed by the Central Bank of Nigeria with a physical base in London. The company raised $25 million in series A and four months later in August 2021, raised $55 million series B. Within the company’s 2021 phase of rapid growth, Kuda Bank acquired over 1.2 million users.

As of September 2021, Kuda’s reviews on Google App Store, at 4.4, is higher than long standing competitors with Wema Bank’s Alat at 3.9 and first mobile at 3.8. On the other hand, Kuda’s google web review is quite low at 3.1 and [email protected] has received complaints and mediation requests from aggrieved customers of Kuda.

Upside Kuda Reviews

  • Kuda has been the best bank outta all the financial institute that I bank with. To all the people who says the customer care number isn’t going through here’s a valid one you can call 01 700 6217 and be rest assured you will be connected to an agent and your issues will be attended to.
  • This is definitely going to disrupt traditional banking. Highly recommended.
  • Kuda has revolutionised Nigeria’s banking industry by creating Nigeria’s foremost digital bank, with a seamless experience and customer-centric values. No paperwork involved (all processes digitalized), and free banking services, across the entire platform! Kudos, Kuda!

Downside Kuda Reviews

  • Kuda bank hold my money 70k without finding any resolved and now I need my money kuda hmm you hold my money and I need it. Anyone who know there headquarters should please comment to this.
  • Let’s leave the hype and marketing strategies aside and talk about what’s really been done. It’s HARD TO REACH THESE PEOPLE IF YOU HAVE A FAILED TRANSACTION… Both via chat on app, guess what their customer care number isn’t reachable..
  • Please avoid Kuda at all cost and thank me later. Horrible customer experience, transfer success rate of less then 40%. Just a bad overall experience.
  • Kuda is the most worst bank ever, I tried removing all my funds on my alat account because I don’t have the app anymore and I have the card saved on my kuda, now you have locked my account without any explanation. Please I need to be able to use my money.😢😢
  • I have this same issue with this fraudulent bank after I paid 80k in…two days after I credited my account I couldn’t access the app again…mails not replied calls not answered.

What Went Wrong?

Microfinance Banks serve the bottom 60% of the population in Nigeria and must make sure their policies support and enrich rather than detract from this population. Kuda is on the right path by offering free services and overdraft credit loans to the population but must constantly improve on business and government mandates that might make the customer journey difficult. Being a digital bank with plans to serve millions of customers, Kuda should prioritize investing in digital customer service on a large scale. Otherwise, significant increase in physical locations will become unavoidable.

What’s Next For Kuda?

Kuda has very high potentials and with solid backing from investors, they have indicated plans to expand into other African countries. We highly recommend Kuda sets up physical customer care spots in every popular district that their customers predominantly reside in prior to expanding outside the country. Optimal customer service is key to every successful business; more especially financial services.

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