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Kuda Bank of Horror: Customers narrate bitter banking experiences



Kuda Bank has been nicknamed Kuda Bank of Horror by customers over horrific experiences, ENigeria Newspaper reports.

Kuda Bank, which takes pride in its Monika “bank of the free,” may have revived the pidgin English phrase “Awoof dey run bele,” which simply implies that “anything free is definitely a bait to lure you into the belle of the shark.”

According to an assessment conducted by ENigeria Newspaper, Kuda Bank, founded by Babs Ogundeyi and Musty Mustapha, has one of the world’s poorest customer relations, as evidenced by a series of customer complaints collected here in.

In an era of numerous failed ponzi schemes and an unimaginable rise in fraudulent activities in the online space, Kuda Bank (Kuda micro finance bank), which operates virtually, appears unripe for the services they advertise, and many people have expressed concern about their money being managed by a banking institution that does not have a physical branch where daily transactions are carried out.

Concerns raised by certain analysts and industry watchers have been bolstered by recent reports of the bank’s substandard customer service unit.


As captured by ENigeria Newspaper below, a customer with the username Folorunsho Afolabi Adisa tells his awful experience with the Babs Ogundeyi and Musty Mustapha founded Kuda Bank. He said:

“Central Bank of Nigeria needs to investigate the activities of Kudabank. Excellence and satisfaction should be at the core of any service(s) but KUDA lacks both features.

Aside from the fact that its helps-desk hardly respond to messages its dissatisfying services qualifies it to be labeled as a bank of horror and terror.

Who neglects their customers’ complaints on their hard-earned funds? In a digitised world, a “virtual” bank is expected to have the swiftest and most responsive customer service(s) since it has no branches in any other place but Lagos State.


I moved my funds away from the bank this morning as well. Given the irrational frequent deduction of unreasonable charges by conventional banks, KUDA has been able to bait people into its patronage on the platform of freebies such as the monthly 25free transfers, free delivery of ATM Card&the absence of card maintenance fee.

Ordinarily, if our conventional banks haven’t failed in the aforementioned, KUDA wouldn’t have thrived using such normal things as offers I also experienced a failed transaction yesterday where I used a KUDA ATM card on a Union Bank ATM.

I was debited without having the cash and KUDA didn’t reverse it. I sent a mail to KUDA and nothing came forth. Consequently, I moved the money I have in the account I OPERATED with the bank (KUDA) this morning.

A bank (KUDA) that has no regard for its customers has no business being in the financial trade. You are only here because your customers are here Financial ineptitude is as execrably dispiriting as political inefficiency”.


Although the same customer later acknowledged on his Facebook page that the situation had been resolved after his friend who has close relationship with one of the controversial bank’s founders intervened, which was fantastic.

But it makes one wonder: what happens to ordinary individuals who don’t have such a strong link to the proprietors of Kuda Bank?

According to other clients, Kuda Bank provides a great experience, but once you hit a snag, you’re on your own and often times they say accounts domiciled with teh bank are easily hacked – ENigeria Newspaper gathered a few more responses.

You better not join. If you get any transaction issue you dey on your own o. Customer care wey no dey respond to message. Imagine you send 500k to person e no deliver and you one remote area inside Katsina how u wan take rush come Lagos?


Anything virtual without physical representation, I am always careful.
I have the account but never transact with it

They aren’t ripe enough to do the ATM Card services. Plus regular transfer issues and unresponsive customer care services/ channel of communication

The fact that they don’t have a physical branch alone scares me coz I will not joke with the small money I dey suffer to make ooo.. it is well

Egbon, they aren’t ripe enough to do what they wish to do. First thing first, they need an effective and efficient channel of communication. Eyin na mo wipe communication is powerful.
We know how commercial banks, CC section dey always full let alone a “virtual Bank”. Anyway, se e ti Ki ASIWAJU wa laaroyi?


Credit: ENigeria Newspaper


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