In today’s article, we will discuss Kuda vs FairMoney and nearly all there’s to know about microfinance banks.
We will cover the following:
- The company overview
- Key differences
- Pros and cons, etc.
If this sounds like what you want to learn, I advice you to read till the end of this post.
Micro-finance banks have become so popular, and everyone is now using them. However, you need to be careful of the one that you use maybe that is why you are here to learn about Kuda vs. FairMoney.
Let’s get started!
- Kuda Bank Overview
- FairMoney Overview
- Kuda vs FairMoney: Key Differences
- Kuda vs FairMoney: Reviews
- Kuda Reviews
- FairMoney Reviews
- Kuda vs FairMoney: Pros & Cons
- Frequently Asked Questions
- Final thoughts on Kuda vs FairMoney
Kuda Bank Overview
Kuda is the bank of the free that is designed to help you get the best out of your money, no strings attached!
The Kuda bank was founded in late 2016 by Babs Ogundeyi and Musty Mustapha to help Nigerians manage the funds.
Since its launch, the bank has emerged as one of the leading fintech companies in the country.
Kuda was recently valued at 500 million dollars and is Nigeria’s 17th most valuable bank.
All these are possible for Kuda bank because it is simple, easy, and convenient to use compared to other fintech banks.
Using Kuda bank, you can create smart budgets to help you take control of your spending. This helps you achieve your savings goals faster.
When you sign up with Kuda, you also have access to a free visa card to choose a pick-up location or home delivery.
The free visa card is valid for the first time you order it. If you misplace the card and need to order a new one, then you will pay N1000.
Using Kuda bank, you can also set up automatic savings and receive up to 15% annually. 15% is far much more than what other banks give to you.
When you open Kuda bank, you can send up to 30 free bank transfers monthly.
When you exhaust the 30 free transfers, you will be charged N10 after that for every transfer you make.
Even though you send N500,000, you will still be charged just N10 and nothing more.
To begin with Kuda bank, you must download the app from the Google play store or app store.
Fill in your details and start banking for free.
Kuda Bank Features
So, it is time to go through Kuda features so that you can see what the app entails.
Kuda bank provides investment opportunities to its users. All the investments are done within the Kuda app.
When you login into the Kuda app, you will see invest at the bottom section of the app.
You can invest in US stocks from Nigeria or any countries Kuda is currently operating.
One of the advantages is that you can invest with Kuda for as low as $1.
This keeps you on the safe side to test and play around the market while you learn and master the whole process.
You will even be shocked when you know that popular companies stocked in the US are listed, including Tesla, Facebook, Amazon, etc.
However, I advised you to invest cautiously because the market can sometimes be funny.
2. Bills Payment
You can pay all your bills within the kuda app in minutes. All you need to do is log in and click payments to begin.
As of the time of writing this content, you can only pay four different types of bills: TV, Internet, Electricity, and Betting.
The best part is that you only need the ID numbers of the bills you are making, and you’ll be done in minutes.
In addition, paying the bills is beginners friendly; a ten-year-old can do it.
3. Gift Cards
You can also make gift card transactions within the Kuda app.
You can chop all country’s gift cards, and it is different categories.
So if you are willing to spend lots of dollars internationally, this is an opportunity for you.
These days Nigeria cards have low international transaction limits; the highest one appears to be $20.
With the Kuda global gift card shopping, you can make large international payments without worrying about the card limit.
4. Referral Program
Just by being a Kuda user, you can also make free money each time you refer someone to Kuda.
You can start by introducing Kuda to your friends and family every month, and you will start making money just by doing so.
You can make up to N50k every month if you put in enough effort.
5. Kuda Savings
Kuda savings is another exciting feature of the app.
The savings plan allows you to earn up to 15% annually. You can save money daily, weekly, monthly, or as you spend.
When you set up automatic savings, Kuda automatically deducts the money at the designated time.
This keeps you organised and puts you in a perfect state of mind.
FairMoney money is a digital bank that gives instant loans without collateral.
The loan app was founded in late 2017 by “Laurin Hainy”.
Since its launch, FairMoney has been featured on many online platforms due to its incredible and easy-to-use app. You can get up to N1 million instantly if your bank account has huge transaction history.
As a user, you’re entitled to 30 free monthly bank transfers.
The FairMoney app is well designed, organised, and beginners friendly which shows that it is suitable for everyone.
When you sign up, you will be given a debit card which you can use on all ATMs and POS across the country.
Read more: FairMoney Review: Overview, Pros & cons.
It’s time to also go through FairMoney features.
1. Quick Loans
Life happens, and we need that quick and fast cash to sort things out quickly.
Getting a loan in most banks in Nigeria takes a long time. You can’t even collect it if you are not the patient type.
But FairMoney isn’t like that; It is one of the best online loan lending platforms in Nigeria. With FairMoney, you can get a loan within just a few minutes.
The best part is that you can access higher loan amounts right from day one if everything is done correctly.
2. Bills Payment
You can pay all of your bills within minutes with FairMoney. From electricity to TV or any other payable online bills.
All of these are done within just a few clicks.
If you have been looking for a fast and convenient way to pay your bills.
3. Thirty Free Transfers/Month
Paying small charges as a transfer fee can easily disfigure the funds we have in the account most of the time.
Imagine you have N10,000 in your account, and N10 is deducted from it as a transfer charge.
These little charges, sometimes reduce the amount of money you would want to withdraw.
With FairMoney, you are entitled to up to 30 monthly bank transfers.
4. Savings Plan
FairMoney also makes it possible for you to save within the app. You can save manually or automatically.
For saving your money with FairMoney, you can get up to 10% annually on your savings.
To get started on any of their saving plans, sign up with FairMoney and add your bank account.
Kuda vs FairMoney: Key Differences
Let’s go through both apps and know where they differ.
- Kuda is much of mobile banking, while FairMoney majorly deals with loans.
- Kuda helps you save and manage your money, while FairMoney gives you a loan and takes an interest at the end.
- Kuda bank is much of a bank of the free, while FairMoney takes some charges in most cases.
Kuda vs FairMoney: Reviews
It is a good idea to know what existing customers are saying about both platforms. Let’s take a look at them.
At a glance, Kuda has a rating of 4.5 out of 5 on the Playstore, with 174,763 reviews at the time of writing this content.
The app has so many good reviews and fewer complaints very fewer complaints as of the time of writing this content.
Kuda on Appstore
The app store ratings are more excellent than the play store because IOS users tend to have more good experiences with mobile apps.
Kuda has a 4.7-star rating of 5 on the app store, with over 65 thousand reviews at the time of writing this.
Let’s go and check out reviews for FairMoney.
FairMoney has a lower rating than Kuda on the Google play store.
It has a total rating of 4.4 out of 5, with reviews of over 500,000 as of the time of writing this content.
Read more: Is FairMoney legit?
Kuda vs FairMoney: Pros & Cons
Here, we will go through the pros and cons of each app so that you can know what to expect.
Kuda Pros & Cons
We will be going through the Kuda pros and cons in this section. The pros first and the cons later.
- It is fast, easy, convenient, and secure.
- Thirty free monthly bank transfers.
- It is used by the majority who uses microfinance bank.
- It’s regulated by the CBN and NDIC, which makes you be on the safe side.
- Order a free Kuda visa card that will be delivered to your doorstep for the first time
- Pay all your bills in minutes within the mobile banking app.
- Get a detailed overview of what comes in and goes out of your account.
- The app is beginners friendly.
- You need to add your form of identification after BVN before you are given a higher transaction limit.
- The customer support is slow.
- It has just one physical office transaction in Ikeja.
FairMoney Pros & Cons
We will look at the pros and cons of FairMoney in this section. The pros first and the cons later.
- You can easily get a loan right from day one
- Get 30 free transfers every blessed month
- Borrow up to N1 million for 18 months
- Easily add money with a few clicks
- It’s regulated by the CBN, which makes you on the safe side
- Pay all your bills in minutes
- Quickly get an instant account number with no fees
- The percentage on loans is high in most cases
- It has just one physical office
Frequently Asked Questions
Let’s go through the frequently asked questions.
Both mobile banking apps are fantastic in terms of convenience and ease of use. Anyone who uses both apps will serve your purpose.
You can’t quickly get a loan on Kuda because before you can be granted loan access, you must have transacted a reasonable amount of money, while FairMoney can give you a loan right from day one.
Kuda is suitable for your fast, convenient, day-to-day transactions, and FairMoney is pretty cool for getting loans. So the app you choose depends on the purpose you intend to use it for.
Both platforms are legit and have sources we can trace them to should be incased of anything. Both have also acquired all the necessary licenses for operating mobile money.
Yes, Kuda and FairMoney are fully regulated by the CBN and NDIC (National Deposit Insurance Commission).
Final thoughts on Kuda vs FairMoney
In my experience, Kuda is good, easy, and convenient for day-to-day transactions, but you can’t quickly get a loan.
FairMoney, on the other hand, is also an incredible platform and easy to use. With FairMoney, you can start getting loans from day one.
Although the loan is small, the amount depends on your bank card transaction history.
You can quickly increase your loan amount limits by using your FairMoney regularly and repaying the loan before the due date.
Deciding on which one best fit you, will majorly depend on you.
If you need it for fast and convenient transactions, use Kuda, and if you intend to get a loan later, use, FairMoney.
Which will you use? Kuda or FairMoney? Let me know in the comment section below.