NigeriaTerms & Conditions


The following Terms and Conditions (“T & Cs”) apply to any person who applies for or uses a savings product (“Kuda Save”) issued by Kuda Microfinance Bank Limited (hereinafter referred to as “Kuda” or the “Bank”) on the Kuda application. In these T & Cs, “we” “us” or “our” refer to Kuda and its successors, agents and assigns while “you” or “your” refers to a Customer.

By clicking accept at the bottom of these T & Cs, you agree that you have read, understood and agree to be bound by the terms contained herein and any subsequent amendments we make to them. In addition, you also agree to comply with the applicable laws, rules and regulations, currently in force or as may be enacted that relate to savings and interest in Nigeria.

Please note that these T & Cs are in addition to the regular terms and conditions that regulate the usage of your Kuda account (hereinafter referred to as your “Kuda Spending Account”) as well as all other policies of the Bank.

You will be considered to have given your consent to us for the processing of your personal data when you accept theseT&C’s as indicated below. If you do not agree with theseT&Cs, do not click on accept below.

Kuda Save

Kuda Save helps you save money with minimal effort to a dedicated account for saving (Kuda Save Account). To do this and depending on the option you select, we can either debit your Kuda Spending Account at set frequencies, chosen by you or you can make a one-time lump sum savings from your Kuda Spending Account. There are no third-party fees incurred by you when transferring from your Kuda Spending Account to your Kuda Save Account. Upon expiration of the tenor (that is, the entire period you choose to save the specific sum(s) for), the accumulated funds (that is, the amount you have saved plus accrued interest, where applicable) will be transferred to your Kuda Spending Account.

Available Options:

  1. As You Want - save whenever you want and withdraw whenever you want (without any charge). This is not interest-yielding.
  2. Spend & Save - save a percentage of what you spend. This is debited from your Kuda Spending Account automatically once you apply the relevant settings. This is not interest-yielding and you can withdraw these funds at anytime (without any charge).
  3. Save Frequently - save daily, weekly or monthly toward a target amount for a set tenor and earn interest according to the rates displayed on the Kuda App in line with applicable market rates. If you withdraw more than 20% of your saved sum at any time before the tenor, you will forfeit your total interest earned.
  4. Fixed Deposit - save a specific sum for a fixed duration and earn interest at applicable rates displayed on the Kuda App in line with applicable market rates. If you make any withdrawals at any time before the expiration of the tenor, you will forfeit your total interest earned.


You may choose to withdraw your money saved from any Kuda Save Account, at any time you prefer. For interest-earning savings, your interest will be forfeited where you choose to withdraw your money before the expiration of the tenor, as stated above in 1c and 1d.


Kuda is a licensed microfinance bank and not a financial adviser, and the Kuda Save product was designed to encourage its Customers' savings habits, and earn interest where applicable. We do not make any representations, warranties, or guarantees of any kind that the Kuda Save product is appropriate for you and you acknowledge that you are using the product voluntarily. Before using Kuda Save, you may consider obtaining additional information and advice from a financial adviser.


For Kuda Save products which are tenor-based i.e. Flexible Save and Fixed Save, you are entitled to earn interest, as prescribed by the applicable market rates and as displayed on the Kuda App at the time of saving. Interest is only paid upon completion of the tenor without withdrawals.

Interest earned shall be displayed on your Kuda App and shall be updated daily, weekly or monthly (where applicable). You agree that if you do not comply with the applicable saving tenor, your interest earned shall be forfeited.


There are no fees (transaction fees, third-party fees) charged to you for your use of Kuda Save. We, however, reserve the right to charge fees for the Services in the future, at our sole discretion, upon which we will provide you with prior written notice.


You agree that your use of Kuda Save shall be only for your personal use and not for commercial use, nor shall you authorise any other person to use Kuda Save on your behalf.

You shall be solely responsible for protecting your account information, password and mobile device from unauthorised use of Kuda Save, and you shall be solely responsible for any transactions involving your Kuda Save account, whether authorised or unauthorised.

We shall not be responsible to you for any loss arising from transactions involving your Kuda Save account, where your account information and password were provided to us, or where your account was compromised, without any negligence or fault of ours or our employees.

You agree to notify us immediately by e-mail: or by phone: 0700022555832 where you suspect or realise that your account information or mobile phone has been compromised or any unauthorised activity has occurred.


We do not warrant that the Kuda Save that we provide pursuant to this T & Cs will always be available. We reserve the right to withdraw or vary these services at any time. We will not be liable to You or anyone if we are unable to carry out our responsibilities under these T & Cs as a result of anything that we cannot reasonably control. These include but shall not be limited to: network downtime or failures, system downtimes or maintenance issues, delays or malfunctions or any other related event arising from an external interface; the actions or omissions of any telecommunications authority, processor, strike, industrial action/disputes, natural disasters, acts of God etc.

Kuda disclaims any liability for any transaction related to or arising from fraud or such other illegality. Except when caused by the Bank’s proven misconduct or negligence, we shall not be liable or responsible for any loss, injury, or damage whether direct or indirect, special or consequential caused by or arising from the use of Kuda Save including any loss or financial fraud arising from loss, unauthorised initiation of Transactions. You shall indemnify and hold us harmless from and against any losses, damages, fines or related claims related to this.

Until you notify us that your account has been compromised, you will be liable for all transactions carried out through it, before we acknowledge receipt of the notification.


We may, at any time, modify, revise and make changes to the provisions of these T &Cs and we will notify you of such changes after which they will become effective. All updates will be detailed on our website and the Kuda App. You will be able to access the latest version of our terms at any given time. Without prejudice to the other provisions of these T and Cs and any of our other rights, if you do not wish to accept any amendments we make to these T and Cs in the future, you will be able to opt out of these T and Cs and deactivate your Kuda Save without any penalty. Non-acceptance of updates to these T and Cs also gives us a right to deactivate your Kuda Save.

No delay in the enforcement of any clause contained in these T & Cs shall be deemed to be a waiver of the Bank’s rights under these Terms, nor shall the Bank be prevented from enforcing its rights under these T and Cs at a later date.

Your rights under these T & Cs are personal to You and cannot be assigned or transferred to a third party.

You hereby consent to the Bank’s collection, storage and processing of your personal data provided by You in connection with Kuda Save provided under these T &Cs.

You authorise us to exercise a right of set-off of your Kuda Save account at any time we deem fit in respect of your Account or any other account you maintain with us to settle any of your outstanding payments to us.

Please contact us if you need further explanation on anything related to the use of your card. You may contact us or speak to our customer care representatives on 0700022555832. We may notify you about any changes or information by: (a) Sending you in-App messages or emails, (b) advertising in the press, our website any other means of public notification; (c)including messages in your account statements (d)any other means of communication that we deem appropriate.

These Terms and Conditions shall be governed by the laws of the Federal Republic of Nigeria

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