The 7 Best Kuda Bank Alternatives – Carbon, Eyowo

The 7 Best Kuda Bank Alternatives – Carbon, Eyowo

Finance as we know it is changing as the average consumer becomes more aware of the possibilities that his money can provide. This is gradually leading to a total restructuring of the banking and financial institutions’ operations.

The banking and financial services restructuring has resulted in the birth of new-generation banks or digital banks like Kuda Bank.

Kuda Bank is a good example of a digital bank that is rapidly changing the banking sector while providing an excellent customer experience. While Kuda bank provides exceptional services to its customers, as a customer, you should choose a bank that you trust and are satisfied with their services. 

This article covers Kuda bank services, and other great alternatives you should explore.

What’s Kuda (The Bank of the Free)?

Kuda Bank revolutionized the concept of banking in Nigeria by introducing completely off-site banking in 2017. The idea is that you can do all of your banking from your mobile device, handling everything from registration to customer service issues online.

One of the most notable features of this ground-breaking banking innovation is that people can have their physical debit cards delivered to their doorstep rather than having to wait in line for hours, as is the case with traditional banks in Nigeria.

Kuda Bank Features

  • Transfer

Your first 25 transfers as a kuda bank user are free. Other banks charge as much as N50 per transaction; this helps you save up to N15,000 a year just on transactions.

  • Savings

Saving money is an important part of the financial system; the more we save, the more secure we feel financially.

With Kuda, you can earn up to 15% on your fixed savings over a year. If you want to save at your own pace, you can use the spend + save feature, which allows you to save a percentage of every whenever you spend.

You also save money with free transfers; even if you exceed your free 25 transfers limit, the transfer charge to other banks is only N10, regardless of the amount you send.

Read Next: Risevest vs Piggyvest: Best Savings Platform in Nigeria

  • Business 

As an entrepreneur that’s looking to scale your business, you need a bank that is intentional about your growth. 

Kuda Business allows you to create a business account and manage all of your business transactions. You can send invoices and manage multiple business accounts and transactions.

Overdraft  

More often than not, we find ourselves in situations where we need money for something pretty serious. Kuda Bank has an overdraft feature that allows you to access rainy-day funds by withdrawing more than your available balance.

Overdrafts are much easier to get with Kuda than with traditional banks because you can get them from your home or wherever you are. The majority of Nigerian banks pose as offering loans on their apps, but in reality, it’s just a formality, and your application for an overdraft will not be approved unless you appear in person at the bank.

Other financial institutions accept instant loan applications after verifying your identity, but they are not banks.

The 7 Best Kuda Bank Alternatives

Although Kuda is one of Nigeria’s best banking systems, there are solid alternatives. Regardless of how good Kuda’s services are, there are other banks that people prefer for trust, variety, preference, choice, and other reasons.

Here is a list of the best kuda bank alternatives available; this is a curated list of commercial banks and fintech.

1. Eyowo 

Eyowo is that bank that provides you with everything you need to improve your relationship with money. They don’t just help you transfer money and receive it, they help you save and build wealth.

Features

  • Send and receive money
  • Personal and business account
  • Account Management
  • Savings
  • Debit Card
  • Budget and Expenses

2. Sparkle Digital Bank

Sparkle digital bank was founded in the fourth quarter of 2019 by Uzoma Dozie, a former CEO of Diamond bank. It is licensed to operate as a microfinance bank; but Sparkle has managed to intersect banking and finance with lifestyle, data, employment, and relationships.

 Features 

  • Emergency Savings aka Stash
  • Less than 5 minutes to sign up
  • Transfers funds, make payments, and also split bills with friends
  • You get a detailed analysis of your expenses so you can easily keep track of your spending.
  • A physical and virtual debit card.
  • Business accounts – manage your company’s finances, and inventory while connecting with your customers
  • Business revenue and insight
  • Taxation and payroll system
  • Inventory and invoice

3. Carbon

Carbon is considerably Kuda’s fiercest competitor. It provides services across African countries, including Nigeria, Kenya, and Ghana to transact easily. have access to loans, and build their credit score.

Features:

  • 30 free transfers to other banks per month
  • Savings 
  • Business and personal loans
  • Cards (Doorstep delivery)
  • Credit reports

4. V bank

V bank provides a streamlined digital and mobile banking experience with free transfers on all transactions.

Features

  • Zero charges on all transactions
  • Safe and secure savings with good returns
  • You can monitor your spending with notifications and analytics
  • You also get a business account with V bank

5. Rubies

Rubies give an online banking experience like no other. They allow you to create and manage a virtual dollar card when you sign up. 

It is also one of the few banks out there that allows you to manage recurring payments. 

Features

  • Personal Account
  • Payments 
  • Rubies rule book: set your account to specific instructions
  • Savings  and Investments 
  • Debit card

6. Chipper cash

Chipper cash enables you to transact at the best rates not only in Nigeria but also across Africa. You can also invest in over 6000 companies, all of which are publicly traded in the United States of America.

Read More: Geegpay vs Grey: Receive and Swap Multiple Currencies

Features

  • Local transactions
  • International transactions
  • Virtual debit card (Naira and Dollar)
  • Investment opportunities

7. Guarantee Trust Bank

Before the introduction of kuda, guarantee trust bank was seen as the bank for the young. Being the first to introduce banking via USSD code to the Nigerian market.  People did not readily accept the concept of simply dialing a code and seeing money disappear from their accounts.

While it took some time for USSD to get accepted by the older generation, younger people were more receptive.

GTBank now has a mobile app that provides a more comprehensive mobile banking experience than most traditional banks. Here are some of the features that ultimately distinguished GTBank from its competitors:

  • Bank Transfers at standard fees
  • Bills payments
  • Auto-generated account statement

Conclusion

With the world rapidly becoming digital, having a digital bank is quickly becoming a priority for the majority of people. While Kuda is a great option, there are also excellent alternatives such as Eyowo, Carbon, Sparkle, and others.

Read Next: Geegpay vs Grey: Receive and Swap Multiple Currencies

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