Kuda vs Opay: Which is Better?

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Kuda Vs Opay

The fast rate at which the Fintech industry is growing in Nigeria has given room for many opinions. You know everyone wants the best. For that reason, we need an answer to this question, Kuda vs. Opay: Which is better?

Although, both banks are digital banks and mobile apps that are fully registered by the Central Bank of Nigeria. Also, all their deposit are Insured by NDIC. Hence you can trust your money with either. 

However, in this article, I will help you to make an informed decision on which is better between Kuda vs. Opay.

To do this, I will take a close examination of their features, reliability, overall user experience, and worth.

To get the full gist, sit back and read alone.

Kuda Vs Opay: which is better?

As earlier mentioned the two digital banks are awesome. However, two heads cannot wear a crown.

Features of Kuda Digital Bank

Kudas digital bank has numerous water-mouthing features that make most of their customer stay glued to them. Some of these are;

  • Make Free Transfers

With Kuda Bank, you do not need to think of those huge transaction fees charged by most banks. Here you get 25 free transfers to any Nigerian bank every month.

  • Free ATM Card

One of the good things about Kuda Bank is that your first ATM card will be issued to you free of charge. Also, the delivery fee is free. Just apply for an ATM card on the app and your card will be delivered to your doorstep.

  • Earn Interest 

Another enticing feature of Kuda Bank is the interest you earn on all your savings with them. You will be given 10% interest in your savings annually.

You cannot do without spending in a day. That is why Kuda Bank has deemed it fit to help you safe anytime you spend.

That is, you save money automatically any time you spend. All you need to do is to a percentage to save and watch your money grow.

  • No Minimum Account Balance

Banking with Kuda is so easy that you do not need to worry about a minimum initial deposit or account balance.

Features of Opay Digital Banking

Opay also has many features that have earned them the trust of most of their customers over the years.

A few of these features are;

  • Cash Back

The cash-back feature allows you to earn as high as a 6% bonus anytime you buy airtime or data on the app. You can use the cash back you earn on Opay to buy airtime or data. Yet you will be given another bonus.

  • Free Transfer

Opay Bank offers you fast transfers with a 100% success rate to all banks across Nigeria, anytime for free.

  • Fast 

One of the basic features that have earned Opay over 35 million users is the speed at which transactions are delivered. Think of a banking platform where you can carry out all your transactions in the blink of an eye. Then think Opay.

  • Refer and Earn

Another beautiful feature offered by Opay Bank is the ability to refer another customer and you earn a bonus. Anytime you refer a new user you will be credited with #800. Also, the new customers will be credited with #1200. Isn’t that good?

  • Online Shopping

The Opay app allows you to do online shopping without stress. You can easily pay for goods and services across Nigeria using their QR codes.

Ultimately, there is no doubt both apps offer an array of features. However, I know you need to decide which one is best for you. Now let us compare Kuda Vs Opay.

Comparison of Kuda Vs. Opay: Which is Better?

  • Minimum Balance

Both Kuda and Opay charge insignificant fees for each transaction you perform. Yet, the story differs when it comes to minimum balances and other charges. If you bank with Kuda Bank, you do not require a monthly minimum balance.

However, the Opay account requires you to have minimal monthly fees. The monthly fee varies based on the type of account you open. If you open the basic accounts you do not require to have a monthly fee. But the upgraded accounts require you to have a minimum account. These accounts come with a minimal monthly fee ranging from $0.50 to $1.50 per month. 

  • Loan Option

Both banks offer a loan option. However, if you are looking for a loan option a cheaper loan option definitely the best option for you.

Kuda offers loans at an interest rate of 15-20%. It offers a repayment period ranging from one month to twelve months.

On the contrary, Opay offers loans at a higher interest rate of 25-30%. Still, the repayment period range is the same as Kuda.

  • ATM Card

Both banks issue ATM cards to their customers.

However, Kuda Bank gives you your first ATM card free of charge. Also, the card will be delivered to your doorstep free of charge.

But Opay will charge you a token of #500 before you can have their ATM card. Also, you may have to visit Opay’s nearest agent near you to collect your card.

  • Security

Both Kuda and Opay offer encryption technology for secure transactions.

Nevertheless, Kuda also uses a 3D Secure” system. Thus adding an extra layer of security. It verifies the user’s identity before authorizing any transaction.

Similarly, Opay uses a risk assessment methodology, which is consistent with PCI-DSS standards to protect your account.

  • Bonuses

When we talk of giving bonuses Opay is at the forefront. If you buy airtime, data, or refer a new customer you will be rewarded with cash. However, Kuda does not offer such.

  • Usability, Worth, and Reviews

At present Kuda Bank has:

Number of customers: over 6 million.

Review: 2.9-star rating based on 189 customer reviews. Also, it ranked 57 of 992 among companies in the Banks category.

The worth of Kuda Bank as of 2021 according to techcrunch is $500M

However, Opay has at present has:

Number of customers: over 35 million and over 500,000 agents.

Reviews: Opay has a 3.3-star rating based on 684 customer reviews. Also, it ranks 21 of 257 among companies in the Cash Services category.

The worth of Opay Bank as of 2021 according to techcrunch is valued at over $2B.

Similarities of Kuda vs Opay 

Opay and Kuda the leading digital banks in the fintech industry have some similarities in common.

 Some of the similarities are:

OPay and Kuda can be easily accessed through mobile apps. Also, you can access them on the web using an internet browser.

Likewise, both platforms can be used to save money.

Similarly, you can send and receive money on both apps. You can do this via cash deposit, online transfer, or USSD transfer.

Also, they both offer free virtual as well as physical debit cards that you can use for all transactions.

Ultimately, both offer annual percentage rates of Up To 10% on fixed deposits of funds.

Final Thought 

The two fintechs under consideration: Kuda and opay are really good banks and either of them can be good for you no doubt.

However, your choice of bank is dependent on your specific needs.

Kuda, often called “The Bank of the Free” is a platform, where you can save money, pay bills, make transfers, and get access to credit. Thus, if those are what you love then Kuda is the best choice for you. 

Nonetheless, if you need additional services such as access to POS devices, bonuses, and cashback, fast loan access among others. Then, you may need to consider Opay.

Ultimately, I hope your question on Kuda vs. Opay: Which is better? has been answered with this article.

Frequently Asked Questions On Kuda vs. Opay: Which is Better?

What are the services offered by Kuda?

Kuda is one of the renowned digital banking platforms that helps you access and manage your funds without stress. Hence, if you open an account with Kuda you can;

  • Monitor your spending
  • Access features such as free transfers, bill payments, and investments.
  • Apply for loans among others.

What services does Opay offer?

OPay is a mobile payment platform although it is beyond banking. It allows you to send and receive money online.

Furthermore, it offers a range of additional features, from mobile wallet services to cashless payments, earn upon referral.  

Which is better: Kuda vs. Opay?

With the blog post above, I hope you will be able to make an informed decision on which is better between Kuda and Opay. Your selection depends on your individual needs and preferences.

Are there transaction fees when using Kuda or Opay?

Both platforms offer free cash transfers for their customers using the app. And charge a minimal transaction fee of 10 naira to those using the USSD. However, the fees vary depending on the type of transaction.

Can I use Kuda and Opay in foreign countries?

No, both Kuda and Opay only operate and give financial services in Naira. However, you can use Kuda to send money to the UK alone.

Also, you can use Opay to receive money from abroad provided you are on KYC level 2 or above.

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