Kuda Vs Fairmoney – The Bank of the Future

Kuda and Fairmoney micro finance bank have now been the forefront of the banking industry in 2021

The two major forefronts among several are Kuda Bank and Fairmoney (Kuda Vs Fairmoney}. Banking has become one of the major daily activities of an average Nigerian, from bill payments to airtime recharge and money transfers as digital banking begins to evolve in this present century.

They’ve been a significant rise in mobile banking platforms with over 300 apps available on android and IOS platforms. Kuda vs fairmoney Both companies started in 2017 and were licensed into microfinance firms. We would be diving further into these two major platforms, comparing and estimating which of these platforms is likely to lead as the digital bank in the next 3 years.

Fairmoney is a Nigeria Fintech firm based in Lagos, Nigeria that provides loans for individuals using their mobile app without collateral or paperwork. Loans within 10,000 – 1,000,000 are accessible by requesting via the official mobile app which can be downloaded on your mobile store.

Kuda Vs Fairmoney

Operating System Availability

The ability for potential and existing users to have access to the app via android or iOS has given Kuda an edge over fairmoney which is only available on google plays tore. Not certain when fairmoney would be available for ios users but as of drafting this post, kuda would have much user market share as per its availability on both operating systems.


The total number of free transactions differs as kuda offers 50 free transactions while fairmoney offers 100 free transactions making them lead. After the transaction quota has been used charges would be applicable for every transaction made through the app.


In terms of User interface and Experience, both platforms have stood out, kuda seems to offer more in terms of overall experience e.g. budgeting and fingerprints login, etc. Fairmoney, on the other hand, doesn’t really have much to offer in that area, users are only allowed to login using a four-digit pin, and lack money management tools for users. Read Also¬†How To Register Your Business Online In Nigeria

Loans and Overdraft

So many banking users need access to loans and overdrafts as quickly as possible and both platforms have paved their way into the money lending business. Although they started as a lending platform before further scaling into a full financial firm, With fairmoney you have access to loans of up to 1 million and an overdraft of up to 300,000 on Kuda. So in the area of loans then fairmoney would be your best bet, or if you need quick cash for something urgent then you can bank on Kuda. You must have been very active on the platform for 6 months to have access to overdrafts.

How To Apply For Fairmoney Loan

  • Signup by downloading the app here
  • Click on the sign up with phone number
  • Input a BVN registered phone number
  • Supply confirmation code (OTP) sent to phone
  • After successful confirmation, fill in all information appropriately including bank account number and debit card.
  • Your information would be processed and a loan would be offered to you immediately based on the information you’ve provided.
  • Select the offer and confirm.

You should be able to get an alert on the account number provided upon filling out your application. Kindly note that the account number must tally with your bank verification information.


From my own point of view, I think Kuda has more to offer as compared to its rival fairmoney(Kuda Vs Fairmoney). whichever one works for you, drop a comment below and state why you would love to use the platform.

Pamilerin Coker

Pamilerin Coker is a digital entrepreneur with a keen interest in Marketing, Public Relations, and Media. He's the lead digital strategist and owner of Havgate Digital, a subsidiary of his parent company, Havgate Group.

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