Kuda vs OPay
short answerBoth are traditional neobanks. Kuda holds its own banking license; OPay is the larger platform (~60M users) and is built for underbanked. Compare custody, license, FX markup and fees field by field below.
Kuda: 'Bank of the free'; NG + UK remittance.
OPay: 60M+ users; agent-network powerhouse.
Side by side
| Kuda | OPay | |
|---|---|---|
| Category | traditional | traditional |
| Audience | general | underbanked |
| HQ | Lagos, NG | Lagos, NG |
| Founded | 2019 | 2018 |
| Custody | Custodial | Custodial |
| Regulation | Licensed bank | Payment institution |
| License detail | Microfinance bank (NG) | Payment licenses (NG) |
| Card | Visa · Debit | Verve/MC · Debit |
| Cashback | — | Offers |
| Yield | Annual interest | Daily interest (Owealth) |
| FX markup | — | — |
| Services | — | — |
| Stablecoins | No | No |
| KYC | Yes | Yes |
| Regions | Africa | Africa |
| Reported users | — | 60M users (2024) |
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.