ALAT by Wema vs Kuda.
ALAT by Wema (A75/100) and Kuda (K60/100), scored on the same six pillars and compared row-by-row. Every cell is sourced from licence registers and live pricing pages, not opinion. ALAT by Wema leads Kuda 4-3.
| A ALAT by Wema №18 · CBN 75 /100 | K Kuda №41 · FCA 60 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 75 /100 | 60 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €0 Free tier |
| FX markup Debit card abroad | 3.00% | 5.00% |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | — |
| Protection | ||
| Banking licence Tier | Full bank CBN | E-money inst. FCA |
| Deposit guarantee Per depositor | €5,000,000 NG.NDIC | Safeguarded NG.NDIC |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 2 countries |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | Yes | Yes |
| UX | ||
| Trustpilot Customer score | — | 4.0 ★ 1k reviews |
| App store iOS + Android avg | 4.5 ★ iOS 4.4 · And 4.5 | 4.7 ★ iOS 4.7 · And 4.6 |
| Read review → | Read review → | |
Pick ALAT by Wema if…
Nigeria's first fully-digital bank — launched 2017 as a digital arm of Wema Bank (NGX-listed, CBN-licensed since 1945). Operates under the parent's full-bank licence (so NDIC ₦5M cover applies, vs. the ₦2M microfinance ceiling that Kuda + OPay sit under). Strongest domestic savings rate ladder in NG (up to 12% on goal-locked tenures).
Pick Kuda if…
Largest Nigerian neobank by user count (~7M+). CBN microfinance bank charter — NDIC-insured but with the smaller microfinance-class ceiling. UK presence as Kuda Technologies adds GBP exposure for Nigerian diaspora customers. Free transfer limit (25/mo) is generous for the Nigerian market.
- Best for fees ALAT by Wema won 1 of 4
- Best for protection ALAT by Wema won 2 of 2
- Best for reach Kuda won 1 of 3
- Best for ux Kuda won 2 of 2
ALAT by Wema vs Kuda — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is ALAT by Wema better than Kuda?
Under our v3 methodology, ALAT by Wema leads Kuda 4–3 across 12 dimensions. Composite scores: ALAT by Wema 75/100 vs Kuda 60/100. ALAT by Wema is stronger overall, but the right pick depends on which row matters most to you — fees, protection, reach, or app quality.
Is ALAT by Wema or Kuda cheaper?
Monthly fee — ALAT by Wema: €0; Kuda: €0. Card FX markup — ALAT by Wema: 3.00%; Kuda: 5.00%. ALAT by Wema wins more fee rows (1 of 4). See the Fees section of the matrix above for ATM caps and the rest.
Which is safer for deposits, ALAT by Wema or Kuda?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Kuda holds a E-money inst. licence under FCA; deposit guarantee per depositor: Safeguarded. ALAT by Wema is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Kuda?
ALAT by Wema operates in 1 country; Kuda operates in 2 countries. Check each provider's signup page for the live country list — eligibility depends on residency, not just the licence footprint.
Want a 3- or 4-way comparison?
The dynamic compare picker handles up to four banks. Add this pair plus one or two more and we'll resolve every row.