Kuda Bank is a Nigerian free digital-only bank that was founded in 2017, is a London-based startup operating with a microfinance license and mobile banking services, it was formerly called Kudi money and was renamed Kuda Bank in 2019. Kuda bank was founded by Babs Ogundeyi and Musty Mustapha.
When compared to other banks in Nigeria, Kuda Bank is known for not charging bank fees and has received significant support from the 2020 End SARS protesters as a result of their contributions to the protests.
Kuda bank Nigeria awarded its millionth customer with 1million Naira. The bank was listed as one of the seven WEF African technology startups of 2021. The bank is Nigeria’s first mobile-only bank licensed by the Central Bank of Nigeria, CBN.
I suggested knowing what Kuda bank is all about because not many people today know about the Kuda bank when compared to other banks in Nigeria. As such, knowing what Kuda bank is and as well the process involve in kuda bank account opening is an added knowledge.
What is Kuda Bank?
As they say, we’re the bank of the free. The Kuda bank is an online banking platform that helps in the reduction of transaction charges if compare to other banks in Nigeria.
Kuda bank was formerly known as Kudi money until June 2019, when it rebranded and received CBN approval. The platform offers comprehensive banking services for smartphone users and is also not limited to the non-smartphone user with the help of Kuda bank USSD code.
The Kuda bank app makes it simple to purchase airtime from any GSM network, send or receive money, and pay all of your bills without incurring additional fees!
Kuda is a full service digital only bank with a banking license from the Central Bank of Nigeria (CBN). Kuda is designed for your smartphone, free of unreasonable charges, and great at helping you budget, spend smartly and save more.
Here are brief details about Kuda bank you should know.
- Kuda bank official website: https://www.kuda.com.
- Industry: banking.
- Company size: 51-200 employees (Includes members with current employer listed as Kuda, including part-time roles).
- Headquarters: London, England.
- Kuda head office address Nigeria: 151 Herbert Macaulay Way, Yaba, Lagos.
- Year Founded: 2019.
- Specialties: Digital Bank and Free Banking.
Kuda is conscience in building Africa’s best bank with free transfers, free cards, and more. You can get the app on Google Play or the App Store now. Contact Kuda Support on [email protected] or [email protected] or call: 01 633 5832 for assistance.
How Kuda bank Works
Kuda Bank completely comprised an online bank. And you can be up and running in a matter of minutes. It operates digitally, with the help of smartphones, and there is no paper issuing.
Therefore, every Nigerian with a smartphone and internet access can open a current or savings account and save money directly. What’s even more exciting about the platform is the ease with which it allows you to the bank without fear of being charged extra fees.
Kuba Bank customers will be able to deposit cash into over ten thousand branches in Nigeria without incurring any fees. They also have the option of making free transfers to other banks twice a month. Following the two free transfers, any subsequent transfers to other banks will incur a N10 transfer fee.
Kuda Bank’s customer service is extremely responsive and dependable. They recently launched a fund-raising campaign for COVID-19. It is organized in collaboration with the Lagos Food Bank.
It also has an initial donation of N1,500,000 and is open to the general public to help meet the needs of those affected by the pandemic. All donations are delivered to the Lagos Food Bank. They are also used to provide food and other necessities to those in need.
The Kuda app is very efficient, with a great deal of attention to detail. The Central Bank of Nigeria has registered and licensed them.
You can also get the app from Google Play or the App Store. You will be limited to a balance of N300,000 and a maximum deposit of N50,000 after registering or opening an account on Kuda until you upgrade your account by providing a government-issued ID card.
Any valid card, such as a driver’s license, a voter’s card, or an international passport, is accepted. The limits on your account will be removed after confirmation by Kuda Bank.
You can also request a Kuda card right away, which will be delivered to you anywhere in Nigeria. The card can be used anywhere that verve cards are accepted.
Benefits of Using Kuda Bank
The following are benefits you get when you create an account with Kuda:
- The Kuda debit card will be delivered to your location at no cost.
- Will help you create smart budgets so as to take control of your spending.
- Pay bills like DSTV, GoTV, Startimes, swift, smile, spectranet, etc.
- Kuda helps you get a crystal-clear visual analysis of your money.
- Withdraw cash for payments free of charge at over 3,000 ATMs
- Get 25 free transfer to other banks every month when sign up with BVN.
- Save automatically to receive 15% interest every year.
- Easily block your Kuda card when it goes missing.
- Kuda does not charge card maintenance fee like other banks in Nigeria.
- Get monthly and annual account statement via your email address.
- Cardless withdrawals are also available on Kuda.
- You will be able to make deposits for free or at the rate of 10 Naira per transfer.
- You can make money with Kuda by referring customers through your link.
- Buy airtime using the Kuda Bank App at no service charge.
- You will be able to check your Kuda accounts without incurring any monthly fee.
What Am I to know about Kuda bank?
What to know about Kuda bank includes:
Requirements to open a Kuda bank account
Requirements you need to have handy before opening a Kuda account are:
- Full name.
- Age bracket is 18+
- Must be Nigeria citizen.
- Phone number
- Email address
- Smartphone (iOS or Android) that supports the latest version of the KUDA app.
- Valid ID (National ID Card, Voters Card, Drivers Licence, and National Passport).
How To Download Kuda Bank App
Android users who want to install Kuda Bank App should go to Google Play Store. Search “Kuda Bank” and click on install to begin the installation process while iPhone and iPad users are also not left behind, they will be able to install the kuda bank app on their device by visiting the App Store.
Kuda Bank account Opening
In opening a Kuda bank account, KUDA has two sorts of account opening options: Primary and Full KYC. The Primary account on Kuda requires Identify, Cellphone quantity, and BVN while the Full KYC account on Kuda requires Identify, Cellphone quantity, BVN, and Valid ID (like Nationwide ID Card, Voters Card, Drivers Licence, and Nationwide Passport).
What is the different between Primary account and Full KYC account on Kuda bank?
The benefit of a Full KYC account over a Basic (primary) account on Kada bank is that you will not be limited by most single deposits or account stability. Furthermore, you will have a daily transaction limit of N1,000,000 per transaction.
For each account, no documentation is required. The entire opening sequence is computerized. As a result, it only takes a few minutes to begin reaping the benefits of KUDA.
Kuda savings account
These are the saving account options Kuda offers:
Kuda spend + save
Spend+Save is a unique feature that automatically saves money from your Kuda account whenever you make a purchase order. You can withdraw money from your Spend+Save account at any time.
Versatile Financial savings
Versatile financial savings on the KUDA app is a fantastic feature that allows you to save every day, weekly, or monthly towards a goal and earn up to 10% annual interest. With versatile financial savings, you can always meet your monetary objectives.
Mounted Financial savings
Mounted Financial savings is a feature that allows you to keep your money in a safe place and watch it grow. It can save you N5,000 or more and earn you up to 15% annual interest with fixed financial savings.
When the term of your chosen KUDA Financial savings plan expires, the accrued funds will be transferred to your Kuda Checking account. You may withdraw your funds before the tenor expires. There is no cost for recurring financial savings; however, there will be a cost for one-time lump sum financial savings.
How to open Kuda bank account
How to sign up or register on Kuda Bank is an easy process. This can be done after downloading and installing the Kuda app. Therefore, to sign up or register your kuda account, simply launch the Kuda Bank App and follow the steps:
- Click “Join Kuda”.
- Select “Gender”
- Enter your correct date of birth
- Enter your BVN. If you have not yet registered for BVN, click No BVN.
- Enter Referral Code. If you have any enter it (optional).
- Click “Continue” and you will need to take a selfie to continue your Kuda account registration.
- Enter your home address.
- Enter your phone number and email address.
- A One-Time password (OTP) will be sent to your phone (enter it in the required field).
- Create a password.
- Then, you will be prompted to enter your username and password.
- Create your Kuda Bank PIN.
- On the interface, you will see your Kuda Account Number after a successful registration.
How To Fund Kuda Bank
To add money into your Kuda account, you will be required to add a debit card. The alternative way to fund your Kuda bank account is to send money through internet banking or from any other bank’s application into your Kuda account.
How to apply for Kuda Bank Debit Card?
Kuda will send you a free debit card and will never charge you a card maintenance fee. Zenith Bank issues the Kuda MasterCard under a license from MasterCard Incorporated. To obtain a Kuda Card, please follow these steps:
- Login your Kuda account.
- On the backside of your Kuda account dashboard, tap Playing cards.
- Then, request a Card by tapping the button.
- Again, tap get yourself a bodily card.
- Fill in your delivery details.
- Please double-check your phone number.
- Fill within the title you need to look in your Kuda debit card.
- Confirm your delivery data.
How To Add Debit Card on Kuda Bank Account
- To be able to add a debit card for the first time into your Kuda account, simply execute a banking transaction. For airtime, simply navigate to “Buy Airtime”.
- Enter the phone number and the amount.
- Select Network; MTN, Airtel, 9mobile and Glo are supported.
- Provide any of your other bank card details like 16 digits card number, CVV and expiry date.
- Follow prompts and the card will be automatically added on your Kuda account.
KUDA bank gives 25 free transfers every month if you sign up with your Bank Verification Number (BVN) and if you sign up without your BVN, you will get 2 free transfers every month then extra transfers will cost you 10 naira each.
All other things is free including using your Kuda account, using your Kuda Card, and withdrawing cash from KUDA’s partner ATMs.
How To Earn Money On Kuda Bank
After you’ve successfully created a Kuda account and get the app download on your smartphone, you will need to launch the app and log in using your details (username and password).
Note that you’ll need to credit your Kuda bank account with at least N100 to be able to make money using the app. After these, you will need to refer your friends and family so that you will be paid for the referrals.
Here is how to make money with Kuda bank.
Now that you have a Kuda account, you will love to make some cash right? To get started, follow the steps:
- Log in to your Kuda account.
- Navigate to the bottom right and click “More”.
- Click on the reference and earn.
- To start earning on Kuda bank, you will need to copy your link and ensure to get your friends and family to download the Kuda app through your link.
If you want to know what people search about Kuda bank, here you’ll find them all.
Questions people ask about Kuda Bank
People also ask the following questions about Kuda bank
Who is the owner of Kuda Bank?
In 2018, Babs Ogundeyi is the CEO and Co-Founder and Musty Mustapha is the CTO and co-founded of Kuda Bank with the goal of making banking more accessible and affordable been Nigeria’s first digital-only bank.
Is Kuda bank registered with CBN?
Kuda is a full service digital microfinance bank that is duly licensed by the Central Bank of Nigeria (CBN). The Kuda registered office is at 151 Herbert Macaulay Road, Yaba, Lagos, Nigeria.
When was Kuda bank founded?
Kudi Money was found 2016 and was charged to Kuda bank 2019.
Is Kuda app safe?
Yes, Kuda app is safe. Kuda Bank is a trustworthy digital microfinance institution that is registered with the Central Bank of Nigeria. Kuda Bank is therefore, an app-only bank. Banking services can be provided without the need for a physical location.
What does T3 means in Kuda?
Tier 3 (T3) is an account that has both a confirmed BVN and a valid ID attached to it is on Tier 3.
Which country is Kuda bank from?
Kuda bank is from Nigeria. In fact, is the Nigeria’s first mobile-only bank was licensed by the Central Bank of Nigeria, CBN. Founded in 2016 by two young Nigerians, Babs Ogundeyi and Musty Mustapha, the bank has emerged as one of the leading fintech companies in the country.
Is Kuda Bank related to Zenith Bank?
Kuda does have partnerships with serving banks, specifically Zenith Bank, Guaranteed Trust, and Access Bank, just for people to come in for physical deposits and withdrawals when needed.
What is Kuda account?
With Kuda, you can open an account within few minutes, track your spending, save more, and make the right money moves. The idea of Kuda is to ease Nigerians from the frustrations they experience with the regular banks in Nigeria regardless of who they are and where they live in Nigeria.
Can I delete my Kuda account?
If you choose to delete your Kuda account, Kuda bank will delete any data you have previously given them, including the video of your face uploaded during the liveness check.
Why is Kuda not accepting my BVN?
The reason why Kuda asks for your BVN, when you give them your BVN, they’ll run a check on the general BVN registry to make sure the number you typed in is correct and yours.
Kuda will not use your BVN to move money from any of your other bank accounts and they won’t share it with anyone.
How long does Kuda take to verify BVN?
When the details on the BVN don’t match the details on the Kuda account, they’ll have to review it manually before they add the BVN in the account. This shouldn’t take longer than a week, but if it has, please send Kuda customer care a DM with the email on the account.
What is Kuda bank limit?
There’s a 1,000,000 naira limit on a single transfer from your Kuda account and you can spend a maximum of 500,000 naira at once through a POS terminal.
Does Kuda Bank give loans?
Yes, an instant short-term loan when you need it. no paperwork, no embarrassment, just 0.3% daily interest. Kuda Overdrafts are short-term loans you can take anytime as long as you use your Kuda account regularly.
Can I buy crypto with Kuda card?
Binance, the popular cryptocurrency exchange, recently added Kuda as a payment option for peer-to-peer (P2P) trading on its platform. This means that anyone buying or selling cryptocurrency through P2P trading on Binance can choose to pay or receive payments with a Kuda account.
Does Kuda sell bitcoin?
The addition of Kuda Bank on Binance opens up crypto use cases in Nigeria using this new on and off-ramp feature. Crypto users can now indirectly use their crypto across a variety of outlets without actually cashing out, thanks to the Web Payment feature on Kuda.
How do I deposit money into my Kuda account?
To deposit money into your Kuda account, open the Kuda app, tap Add Money on your dashboard then tap Add By Card and follow the prompts on your screen.
Can Kuda bank receive money from abroad?
Recently, Kuda concluded arrangements to be listed on Payoneer, which means you can now receive money from abroad into your Kuda account through the Payoneer app.
Is Kuda same as Kudi?
Yes, Kuda Bank formerly called Kudi money.
Can I receive dollars in my Kuda bank account?
Can I receive foreign currencies in my Kuda Bank account through Payoneer? No, you can’t. Your payments will be converted to naira at Payoneer’s exchange rate and deposited in our Kuda Bank account.
Does Kuda have a dollar account?
NO, it only features a 16-digit card number, cardholder’s name, 3-digit CVV number, and expiration date. But they only give you a virtual Dollar card for your online international payments and transactions.
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