Kuda Bank: Everything you Need to Know

Kuda Bank previously called Kudi Money is a UK-based banking business and digitally operating in Nigeria since 2017. The Kuda microfinance bank was founded by Babs Ogundeyi and Musty Mustapha.

The Kuda microfinance bank is Nigeria’s first mobile-only license bank by the Central Bank of Nigeria (CBN). This is a new fresh mobile digital banking.

All across the internet, the ads have been displayed every day creating awareness on Kuda Bank. Do you want to begin banking with Kuda Bank, then continue reading.

Kuda Bank

The Kuda Bank is a full digital microfinance bank that is licensed by the Central Bank of Nigeria. The Kuda Bank registered office is at 151 Herbert Macaulay Road, Yaba, Lagos, Nigeria. There are also insured by the Nigerian Deposit Insurance Corporation (NDIC)

Kuda bank account opening is very easy. Kuda offers two account openings, the Basic and Full KYC account types. They help customers to track their spending, save more, and make the right money transfer.

With Kuda bank when you subscribe, you’ll get a free debit card, send money without charges, and even receive 15℅ interest every year when you save automatically. Kuda would help you get the best out of your money than the existing commercial banks.

Kuda digital banking is designed to relieve Nigerians from the usual banking stress they experience with regular banks.

Also, They offer additional services such as banking, savings, and granting of credit facilities. You can request a debit card for free, and get it delivered at the location of your choice.

Also, you can operate and manage your account via the Kuda app. You will be able to pay bills, make instant transfers, manage your Kuda card and save as you spend.

They invest money using collective deposits with the backing of the government. Another avenue they make money is from the commission on airtime purchases and service fees, sellers pay when you shop with your Kuda Card.

Kuda Bank Benefits

There are benefits to enjoy when you subscribe and create an online account with Kuda bank. There are as follows;

Free transfer of funds to another bank each month up to 25 times
Get your Debit card delivered to you for free at your destination
Get a crystal clear visual analysis of your finances
Make withdrawals without charges
When you save money you get 15% interest each year
Create a smart budget to allow you control of your spending.
Block card if it goes missing with ease
A token of #50 for card maintenance

Requirements For Kuda Bank Account Opening

These are a few conditions you must have to be eligible for a Kuda bank account opening:

You must be a minimum of 18 years old
Be a legal citizen of the Federal Republic of Nigerian
Own a smartphone either iOS or Android devices that support the current version of the KUDA app.
Have an active phone number and email address
BVN
Valid ID(National ID Card, Voters Card, Drivers License, and National Passport)
These are a few criteria for the opening of a Kuda bank account.

Types of Kuda Bank Account

As I had mentioned above, Kuda bank offers two types of account opening

The Basic account
The Full KYC account

The Full KYC account allows no limit on maximum single deposits and account balance. Also, you will have an unlimited daily transaction with up to #1,000,000 single transaction limit. While there is a limitation on the basic account.

The two account types do not require paperwork. The two accounts are open online. Kuda secures all accounts with the same high-security encryption used by regular banks, hence your transactions are highly secure.

Types of Kuda Bank Savings

There are three types of Saving with Kuda and their features are as follows;

Kuda Spend + Save

Spend+Save is exclusive saving that allow you save money automatically every time you spend from your Kuda account. You can withdraw from your Spend+Save savings anytime.

Flexible Savings

Flexible savings is an amazing feature on the KUDA app that allows you to save daily, weekly or monthly toward a goal and get up to 10% annual interest. With Flexible savings, you can meet your money goals every time.

Fixed Savings

Fixed Savings is a feature that helps you to stash your money and watch it grow. With Fixed savings, you can save 5,000 naira or more at once and get up to 15% annual interest.

At the end of the term of your chosen KUDA Savings plan, the accumulated interest will be transferred to your Kuda Bank account. From your account, you can make withdrawals before the expiration of the tenor. There is no charge for recurring savings, but for one-time lump sum savings, there will be a charge.

Kuda Debit Card

The Kuda MasterCard is issued by Zenith Bank, under a license from MasterCard Incorporated. To apply for your Kuda debit card use this guide here

Sign in to Kuda at https://kuda.com/
Scroll down to the bottom of the screen page
Tap Cards at the bottom of your dashboard.
Click on Request A Card.
Click on Get A Physical Card.
Enter your delivery address.
Confirm your phone number.
Type in the name you want us to print on your card.
Confirm your delivery details.

Kuda Bank App

The Kuda Bank App is designed for easy handy banking at users’ convenience. Kuda app helps you to manage your money by using the mobile app on smartphones, android, and iOS devices.

Download the app, open an account using your phone a make a request for a free debit card.

Keep up with your finances without losing sleep. No card maintenance fees, free transfers, and automatic savings — Kuda gives you everything you need to stay on top of your money. Download the app today.

How To Download the Kuda Bank App

Use these days to download the app, Kuda In Two Easy Steps:

Using a browser from your phone get to Google Play Store for all android users to download
All users with iOS devices get to App Store to download and install the Kuda Mobile App

Spend smarter, save better, and get the most out of your money with Kuda.

Kuda Bank Fees

Kuda bank fees are not cumbersome offer 25 free transfers every month if you sign up with your Bank Verification Number (BVN). If you sign up without your BVN, you will get 2 free transfers every month. Extra transfers will cost you 10 naira each.

Everything else is free – using your account, using your Kuda Card, and withdrawing cash from KUDA’s partner ATMs.

How to Sign up for Kuda Bank

First, you need to visit the kuda bank website or click this link to start registration which takes you to download the kuda bank app
Select the option to sign up widget
You will be taken to a new page
Next, enter your email address, password, re-enter password, and referral code (If someone referred you to the app. Enter their referral code)
Next, enter your last name and first name
On the next page enter your date of birth and gender.
On the next page type in your phone number.
After that, an OTP will be sent to the phone number you just entered for the verification of your phone number
Enter your street address, city, and state.
Finally, you will take a selfie on the last page, to set your profile photo and your sign up process is completed.

Kuda Bank App Login

To log in to your Kuda account online use this guide

Get to https://app.kuda.com/login
Enter your email address
And email Password
Click on the “Continue” purple button

These are the steps for Kuda’s account login. However, if you forget your login details tap on the reset of password button below the login section.

After reading through this content, you will love to experience the Kuda Bank services to enjoy all that digital banking offers. The platform is legit and secure you can begin your account opening today.

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