Kuda Bank Review

What Is the Kuda Bank App An Explanation of the Banking Concept

Kuda Bank Review

Kuda Bank Review: The Kuda Bank app is currently one of Nigeria’s most reputable and revolutionary banking apps. Because it is solely an online bank, it stands out from the competition and appeals to the large majority of Nigeria’s young population.

Customers looking for an alternative to Nigeria’s standard banking system may want to consider the Kuda bank, which offers a number of intriguing features that make it an enticing option. It is without a doubt one of Nigeria’s top ten fintech startups.

In order to resolve any issues that may arise with the Kuda Bank app, you will not have to visit any actual banks.

In part, this is due to the anxiety that many people have when they visit the bank, where huge lines waste time and impede people from completing the tasks for which they came to the bank. This results in people becoming more and more stressed out on a regular basis.

Review of Kuda Bank

Kuda Bank is a reliable alternative to traditional banking, and we’ll go over all of its features in this Kuda Bank app review..

What Is the Kuda Bank App? – An Explanation of the Banking Concept

In many ways, the Kuda bank is much like any other, except that it doesn’t have any physical locations.

All of the company’s banking and financial services are supplied online, and the company has a banking license from the Central Bank of Nigeria.

To open an account with the bank, prospective customers will need to have a smartphone, which the bank was designed for alone.

If you have an Android or iOS smartphone, Kuda’s mobile banking app is available for free download.

There is no learning curve and you may use the app wherever you want, whether that’s at home, school or church or a market or event.

The Kuda Bank app is available to almost anyone with a smartphone thanks to its simple user experience. As a result, navigating and working with the app is a breeze. Transactions may be done more rapidly because to its fast loading design.

Due to the potential of digital and other types of technology, Kuda Bank offers full-service banking without any costs.

Apps like this one can help you keep track of your spending and save more money because they’re designed for mobile use. The ultimate goal is to build the world’s most successful financial organization for persons of African heritage.

What Is Kuda Bank’s Ownership Structure?

Babs Ogundeyi is the Kuda Bank’s CEO.

He graduated from Brunel University in London with a master’s degree in finance, and he has worked in both the private and public sectors in Nigeria for the most of his career. Brunel University in London was where he received his undergraduate degree.

Originally, Babs was a contributor to the first classified vehicle magazine in Nigeria, which was later purchased by a Nigerian media business and rebranded as Motor Trader Nigeria. Babs had a hand in the founding of the magazine.

How does Kuda App function?

In spite of the fact that Kuda is not one of Nigeria’s top 10 oldest banks, it is a digital bank that performs all of the functions of a traditional bank through its app.

As a Microfinance bank, they have even been granted a license. Customers of this digital bank can check their accounts free of charge, just like those of traditional banks, get a free debit card, and send money to any other bank in Nigeria for no fee. Customers who qualify can also apply for a loan from this bank.

Traditional banks charge a lot of money for services like money transfers to other banks, ATM card maintenance, debit card issuance, and so on, making these deals appealing to new consumers.

Dashboard for your accounts in the Kuda app

If you use the Kuda bank app, your savings are not just sitting in your account, they are being loaned out to borrowers with interest attached.

If your bank decides to invest your savings in other firms, the bank will get the profits.

No need to be alarmed; this is the same process other traditional banks use to make money. Aside from the fact that typical banks charge more, Kuda bank charges much less or even nothing at all for its services.

All of the bank’s free transfer, debit card, and other services are paid for by the bank’s investment returns.

Inquiring minds want to know how a bank makes money. This is simple since Kudi Bank doesn’t need to create physical branches because the yield from its investments is sufficient to sustain the bank.

Apps for Android and iOS are available for download from Kuda Bank.

Those without an iPhone or Android phone can’t utilize the Kuda bank app because it’s designed exclusively for mobile devices.

Downloading the software for Apple or Android devices is as simple as going to the appropriate store’s website.

To find the Kudi Bank app, simply launch the app store of your phone and do a search. Once you find, download, and install the software, the rest is simple.

How do I apply for a loan from Kuda Bank?

The Kuda Bank app has an overdraft feature, although it can only be used by certain individuals. If this is not the case, please contact Kuda’s chat support.

Become a Kuda Bank Member

As long as directions and enter the necessary information, creating an account with Kuda Bank is a breeze.

  • Launching the Kuda bank app is the first step after successfully downloading it from one of the app stores detailed previously in this article.
  • When you first open the app, you have the option of signing up or logging in, depending on whether you’re a new or returning user.
  • Click on the Sign Up option if you are a new user. You’ll see the first of six pages when it’s finished.
  • Your email address, password, Re-enter password, and referral code must all be entered correctly here. Using a referral code is a way for you to join a platform if someone you know has already done so.

The advantages of using this referral code will be explained later in this post.

  • Your first and last name must be entered on the second page.
  • The next page asks for your birth date and gender. You must enter your phone number on the third page.
  • Using the OTP supplied to the provided phone number, you must confirm the accuracy of the phone number you entered. You’ll then be asked for your street address, as well as the name of your city and state.
  • Just take a selfie on the final page, and you’re a Kuda Bank customer for life. That’s all there is to it.

A Kuda Account

After signing up, the next logical step is to open a profile. You’ll be given a unique account number to use when making purchases.

The Kuda Bank app offers three different kinds of accounts to its customers. Each of these accounts has its own set of characteristics that set it apart from the rest.

Delivery of Kuda Cards

Lite, Basic, and Premium are the three tiers of service offered by the platform.

The Lite account only requires your name and phone number for registration, whereas the Basic account also requires your name, phone number, and BVN for registration.

Kuda Bank Review, There are four requirements for a premium account: a name, phone number, birth certificate (BVN), and valid ID.

A premium account allows for 250, 000transfers at a time, with a maximum daily transfer limit of 1 million naira; the POS limit is 500,000. Currently, you can set your daily transfer limit to any amount you want.

Refer a Friend to Kuda and Get N200 Free

Refer a new customer to Kuda Bank by downloading the app and signing up with your referral code to receive the referral incentive.

On the first page of registration, a new user is given the opportunity to enter a referral code. If you suggest a new customer to Kudi Bank and they create an account, you’ll get N200.

Final Words

The Kuda bank app, a digital bank, has been around for a long time now.

Technology improvements and the migration of company to the digital sphere have enabled this form of bank to operate and it appears to be quite adaptable for any size organization.

Although Kuda app still has a lot of work to do to persuade consumers that their money is safe, it is worth it and a step in the right way for Nigerian banks.

Especially when individuals learn that they may conduct any transaction for so little or for free, the great benefits provided to users are enough to entice anyone.

In this Kuda Bank Review article, you can find all information you need to know about the digital bank providing financial services to Nigerians. 

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