Kuda Bank: The Digital Bank for Everyone
Kuda bank is one of the fastest growing financial institutions and services in Nigeria. The operations, features, and products of the bank makes it a unique one which stands out from the rest of the pile. Each of the features offered by Kuda bank makes it the ideal option for customers in the technology world we find ourselves today.
Kuda bank is a financial institution which have brought significant changes to how the banking industry operates in Nigeria. Through its up to date policies, the Bank is able to make technology the focal point of its operations, while delivering high end financial services to its customers. You should note that the use of technology makes providing financial services easier, faster, and efficient for both the institution and its customers. Hence, the reason why it has become a household name among Financial institutions in Nigeria.
Through this article, we will provide a complete overview of Kuda Bank, its operations, what makes it so different, and how they have come to the forefront of the banking system and industry in Nigeria.
Who Owns Kuda Bank?
As an exceptional digital bank which has been making the rounds in the Nigerian banking sector, Questions concerning the management and leadership of the bank is not rare to come across. Questions like who own Kuda bank or who is the CEO of Kuda bank is almost in any discussion concerning the groundbreaking bank which is changing the scope of banking in Nigeria.
The CEO of Kuda Bank is Babs Ogundeyi. He also has a role as the co-founder of the Kuda bank, Nigeria’s first full-service digital-only bank licensed by the Central Bank with a mission to make banking more accessible and affordable.
Serving as a financial adviser to the government of Oyo state, Babs obviously an expert when it comes to the financial services sector, having previously spent years auditing and advising some of Africa’s biggest banks. As a result, the rapid rise of his company to the top of the Nigerian banking industry does not come as a surprise to many.
Modus Operandi of Kuda Bank
Like many other financial institutions in Nigeria, Kuda bank is similar to your regular bank that offers financial services to its customers. The difference, however, is the availability of digital banking services which most other traditional banking institutions does not offer.
Being a digital bank, all the financial services provided by the institution are simplified, faster, and more efficient. Most Nigerians are familiar with the hustle and bustle associated with using financial services provided by Nigerian banks such as long and frustrating queues, slow transactions, stress, loss of time, and so on.
With Kuda bank, customers can enjoy financial services in absolute comfort, wherever they are. As a digital bank, customers can enjoy services anywhere and anytime they so wish. All customers need to do is to create an account on the Kuda app. To achieve this, customers are required to download the Kuda bank app on their smartphone which could be android or an Apple device. Google play store and Apple app store are applications that provide access to download the Kuda bank app respectively.
After successful download of the Kuda bank app, users can proceed to sign up on the platform with correct details and personal information. After successful registration, a personal account number will be generated accordingly.
Upon successful registration and account creation, users will have their new account managed by Kuda. Services which Kuda users enjoy includes banking, savings, and loans. One of the standout features of Kuda Bank which makes it much more attractive despite its already impressive features is the fact that most financial services are free. This means you can request a debit card, perform transactions, receive money; all at no cost. This is why it’s referred to as the bank of the free!
For those who might have questions concerning how the bank generate revenues to operate since most of its services are free, Kuda generates revenues through collective deposits by investing it. These investments are supported by the Government of Nigeria. Other sources of revenue for the institution includes service fees, loans, and so on.
Advantages of Using Kuda Bank
As already established earlier in this article, there are numerous advantages associated with using Kuda bank for your banking needs over traditional banks. These advantages provide Kuda bank with a competitive edge over other financial institutions. They include:
- Zero cost in the application and delivery of debit card
- Features that help control spending
- Instant monitoring of finances
- Free fund withdrawal on more that 3000 ATM nationwide
- Free monthly transfers (up to 25)
- 15% interest on savings annually
- Top security for cards and accounts.
- Zero ATM maintenance fee.
How Safe is Kuda Bank?
Kuda bank is one of the safest banks you can trust with your funds. Funds and services of Kuda bank are secured by world class digital encryption software which secures transactions from being hijacked and protects against data theft. Kuda Microfinance Bank is a leading full-service digital Microfinance bank, registered in Nigeria with the Corporate Affairs Commission (RC 796975) and duly licensed by the Central Bank of Nigeria (CBN). Your deposits in Kuda bank are insured by the Nigeria Deposit Insurance Corporation (NDIC).
As part of its policies, Kuda bank prioritizes the safety and security of funds, data, and transactions which customers execute on the platform. As a digital bank, security is one of the biggest concerns of most customers, which is why it is one of the pillars through which the bank operates. Customer reviews on the platform displays how well trusted the bank is among its user base.
Is Kuda Bank Registered with CBN?
For many customers who feel the services offered by Kuda bank is too good to be true, especially in a country like Nigeria, questions of their registration with the Central Bank of Nigeria usually come up. Let us state categorically that Kuda Bank is registered and operates with a license from the Central Bank of Nigeria.
Requirements to open a Kuda bank account
Like many other traditional financial institutions, there are requirements which potential customers need to meet in order to be able to set up an account with Kuda. These requirements are listed below:
- 18 years old and above
- A Nigerian citizen
- A smartphone(iOS/Android) that supports the latest version of the KUDA app.
- A functional phone number
- A functional Email address
- Have not yet opened an account with KUDA
There are 2 types of accounts available for opening to customers. They are the Basic account and the Full KYC account.
To open a basic account on Kuda, details customers need to provide includes:
- Phone number
To set up a full KYC account with Kuda, details required includes:
- Phone number
- Valid ID (National ID Card, Voters Card, Drivers Licence, and National Passport)
The major difference between both account types is the fact that basic account has limitations on single deposits and withdrawals. Usually, daily deposits or withdrawal for Basic account is N100, 000. For the full KYC account type, there is no limitations on daily deposits or withdrawals. Also, you will have an unlimited daily transaction with up to #1,000,000 single transaction limit.
Features of Kuda Bank App
- Kuda spend + save
Spend+Save is an exclusive feature that saves money for you 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 tenor of your chosen KUDA Savings plan, the accumulated funds will be transferred to your Kuda Bank account. You can make withdrawals before the expiration of the tenor. This can be done at no charge for recurring savings, but for one-time lump sum savings, there will be a charge.
How to Get the Kuda Bank Card
As stated earlier, Kuda bank offers its ATM card to customers at no cost. Also, users are not charged for the maintenance of their cards at any time. For users who apply for a Kuda debit card, it will be successfully delivered to customer’s provided location during the application process.
To get the free Kuda bank card, customers need to:
- Sign in to Kuda
- Tap Cards at the bottom of your dashboard.
- Tap Request A Card.
- Tap Get A Physical Card.
- Fill in your delivery address.
- Confirm your phone number.
- Type in the name you want us to print on your card.
- Confirm your delivery details.
How to Register on Kuda App
These simple steps will guide you on how to successfully set up a Kuda account today:
- Download Kuda on Google Play or the App Store for Android and Apple device users respectively
- Open the app and follow the prompts on your screen to open an account.
- Provide correct personal information required such as Full name, date of birth, Sex, and so on.
- Input a referral code if any.
- Once registration is complete, users can instantly make transactions with their new account.
Receive International Payments KUDA
One of the biggest features that make Kuda bank such a credible and reliable banking platform is the ability to make and receive international payments in foreign currency. This is possible due to the partnership of Kuda with Payoneer. Payoneer is a global platform for receiving payments from companies and over 2,000 marketplaces, networks, and business platforms in the US, the UK, the EU (European Union), and Japan. Payoneer makes it convenient for customers, especially Nigerian freelancers to get paid from abroad with relative ease.
In order to receive international funds, customers are only required to set up an account on Payoneer and link it with their existing Kuda bank account. Once both accounts are successfully linked, users can receive payments from companies and clients anywhere across the world.
Integrate your business with Kuda API
This is an great feature for entrepreneurs on the Kuda platform. Entrepreneurs who own and operate an e-commerce can easily integrate their platform on the Kuda Developer Dashboard. As a result, you can easily process payments, transactions, and orders for your business.
Aside from payment processing, Kuda API helps businesses track transactions, create transactional wallets for customer’s accounts and so much more.
Kuda bank offers customers an instant short-term loan when you need it. Having understand the unpredictable nature of life and events that may need funding where non is available, Kuda bank allow its customers access to loans through a program known as the Kuda Overdraft.
Through this program, customers can acquire quick loans which will be processed and secured within 24 hours of successful application. Customers should know that this loan is acquired at a daily interest fee of 0.3% until the loan is fully repaid or settled.
Requirements to acquire this loan are listed below:
- You must have an account with Kuda bank
- Upgrade your account with BVN (Bank Verification Number) and a valid ID.
- You must use your Kuda Account regularly (You can pay bills, make transfers, savings, and so on)
- You will be offered an Overdraft.
For further information and enquiries on any Kuda services, products and so on; do well to reach out to their customer care service through the Kuda bank contact number 09032200350.
You can as well reach out to the bank through the Kuda bank email at firstname.lastname@example.org.