The Central Bank of Nigeria has fully authorized and regulated Kuda, an amazing digital bank and smartphone application. Although the Lagos-based business is still in its infancy, over 1.4 million customers have given it their trust.
The app offers excellent services that aid account holders in budgeting, saving money, and earning interest on their savings, and it also has a very reasonable pricing structure. For example, when a Nigerian opens an account with Kuda bank, they are entitled to 25 free transfers each month, free ATM withdrawals at specific ATMs, and no monthly maintenance fees.
We recommend Kuda Bank without reservation to Nigerians who want to take control of their financial health, along with consumers who consistently rate Kuda’s products and services favorably.
History of Kuda bank
Kudi money, an online platform that provided short-term loans to people and businesses, was the precursor to Kuda Bank.
After receiving its banking license from The Central Bank of Nigeria in 2019, Kudimoney changed its name to Kuda and raised $1.6 million for pre-seed funding.
Kuda Bank transitioned from its lending business to a banking model akin to regular banks as part of its rebranding.
Since users did not need to physically visit a place to register a Kuda account or handle their banking problems, Kuda’s popularity increased during the 2020 Covid-19 lockdown.
Kuda raised $55 million and reached one million app downloads in 2021.
Who owns Kuda Bank?
Founder and CEO of Kuda Bank is Babs Ogundeyi. He completed his studies at Brunel University in London and has spent most of his career working in the financial sector. His research focuses on Nigeria’s public and private sectors.
He formerly worked for PricewaterhouseCoopers, advising banks and serving as senior special adviser to the Nigerian federal government on financial matters.
Mr. Ogundeyi contributed to the development of Motor Trader Nigeria, a respected Nigerian media company that later bought the first classified automobile magazine.
Types of accounts offered by Kuda bank
People can use Kuda Bank’s products and services to save, borrow, and track spending.
Personal and corporate accounts are the two main categories into which its services are separated.
Only Nigerians can use Kuda’s services, but the company soon wants to offer its services in Ghana, Uganda, and the UK, among other nations.
Kuda personal account
A kuda personal account is appropriate for people. You may budget, save, spend, and borrow money all at once using a Kuda personal account.
A complimentary Visa debit card that may be used online and offline is also provided. Individuals with Kuda personal accounts can:
- Earn interest on your fixed savings of 15% per year and your flexible savings of 10% per year.
- Every month, receive 25 free transfers to other Nigerian banks.
- Obtain uncollateralized funds at 0.3% interest each day.
- Keep tabs on their expenditures and costs
- Eliminate card, SMS, and maintenance fees.
- Anytime they like, customers can download their account statement.
Kuda business account
Business owners can easily and quickly sign up for a Kuda business account because no paperwork is required.
Kuda business accounts give proprietors of businesses the choice to:
- Plan and execute bulk payments to suppliers, staff, service providers, etc.
- Every month, receive 25 free transfers to other Nigerian bank accounts.
- Could you keep track of their business costs?
- Manage many bank accounts from a single location.
- Here you can find out more and start a Kuda business.
How to Open a Kuda Bank Account
You must be older than 16 and have the necessary documentation to create an account with Kuda Bank in Nigeria.
- Email address, a Nigerian phone number
- A smartphone with the Kuda app, and
- A BVN (Bank Verification Number).
How does the Kuda App work?
The Kuda Bank app gives users access to account monitoring without the fees that other traditional banks impose. This includes free money transfers to other Nigerian banks, no-cost debit cards, and consumer loan services.
Due to the hefty fees traditional banks require for services like issuing debit cards, transferring money between banks, and maintaining ATM cards, these offers are astounding to potential customers. However, it’s equally crucial to be aware that the app will use any savings to finance loans to borrowers at a particular interest rate.
Savings can also be used to invest in other businesses, with the bank receiving the interest.
This is not a concern because this is the same way traditional banks make money. The main distinction is that Kuda Bank charges significantly less than other traditional banks. In addition, since Kuda Bank doesn’t construct physical branches, the profits from these investments are enough to maintain the bank.
Kuda Bank App Download for iOs and Android users
Owners of Android and iOs devices can only use the app because it is primarily designed for smartphone users.
You may look it up and download it from the Google Play Store or the Apple App Store.
How to open a Kuda bank account
You can open an account at Kuda Bank without going to a physical location because it is a digital bank. To sign up for a Kuda account, you must:
- age of at least sixteen
- a working telephone number
- a legitimate email address
Download the Kuda bank app from the Play Store or App Store if you meet the prerequisites. All devices can use the app.
Adhere to the instructions on the screen after installing the application. Your age, email address, and phone number must all be entered.
There are three Kuda personal bank account levels: level 0, level 1, and level 3. New accounts are placed in tier 0 by default. However, you must upgrade your account to get Kuda’s features and perks.
You would have to provide identification to upgrade your Kuda account. You can submit a video of yourself with a government-issued ID, your home address, your BVN, and your address.
Bonus and codes for Kuda Referral
You must recommend a new customer who downloads and registers on the app to open an account to qualify for the referral bonus. For each person you successfully refer who opens a new account on the Bank app, you get awarded N200.
Without a doubt, the Kuda Bank app, the leading digital bank, is here to stay. Unlike other conventional banks, the bank costs little to no bank or card maintenance fee and is also user-friendly. Although Kuda Bank still needs to do a lot to convince customers of its reliability, the move is unquestionably positive. Moreover, it should serve as motivation for other financial institutions in Nigeria.