One of the factors driving and initiating change in the banking industry in Nigeria is comfort. People want to perform their financial transactions in the comfort of their homes and offices without stress. This is what Kuda bank has done. This article will focus its discussion on Kuda bank: how to open a kuda bank account online. Kuda
Kuda bank is a bank based in Nigeria. It is fondly called Kuda and was initially known as Kudimoney. Kuda was formed years back by a group of individuals who wanted to deviate from the traditional banking setting in Nigeria. It was founded by Babs Ogundeyi (CEO) and Mustapha Musty (CTO) co-founder to focus on digital banking services. It has offices in Lagos, Nigeria and London, United Kingdom. They created a Nigerian financial savings app called Kuda which has now developed into a microfinance bank licensed by the Central Bank of Nigeria.
Kuda started and raised a first-round funding startup of $1.6 million pre-seed round in 2019, and closed with a $10 million seed round in 2020. Kuda closed with $25 million in a series A fund in early 2021. In total, it has raised $91.6 million in venture capital funding.
When you subscribe to Kuda, you will automatically get a debit card free, and send and receive money for free and this is the reason why it is referred to as the bank of the free. Kuda will give you the best banking services unlike the existing commercial banks in Nigeria.
How Does Kuda Bank Account Work?
Kuda bank account is like every other traditional bank, The only difference it has from others is that it offers digital banking services. You need to first download Kuda App on your phone or computer as the case may be. Provide your accurate and precise information to enable you to Sign up for a new Kuda account. Your account will be generated by Kuda if your information is correct and accurate.
Kuda will create and manage your bank account once you have been identified as their customer. Kuda Bank also provides other banking services like granting credit facilities, saving your funds, provision of a debit card for free on request etc. It is the responsibility of Kuda bank to deliver your debit card to the location you have provided. Kuda App will help you to operate and manage your account, and your Kuda car, pay bills, make instant transfers and save as you spend,
With the backing of the Federal Government of Nigeria, Kuda bank can make money by using the collective deposits to invest in other things. They also make money from commission on airtime purchases, and service fees that sellers pay when you shop or do transactions with your Kuda card.
The Benefits Of Using Kuda Bank Account
Just like some benefits can be derived from opening a bank account with other commercial banks. There are also benefits you will get when you open a Kuda bank account online.
- Your Debit card will be delivered to your location without any extra charge attached.
- Kuda bank will help you create smart budgets that will enable you to take control of your spending.
- You will be given a clear visual analysis of your finance.
- With Kuda Bank, you can make withdrawals free of charge at over 3,000 ATMs.
- You are allowed to make up to 25 transfers free without any attached charge to other banks every month.
- Kuda bank gives a platform where you can save automatically to enable you to receive 15% interest yearly.
- It is easy to block your Kuda card when it is missing.
- Kuda bank does not charge card maintenance fees.
How Reliable And Safe Is Kuda Bank?
Kuda Microfinance Bank is the first full-service digital Microfinance bank. Kuda was registered in Nigeria with the Corporate Affairs Commission (RC 796975) and duly licensed by the Central Bank of Nigeria (CBN. Kuda bank is among the banks covered and regulated by the Nigeria Deposit Insurance Corporation (NDIC). Your funds deposited with Kuda bank are insured.
Kuda Microfinance bank is a product of Kuda Technologies Ltd. Kuda bank has its head office located at 151 Herbert Macaulay Way, Yaba, Lagos, Nigeria. Kuda is co-founded by Babs Ogundeyi and Musty Mustapha.
KUDA secures all accounts with the same high-security encryption used by regular banks.
Kuda is highly committed to respecting and protecting the personal information and data of its customers. Therefore, making Kuda bank a safe platform to use for your financial transactions. To back up these claims and facts, you can visit Kuda bank’s official website to see customers’ reviews and evaluations of the bank’s activities.
Requirements To Open A Kuda Account
None of the accounts of Kuda requires paperwork. The account openings are done online which makes it easy to achieve within a few minutes. Several conditions must be met before you will be qualified to open a Kuda bank account:
- The minimum age required age for opening a Kuda account is 18 years.
- You must be a citizen of Nigeria.
- You must have an Android or iOS phone with the latest version of the Kuda App.
- You must have an active phone number and email address.
- You must not have opened a Kuda bank account.
- You will need a referral code or you can use: EHREDWDA.
KUDA offers two account opening options. These are the Basic and Full KYC account types. The following is the information required to open the basic account:
- Phone Number
The following is the information required to open the Full KYC account:
- Phone number
- A Valid Identity Card (National Identity Card, National passport.
The Full KYC type of account in Kuda bank is different from the Basic account type because the former has no limitations on maximum single deposits and account balances. You will also enjoy an unlimited daily transaction of up to One million (#1,000,000) naira single transaction limit.
How To Open AKuda Bank Account
The following are steps to open a Kuda bank account.
- The first step is to download Kuda bank App on your Google play store or App store.
- After downloading the App, open that App and click on sign up. Then Kuda will request you key in the following details:
-Your Full name.
-Your Phone number for verification.
-Your email address.
-Your Password, An optional referral code.
-Your bank verification number (BVN)
-Your login pin. You will need this pin wherever you want to log in to the kuda bank account.
- Once you have provided the above information, Your account will be created and a Kuda account number will be assigned to you.
Offers You Can Get On Kuda Savings
Kuda Spend +Save
This is one of the features of the kuda bank account that enables you to save money automatically anytime you make transactions. You can withdraw from your spend+save anytime you want to do so.
This is one of the amazing features of the Kuda bank app that allows you to save daily, weekly or monthly towards a specific goal. And you will get up to 10% annually for using flexible savings. With this feature, you can meet your money goals every time.
It helps you to stash or fix your money and watch it grow. You can save up to five thousand (#5,000) or more and enjoy up to 15% annual interest.
At the end of your chosen KUDA savings plan, the funds accumulated from your savings will be transferred to your Kuda bank account. You can now make withdrawals from m your account before the tenor expires. There will be no charge for recurring savings but one-time lump savings will attract a charge.
Kuda will send a free debit card to your address at no cost and never charge you a card maintenance fee. The Kuda MasterCard is issued by Zenith Bank, under a license from MasterCard Incorporated. To request a Kuda Card:
- Sign in to Kuda
- Tap Cards at the bottom of your dashboard.
- Click on 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.
KUDA gives 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. Any extra transfers will cost you a fee of 10 nairas each, everything else is free.
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How To Sign Up Kuda App
Download Kuda on Google Play or the App Store.
Open the app and follow the prompts on your screen to open an account.
Add money to your account and start enjoying KUDA-free benefits.