Mobile Banking

Kuda Bank App (Kuda Bank Review 2022-All You Need To Know About Kuda Bank)

Kuda Bank is one of the fastest-rising digital banks in Nigeria over the years. A lot of Nigerians are now using the bank due to the quality of services being rendered by the bank.

Kuda Bank is one of the most successful prepaid banks in Nigeria that is making waves in the banking industry and this is not stopping there. The bank is keying into trends and creating amazing features to make the banking experience for their customers one in town.

The bank comes with amazing and exciting features that make it a better alternative compared to other traditional banks that have been existing in Nigeria. Without any doubt base on customer reviews, Kuda bank is currently the best-prepaid bank in Nigeria at the time of writing this article.

Kuda Bank App is a digital bank where you can perform all types of transactions online without having to visit any physical branch just like how we do with the traditional bank in case of any problem. When you encounter any problem while using the bank, their customer support has the required technology to handle your problem remotely until it is resolved.

Kuda Bank become pretty popular here in Nigeria because Nigerians no longer want to be stressed following cues in the bank and filling some paper form before they can be attended to. This is why they preferred the bank because they can actually do everything right from the comfort of their house.

In today’s article, we’re going to discuss everything you need to know about Kuda Bank, How to Open a Kuda Bank Account, The pros and cons of a Kuda Bank account, the Benefits of a Kuda Bank account, and many more.

Kuda Bank App

Kuda Bank Company Profile

Kuda Bank is a prepaid bank that was founded in 2017 by Babs Ogundeyi and Musty Mustapha. The bank was formerly known as Kudi Money until the name was later changed to Kuda Bank.

The Bank started its major operation in the united kingdom, London specifically until it was granted a license to operate in Nigeria as a Financial institution by the Nigeria apex bank (CBN).

Kuda bank which is known as the bank for the free gained more popularity and acceptance in Nigeria during the EndSars protest that took place in Nigeria. One of the protests almost brought the Nigerian government to its knees due to the massive unity among the youths of the country.

During that period, Kuda bank was massively used by the youths and this gave them the popularity they needed to break into the Nigerian market

In 2021, Kuda Bank was listed as one of the seven WEF African technology startups of the year. The bank is Nigeria‚Äôs first mobile-only bank licensed by the Central Bank of Nigeria (CBN). It is currently licensed for microfinance and mobile banking services. It was valued at over $500 million and raised over $55 million in Series B funding in August 2021 

Kuda Bank App

Kuda Bank is a prepaid digital bank that works like a traditional bank but has no physical branches for administrative purposes. The bank is a financial company that operates fully online and performs financial operations legally. The bank has been given a license of operation by the Nigerian apex bank (CBN) to perform and offer financial services.

Kuda bank is specifically designed for smartphone users be it android, windows, or iOS. For you to be able to bank with the company, you must have a smartphone and the Kudamobile app installed on it.

The Kuda Bank is ensuring that banking services are hassle-free and should be at the fingertips of everyone. As a customer or account holder banking with Kuda Bank, you can operate your bank account from any part of the world. You remain in charge of your bank whether you’re in school, home, place of work, market, or any place you can think of. All you need is a stable internet connection in other to leverage the full service and potential of the app. The app comes with amazing features like overdraft, smarts pending, proper budgeting features, and many more.

Who Owns Kuda Bank (The CEO Of Kuda Bank)

Kuda Bank was founded by two amazing minds in the person of Babs Ogundeyi (CEO) and Musty Mustapha (Co-founder).

Babs Ogundeyi the CEO of Kuda Bank started his tertiary institution at Brunel University, London where he spent all his career trying to build the gap in the financial industry of Nigeria. He was once an employee at the PricewaterhouseCoopers advising bank as well as a functioning senior special adviser on Finance to the federal government of Nigeria.

Babs helped in the making of the first classified car magazine in Nigeria called the Motor Trader Nigeria which was subsequently purchased by Financial Standard, A Nigerian newspaper firm. 

How To Download Kuda Bank App

The Kuda Bank is only accessible through smartphones with android, windows, and the iOS operating system. If you’re on a Pc, you can not access the features or login into your Kuda bank account.

To get the app, visit a Google Playstore if you’re an android user. For iOS users, you can download the app from Appstore too. 

How To Open a Kuda Bank Account

Creating a Kuda Bank account is free of charge and quite easy and straightforward as long as you submit your correct details. To get started with a Kuda bank account, you’ll need to download Kuda Bank App. Once you have successfully downloaded the Kuda bank App, go ahead and launch the app to begin your account creation process.

Below are the steps to set up your Kuda Bank Account:

  • Luanch the Kuda Bank App
  • Click on the signup button
  • Enter your valid email, enter your password, confirm the password and enter a referral code if you have any.
  • Enter your first name and last name on the next page.
  • Enter your date of birth, gender, and phone number
  • Verify your phone number using the OTP that will be sent to your phone
  • Enter your street name, city, and state
  • You’ll be asked to take a selfie to conclude your registration or sign up
  • Once complete, you can start using your account

Requirements For Opening a Kuda Bank Account

For you to be eligible for a Kuda Bank Account, you must meet the basic requirement of Kuda Bank. Below are the major requirements for opening and operating a Kuda Bank account.

  • You must be 18 years and above
  • You must be a citizen of Nigeria
  • You must have a smartphone, a valid phone number, and an email address.

Information Kuda Bank Will Ask You To Provide

  • Name
  • Phone number
  • BVN

The information required for the Full KYC account includes:

  • Name
  • Phone number
  • BVN
  • Valid ID(National ID Card, Voters Card, Drivers Licence, and National Passport)

Kuda Bank allows two major types of accounts which are a full KYC account and a basic account. The advantage of the Full KYC account type over the Basic account type is that you will not have limitations on maximum single deposits and account balance. Also, you will have an unlimited daily transaction with up to the #1,000,000 single transaction limit. Either of the accounts does not require paperwork. The opening is fully digital. So, it only takes a few minutes to start enjoying the benefits KUDA offers.

How To Get a Loan Or Overdraft From Kuda Bank

Kuda Bank Overdraft or loan is a short-term loan product that allows customers to have access to finance whenever they need money. This short-term loan allows you to spend even when your account balance is low without you worrying.

Getting this loan offer is very easy and straightforward. You just need to click on the overdraft and see how much you’re eligible to get. If for any reason, you’re unable to spend everything you got from the overdraft, Kuda bank will automatically transfer the money back to your overdraft balance.

How To Apply For Kuda Bank Overdraft

  • Open Kuda and tap or swipe to your Borrow account.
  • Tap Borrow.
  • Tap Get Your Overdraft.
  • Tap Next.
  • Type in the amount you want to borrow then tap Done.
  • Confirm with your transaction PIN, fingerprint, or Face ID.
  • Tap Okay and you can spend from your account.

The Benefit of the Kuda Bank Account

Using Kuda Bank comes with amazing benefits which you can enjoy over other prepaid banks or traditional banks. Below are some amazing benefits you can enjoy when you create a Kuda bank account.

  • Free Debit Card delivered to your place of residence all for free without any upfront fee. All you need is a minimum of N1000 in your account before you can request a debit card.
  • You can manage your finances through smart budgets which you can use to control your spending
  • You’re not charged any maintenance fee for your card
  • You don’t pay stamp duty unlike the traditional banks
  • You get to have a clear overview of your finances, how you spend and how your money comes in.
  • Free withdrawal in at over 3000 Atm nationwide.
  • You get free 25 transfers to any bank when you create a free account with Kuda bank
  • Save automatically to receive 15% interest every year.
  • Easily block your card when it goes missing

Kuda Bank Card

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.
  • 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

Kuda Bank Fees

Kuda bank has one of the best fees when it comes to online banking. Kuda Bank offers free 25 transfers every month to verified accounts that have been linked with BVN. Basic account users, they will get 2 free transfers every month. Subsequently, you’ll be charged N10 for each transfer. Besides these fees, every other thing is free with Kuda Bank(Bank of the free!)

Kuda Bank Referral Program

Kuda Bank Referral program allows users to earn some money from any new customer who creates a Kuda Bank account using their referral code.

Before you can get a referral code as a new customer of Kuda Bank, your account must be verified. This verification stage requires you to provide your National ID and a valid BVN. For every customer that registered using your code, you’ll make N1000.

Also Read: GTBank Loan(how to secure a loan from GTBank)

How Kuda Bank Makes Its Money

You might be wondering how  Kuda Bank make money since they’re known as the bank of the free. Despite not charging fees like the traditional banks, Kuda bank makes money in three different ways. This is;

  • Charges From Vendors
  • Collective Deposits from customers
  • Transaction fees.

As a new user of Kuda Bank, you’ll sure get 25 Free transactions. After that, you’ll be charged some little tokens for any transaction that takes place on your account. Kuda Bank also makes money from vendors. When customers make payments online using their Atm Cards. Kuda Bank charges the store some fees.

Pros Of Kuda Bank 

  • Great customer support
  • Free Atm card
  • Saving feature
  • Ability to create Giftcards
  • Ability to create a virtual atm card
  • Low transaction fees

Cons Of Kuda Bank 

  • There are no physical branches like that of the traditional banks. Everything is digital
  • Only accessible to smartphone users

Kuda Bank USSD Code

Only a few banks support USSD to transfer to Kuda Bank Account.
Below are USSD codes for transferring money to Kuda Bank from other traditional banks

Kuda Bank Transfer Zenith Bank

Dail *966*amount*Kuda account number#
select “Other Banks”
To locate Kuda Microfinance Bank, select “More”
Then complete the transaction once you verify the name of the account by entering your USSD Pin.

Kuda Bank Transfer GTBank

You can now send money from your GTBank account to a Kuda account offline:
 Dial *737*50*amount*416#.
Type in the Kuda account number and confirm the transfer with your *737# PIN.
Done.

Kuda Bank Transfer From Wema Bank

To transfer money from Wema Bank to Kuda Bank, follow the step below.
  • Dial *945#
  • Select “Send Money” then select number 3 when the prompt comes up
  • select 2 and make sure you select “Other Banks”
  • select “next” by typing 9
  • select “Kuda MFB”
  • Complete transaction

How To Contact Kuda Bank Customer Care

You can contact Kuda bank customer support through the chat system integrated into the mobile app. But for some reason, if you’re not able to reach the bank through the mobile app, you can use this contact information below

Call: 01 633 5832

Email: [email protected]

Conclusion

Kuda Bank is one of the best-prepaid banks in Nigeria that is easy to use with great features which are designed to help customers have a great banking experience.

If you have any questions or inquiries, you can drop them in the comment section. We’ll try to respond to them as fast as we can.

If you find this article helpful, don’t forget to share it on social media. This will encourage us to write more educative and informative articles like this.

About the author

Mathias Amodu

Mathias Amodu, NIRA Award winner (Youth Dev), Quickteller Ambassador, Web designer, Blogger, son, and a business Man.
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