Kuda Bank is a digital-only bank operating in Nigeria since 2019. It offers convenient and accessible banking services through a mobile app. With no physical branches, customers can open an account quickly using their personal details and valid identification (BVN).
The app enables users to manage finances, make transfers, pay bills, and more. It provides real-time transaction notifications and features like budgeting tools and automated savings options. Kuda Bank is licensed and regulated by the Central Bank of Nigeria, ensuring compliance with banking regulations and security standards.
The bank prioritizes security, using encryption and biometric authentication to protect customer data. It aims to provide a seamless and user-friendly mobile banking experience to meet the growing demand for digital banking in Nigeria.
In this article, we will be exploring every single thing about Kuda Bank, its unique features that makes it dependable, and an excellent substitute for conventional banking.
WHO’S THE CEO OF KUDA BANK?
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Babs Ogundeyi is indeed the CEO of Kuda Bank. He has a background in finance and has worked extensively in both the public and private sectors of Nigeria. Prior to his role at Kuda Bank, he was employed at PricewaterhouseCoopers where he provided advisory services to banks. He also served as a senior special adviser on finance to the federal government of Nigeria.
Additionally, Mr. Ogundeyi played a role in the establishment of Motor Trader Nigeria, the first classified car magazine in Nigeria. Financial Standard, a reputable Nigerian newspaper company, later acquired Motor Trader Nigeria.
DOES KUDA BANK HAVE AN APP?
Yes it does, Kuda Bank operates as an online monetary company with a legitimate banking license from the Central Bank of Nigeria. It functions similarly to a conventional bank but without physical branches. The bank is designed specifically for smartphone users, meaning that individuals without smartphones cannot access its services. The Kuda Bank app is available for download on various smartphone platforms, including iPhone, Android, and Windows.
The app offers convenient and hassle-free banking services, allowing customers to perform transactions from anywhere at their own convenience. The user-friendly interface ensures easy navigation and quick performance, enabling fast-loading and swift transactions. Notably, Kuda Bank does not charge any service fees, leveraging the power of digital technology to provide cost-effective banking solutions.
Kuda Bank’s vision is to create the best banking experience for every African, harnessing the potential of digital banking and technology to serve customers efficiently and effectively.
HOW DOES THE APP FUNCTION?
The Kuda Bank app allows its users to monitor accounts with no charges like other conventional banks do, such as free transferring of funds to other Nigerian banks, free debit cards, as well as providing loan services to customers.
These are mind-blowing offers to prospective customers because of the high fee charged by conventional banks for similar services like transferring funds to other banks, debit card issuance, and also ATM card maintenance.
It is equally important to be aware that savings made with the app will be given out on loans to borrowers with specific interest attached. Savings can also be invested into other businesses and interest from such businesses will belong to the bank. This isn’t a cause for worry as this same method conventional banks earn with.
The major difference is, kuda Bank charges considerably lesser than other conventional banks. Proceedings from these investments made by Kuda Bank are sufficient to run the bank because they don’t build physical branches.
HOW TO DONWLOAD THE KUDA APP FOR ADROIDS AND IOs USERS
The fact that the app is primarily optimized for smartphone users, it can only be accessed by users of Android and iOs devices.
You can search for and download it from either the Apple app store or the Google Play Store.
How to sign-up on the Kuda-app
Follow these steps to sign up on the Kuda app:
- Download and launch the app.
- Tap the sign-in option since you’re a new user.
- Fill in the required details. This will include your email address, password, and also your referral code. You can use a referral code to register if you someone referred you to the platform.
- On the second page, input your first and last name.
- Input your gender and date of birth as well as your phone number on the next page.
- Verify your phone number via the OTP which you will receive through the number provided. On the next page, give the details of your street name, city, and state.
- Finally, you will be required to take a selfie and that’s it. You become a authentic Kuda Bank user.
Kuda Account
After signing up, you need to open an account. The Kuda app will provide an account number that you can use to execute transactions.
There are three types of unique accounts that you can use. They include:
- Lite
- Basic and
- Premium
You only need to provide your name and number to register on the Lite account, while you need a name, phone number as well as BVN to register on the Basic account.
The premium account is the highest tier. To register, you need a name, phone number, a valid ID, and BVN.
The premium account enables you to transfer funds as high as 250k max at once, plus maximum transfers per day extended to N1 million but stand at 500,000 on a POS.
FEATURES & BENEFITS OF THE BANK APP
The Kuda Bank app offers various features and benefits to its users. Here’s how it works:
- Account Monitoring: Users can monitor their accounts in real-time, track transactions, and view their balance and transaction history.
- Free Fund Transfers: Kuda Bank allows free transfers of funds to other Nigerian banks, eliminating the charges typically associated with interbank transfers.
- Free Debit Cards: Customers can request a free debit card through the app, enabling them to make purchases and withdraw cash at ATMs.
- Loan Services: Kuda Bank provides loan services to eligible customers. Users can apply for loans directly through the app, and the bank determines the loan amount and interest rate based on the customer’s financial profile.
- Savings and Investments: Customers can save money within the app, and these savings may be lent out to borrowers with interest attached. Additionally, the bank may invest customers’ savings in other businesses, with the interest generated belonging to the bank.
- Lower Charges: Kuda Bank aims to offer significantly lower charges compared to traditional banks. This includes reduced fees for services such as fund transfers, debit card issuance, and ATM card maintenance.
By leveraging digital technology and avoiding the costs associated with physical branches, Kuda Bank generates revenue through its investment activities, which helps sustain its operations.
WHAT ARE THE BENEFITS OF REFERRALS?
To receive the referral bonus, you have to refer a new customer to open an account by downloading and signing up on the app. You receive N200 (two hundred Nigerian naira) for every person that you successfully refer to create a new account on the Bank app.
DOES THE BANK APP OFFER LOANS & HOW CAN I GET A LOAN?
To apply for a loan from Kuda Bank, specifically through their overdraft feature, you can follow these steps:
- Open the Kuda Bank app on your smartphone.
- Swipe to access your borrowed account.
- Tap on the “Borrow” option.
- Select “Get your Overdraft.”
- Proceed to the next step.
- Enter the desired loan amount and click “Done.”
- Verify the transaction using your PIN, face ID, or fingerprint, depending on the authentication method you’ve set up.
- Confirm the transaction by clicking “Okay.”
Once your overdraft is approved, you’ll have access to the borrowed funds, and you can use them freely from your account. It’s important to note that the overdraft comes with a daily interest rate of 0.3%, and you have the flexibility to pay back the loan at any time.
If you’re in need of a loan but are considering options beyond Kuda Bank, you can explore a loan platform that allows you to compare loans from different lenders in minutes. This platform aims to provide the best loan options and ensure you receive the most suitable offers.
In conclusion, Kuda Bank is a digital-only bank in Nigeria, offering convenient and accessible banking services through its mobile app. With no physical branches, customers can open accounts, monitor transactions, make transfers, and access loan services.
The app provides a user-friendly interface, and Kuda Bank charges lower fees compared to traditional banks. Through its innovative approach and investment activities, Kuda Bank aims to provide the best banking experience for its customers while leveraging the power of digital technology.
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