Basic Facts You Should Know About Kuda Bank

 

Kuda Bank

Are you on the lookout for a digital bank in Nigeria? Are you unsatisfied with other digital banks in Nigeria?

Do you want a bank that has free, awesome services? I bring to your screen Nigeria’s first mobile only bank that is licensed by the Central Bank of Nigeria.

No other one than Kuda Bank. I mentioned earlier about free awesome services. I know some people find that unbelievable, but on the contrary, it is true.

At Kuda Bank, customers have access to free transfers, automatic savings, zero card maintenance fees, and lots more. All these services are absolutely free.

In this article, I’d be running through some information to know about Kuda Bank as a new customer, intending customer, or returning customer. Let’s get started!

Overview

Kuda Bank is a digital online bank that has been operating in Nigeria since 2017. The bank was formerly known as Kudi Money and was founded in the year 2016 by Babs Ogundeyi and Musty Mustapha.

Kuda Bank is licensed by the CBN and registered under CAC (Corporate Affairs Commission) and NDIC (Nigeria Deposit Insurance Corporation).

It is an incorruptible and legitimate online bank. The bank functions on mobile devices as it is a digital bank. It functions similarly to a commercial bank; however, all transactions are done online via the Kuda Bank App or Website.

The bank needs no paper, and you can open an account with them in minutes. They offer checking accounts with 25 free transfers per month to any account, a free debit card, a free naira virtual card, 15% annual interest earnings savings plans, loans, and a business account.

I’d regard Kuda as the bank of the free. At Kuda, be sure to get the most out of your money compared to other commercial banks.

Features

The bank offers zero transfer fees, even to other banks. It gives out free Physical Debit Card.It offers loans of up to N2,000,000. Zero cash withdrawal fees. Zero ATM maintenance fees. Naira Virtual Card for Free

How to Sign Up

To sign up on the Kuda app, follow the steps listed below.

Firstly, download the Kuda app.

Follow the instructions as seen on the app to open an account.

Deposit money into your account and start enjoying your Kuda account.

Kuda Bank Application

The Kuda Bank App is one of Nigeria’s most popular and innovative banking apps. The app is easy to use and enables users to access banking services from their comfort zone.

It allows transactions to be completed more rapidly. The app was created exclusively for smartphone users. Customers who do not own a smartphone will be unable to open an account with them.

The Kuda mobile banking app is available to download for free on any kind of smartphone, be it Android or iOS. The Kuda bank app is a wonderful resource that helps with your budget and helps you spend more intelligently.

 

How to open an account?

To open a Kuda bank account, there are some requirements expected of you.

Listed below are the essential requirements you need to open a Kuda account:

You must own a smartphone (iOS or Android). You must possess a working telephone number and an email address. You must be 18 years old or older. You must be a citizen of Nigeria.

Kuda Bank accounts offer the

Kuda Bank offers two account opening options, which are: Basic and Full KYC account.

To open these accounts, you’ll need to provide some information. However, none of the accounts require paperwork, and you only need a few minutes to create an account.

Basic Account

Name

Phone number

BVN

Account with Full KYC:

Name

Phone number

BVN

Valid ID.

How do they make a profit?

If you’re still following, you’d begin to wonder how this bank makes a profit when they literally offer free services.

Well, they do make a profit. How?

This digital financial bank does essentially the same thing as commercial banks but with lower overhead costs. They do, however, invest more in technology compared to commercial banks.

They also earn profit by investing retained balances of funds held with them and giving out loans. Bank deposits aren’t just sitting there; they are being utilized to lend money to people who need it, who will in turn pay it back with interest.

Conversely, they invest in assets that yield returns. They also make profits from commission on airtime purchases and service fees paid by merchants when customers use their Kuda Cards to shop.

The investment yields are utilized to defray costs such as transfer fees and so on.

Kuda Bank Loan

Kuda Bank offers short-term overdraft loans with a daily interest rate of 0.3%.

To apply for a Kuda bank loan, follow the following procedures:

Login to the Bank App and tap on your borrowed account.

Next, click on “borrow”.

The next page will show your overdraft.

Click on “Next.”

Next, type in the amount you want to borrow and click “Done.”

Enter your transaction PIN and click “Okay.”

After clicking okay, Your borrowed money will be disbursed and you will have access to spend the money from your account.

How to Transfer Money from Kuda Bank to Other Nigerian Banks

Transferring money to other commercial banks or microfinance banks in Nigeria is very simple.

In this part of the article, I’d go through how you can successfully transfer money from Kuda Bank to other Nigerian banks.

Open and login to your Kuda bank app.

Next, search for and click “Payments.”

Click “Send Money.”

Next, enter transfer details in the appropriate box.

Lastly, confirm and click “Transfer.”

USSD code for money transfers from other banks to Kuda Bank

GT Bank: If you’re a GTB user and you want to make a transfer to a Kuda account , simply dial *737*50*amount*416# from the phone number that’s linked to your GTB account, and then follow the instructions on your screen.

Wema Bank: Simply dial *945*kuda account number*amount# from the phone number that’s linked to your GTB account, and then follow the instructions on your screen.

First Bank: Dial *894*amount*kuda account number# from the phone number that’s linked to your GTB account, and then follow the instructions on your screen.

Customer Care Services

You can get in touch with any of their customer care representative via the app or via email (help@kudabank.com)

 

 

 

 

 

 

 

 

 

 

 

 

Kuda Bank 

Are you on the lookout for a digital bank in Nigeria? Are you unsatisfied with other digital banks in Nigeria?

Do you want a bank that has free awesome services? I bring to your screen, Nigeria’s first mobile only bank that is licensed by Central Bank of Nigeria.

No other one than Kuda Bank. I mentioned earlier about free awesome services, I know some people found that unbelievable, but on the contrary it is true.

At Kuda Bank, customers have access to free transfers, automatic savings, zero card maintenance fees and lots more. All these services are absolutely free.

In this article, I’d be running through some information to know about the Kuda Bank as a new customer, intending customer or a returning customer. Let’s get started!

Overview

Kuda Bank is a digital online bank that has been operating in Nigeria since 2017. The bank was formerly known as Kudi Money and was founded in the year 2016 by Babs Ogundeyi and Musty Mustapha.

Kuda Bank is licensed by CBN and registered under CAC (Corporate Affairs Commission) and NDIC (Nigeria Deposit Insurance Corporation).

It is an incorruptible and legitimate online bank. The bank functions on mobile devices as it is a digital bank, it functions also similarly to commercial bank, however, all transactions are done online via Kuda Bank App or Website.

The bank needs no paper and you can open an account with them in minutes. They offer checking account with 25 free transfers per month to any account, free debit card, free naira virtual card, 15% annual interest earnings savings plans, loans and a business account.

I’d regard Kuda as the bank of the free. At Kuda, be sure to get the most out of your money compared to other commercial banks.

Features

• The bank offers zero transfer fee even to other banks.
• It gives out free Physical Debit Card.
• It offers loans of up to N2,000,000.
• Zero cash withdrawal fees.
• Zero ATM maintenance fees.
• Free Naira Virtual Card.

How to Sign Up?

To sign up on the Kuda app, follow the steps listed below.

Firstly, download the Kuda app.

Follow the instructions as seen on the app to open account.

Deposits money to your account and start enjoying your Kuda account.

Kuda Bank App

The Kuda Bank App is one of Nigeria’s most popular and innovative banking apps. The app is easy to use and enables user access to banking services from their comfort zone.

It allows transactions to be completed more rapidly. The App is created exclusively for smartphone users. Customers who do not own a smartphone will be unable to open an account with them.

Kuda mobile banking app is available to download for free on any kind of smartphone be it Android or iOS. The Kuda bank app is a wonderful resource that helps assist your budget and helps you spend more intelligently.

How to open an account?

To open a Kuda bank account there are some requirements expected of you.

Listed below are the essential requirements you need to opening a Kuda account:

• You must own a smartphone (iOS/Android)
• You must possess a working telephone number and email address
• You must be 18 years and above
• You must be a citizen of Nigeria

Accounts offered in Kuda Bank

Kuda bank offers two account opening options which are: Basic and Full KYC account.

To open these accounts you’ll need to provide some information. However, none of the accounts requires paperwork, and you only need few minutes to create account.

Basic Account:

Name
Phone number
BVN

Full KYC Account:
Name
Phone number
BVN
Valid ID.

How do they make profit?

If you’re still following, you’d begin to wonder how then does this bank make her profit because they literally offer free services.

Well, they do make profit. How?

This digital financial bank does essentially the same thing as commercial banks but with lower overhead costs. They however invest more in technology compared to commercial banks.

They also earn profit by investing retained balances of funds held with them and giving out loans. Bank deposits aren’t just sitting there, they are been utilized to lending money to people who need it who will in return pay back with interest.

Conversely, they invest in assets that yield returns. They also make profits from commission on airtime purchases and service fees paid by merchants when customers use their Kuda Cards to shop.

The investment yields are utilized to defray costs such as transfer fees and so on.

Kuda Bank Loan

Kuda bank offers short-term overdraft loans with a daily interest rate of 0.3%.

To apply for a Kuda bank loan follow the following procedures:

Login to the Bank App and tap on your borrow account.

Next, click on “borrow”.

The next page will show your overdraft.

Click on “Next”.

Next, type in the amount you want to borrow and click “Done”.

Enter your transaction PIN and click “Okay”.

After clicking okay. Your borrowed money will be disbursed and you would have access to spend the money from your account.

How to Transfer Money from Kuda Bank to other Nigeria banks

Transferring money to other commercial banks or microfinance banks in Nigeria is very simple.

In this part of the article I’d go through how you can successfully transfer money from Kuda bank to other Nigeria banks.

Open and Login to your Kuda bank app

Next, search and click “Payments”.

Click “Send Money”.

Next, enter transfer details in the appropriate box.

Lastly, confirm and Click “Transfer”.

USSD code for Transferring Money from Other Banks to Kuda Bank

GT Bank: If you’re a GTB user and you want to make a transfer to a Kuda account , simply dial *737*50*amount*416# from the phone number that’s linked to your GTB account, and then follow the instructions on your screen.

Wema Bank: Simply dial *945*kuda account number*amount# from the phone number that’s linked to your GTB account, and then follow the instructions on your screen.

First Bank: Dial *894*amount*kuda account number# from the phone number that’s linked to your GTB account, and then follow the instructions on your screen.

Customer Care Services

You can get in touch with any of their customer care representative via the app or via email (help@kudabank.com)