Kuda bank account, which refers to itself as “the Bank of the Free” is a full-service digital microfinance institution licensed by the Central Bank of Nigeria (“CBN”).
It was founded in 2016 as a lending platform but later transitioned into a digital banking institution.
Who Owns Kuda Bank?
Kuda Bank was established by Babs Oludeyi and Mustapha Musty in 2016. It started as Kudimoney (“the Bank of the Free”), an online-only savings and lending platform. However, it has turned to a full digital only bank – the first of its kind.
Is Kuda Bank Legit?
Because the process is straightforward, opening a Kuda Bank account is very simple. But before we get into the details of how kuda banks work, let’s look at how legitimate they are.
To make sure that our money is safe, the bank has been registered with the CBN and designated as a Kuda Microfinance bank. This means your deposits are fully recognized as a Microfinance bank and insured by NDIC.
Kuda Microfinance Bank is licensed by CBN. The NDIC covers your money. NDIC is a Federal Government Agency that also protects your money in commercial banks.
Now that you know how reliable and secure our money is, let’s move on to the requirements needed for opening a Kuda bank account.
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Requirements for Opening a Kuda Bank Account
You must meet certain conditions before you open a kuda account.
- You must be at least 18 years old to apply for citizenship of Nigeria
- A smartphone(iOS/Android) that supports the latest version of the KUDA app.
- Active phone number and email address
Now that you know the requirements, let us proceed to learn the steps required to open a Kuda Bank Account.
How To Open Kuda Bank Account
First, you need to download the Kuda App. Next, sign up for a Kuda account. Before your account is opened, you must provide Kuda with exact and accurate information about yourself.
- Simply launch the Kuda Bank App in order to register or sign up for your Kuda Account.
- Click “Join Kuda”
- Select “Gender”
- Your correct date of birth is required. Register for BVN if it is not available.
- Click Continue to complete your registration.
- Enter your home address.
- Include your phone number, email address, and fax number.
- You will receive a one-time password to your phone.
- Make a password.
- Enter your username and password.
- Create your Kuda Bank Pin.
- The interface will display your Kuda Account number.
How to Get A Kuda Bank Account Number
Once you have completed the steps above in opening a Kuda account, Kuda will create an account number for your account and manage your bank account. Kuda also offers additional services, such as banking and savings, and credit facility granting.
Kuda Bank Account Limit
After registering or opening an account on Kuda, your Kuda bank account limit will be N300,000. This means you cannot deposit more than N300,000 until you upgrade your account with a government-issued ID card.
Kuda bank offers two types of account opening:
1. Basic Accounts (that hasn’t passed KYC)
You must meet certain requirements to open a basic account.
- Name
- Phone number
- BVN
2. Full KYC Accounts
You must meet certain requirements to open a full KYC Kuda Account
- Name
- Phone number
- BVN
- Valid ID (National ID Card and Voters Card), Drivers Licence, or International Passport
Difference between the Basic and Full KYC accounts
There is a difference between basic and full KYC accounts.
a) There are no maximum deposit restrictions for the full KYC accounts, whereas, the Basic account is restricted to N300,000.
b) Additionally, the full KYC has an unlimited daily transaction limit of up to N1,000,000 per day whereas you can’t do that with the Basic account.
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How To Transfer Money From Kuda Bank Account To Other Banks
Because we all want to help one another, I will walk you through the process of transferring money from your Kuda bank account to other Banks. However, before we start, please ensure that you have opened or created an account with Kuda Bank.
- After you have created your account
- Locate the icon “payments” amongst all the icons at the bottom of the app’s dashboard.
- On the next page, you will see four options. Select the “Send Money” option. You will be automatically taken to another page.
- There you can choose the bank to which you want to make a transfer.
- Enter the amount that you would like to send.
- Enter the recipient’s bank number. The name of the recipient will be displayed at the bottom immediately after you have completed this.
- To go to the next page, click the icon in the upper right corner. You will be taken directly to another page.
- You will have the final chance to look over your transaction before you approve it. After you confirm the transaction, you will need to authorize it with your 4 digit PIN and/or a fingerprint.
Benefits Of Opening A Kuda Bank Account
Here are some of the benefits of opening a Kuda bank account.
- Each month, you get 25 bank transfers to other banks that are completely FREE OF CHARGE. After you exhaust this quota for the month, the next transfer costs N10. This is a great benefit as we all know that traditional banks in Nigeria charge for every transfer we make.
- Kuda bank customers receive a debit card. These cards can be delivered anywhere within Nigeria at no additional cost and can be used in any ATM bank.
- KudaBank App allows you to purchase airtime without any service charges.
- Pay bills like DSTV, GoTV, Startimes, Swift, Smile, Spectranet, etc.
- There is no ATM maintenance charge
- High-interest generation, in comparison to other banks.
- You can make money through their referral program that pays you for anyone you refer to them.
- Deposits are made for free
- You will receive your account statement by email.
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Where is Kuda Bank Located?
Kuda bank is currently located at Moore House, 151 Herbert Macaulay Way, Yaba, Lagos. Their postal code is 111245. They also have a UK branch at 5 New Street Square, London, EC4A 3TW, UK
About Kuda Card
Kuda bank is the financial institution that produces Kuda cards. Customers are eligible to apply for this card.
To apply for the Kuda card, you can visit the bank. If you are not comfortable going to the bank, you can apply online. The Kuda Card is available for free.
How to apply for the Kuda card
- Register for a Kuda account to log in to the Kuda app.
- Click on Cards on the homepage.
- To access more options, click on Request A Card.
- Click on “Get a Physical card” and choose which physical card you would like.
- Please complete this form to clarify Kuda regarding your delivery address.
- Confirm your number and provide the name you would like printed on the card.
- Just to make sure you are 100% certain of the delivery address, you can enter it again.
- It takes 14 days for your card activated and delivered.
Conclusion
This is everything you need to know about operating a Kuda bank account in Nigeria. Hope this article helps.
