A lot of bank customers consider several recurring bank charges they incur an unfair withdrawal of their hard-earned money. Kuda bank offers its users a lot of freedom from several of these bank charges.
The digital-only bank has been authorized by the Central Bank of Nigeria and it transforms the banking system in Nigeria.
Everything you should know about this revolutionary online bank is revealed here.
Kuda bank is an online banking platform that helps to ease transaction process and charges. It was formally known as Kudimoney until June 2019 when it rebranded and got the backing of CBN.
The platform provides total banking services for smartphones. The app makes it easy to buy airtime of any GSM Network, send money to anyone or receive money, and also pay all your bills without incurring extra fees!
How Does Kuda Bank Work?
The platform is entirely an online bank. And you can easily get running in just a matter of minutes. It works digitally with peculiarity to smartphones and no paper issuing.
Every Nigerian who uses a smartphone and has access to the internet can open a current or savings account and save money directly. And what is even more fascinating about the platform is the ease of banking without the fear of being charged extra fees.
Kuba Bank users will have the opportunity to deposit cash into over ten thousand branches in Nigeria with no charges involved. They also have the privilege of making transfers for free to other banks, two times every month. After the two free transfers, other transfers done to other banks will attract an N10 transfer fee.
Kuda Bank has very responsive and reliable customer support. They recently launched COVID-19 fund campaign. It is organized with the partnership of the Lagos Food Bank. It also has an initial donation of N1,500,000 and is open for the general public to support in meeting the needs of the people who are badly affected by the pandemic. All donations made are sent directly to the Lagos Food Bank. And they are used in providing food and other necessities for those who need them.
The Kuda app is very efficient with lots of attention given to details. They are registered and licensed by the Central Bank of Nigeria. And if you are already considering signing up on the platform, you can get started here: https://kudabank.com/partner.
You can also download the app on Google Play. After registration or account opening on Kuda, you will only be limited to a balance of N300,000 and maximum deposit of N50,000 until you upgrade your account by providing a Government issued ID card.
Any valid cards like drivers license, voter’s card and international passport are accepted. After confirmation by kuda bank, the limits on your account will be removed.
You can also immediately request for Kuda card which can be delivered to you anywhere in Nigeria. The card can be used anywhere verve card is supported
Types of Accounts On Kuda Bank
1. Lite Kuda Bank Account
To register for Lite Account, you only need your full name and your phone number. This is the simplest way to open the kuda bank account if you are still looking to study the app for a while and see if they have what it takes.
2. Basic Kuda Bank Account
If you wish to register for this, you will need to provide your full name, phone number, and your Bank Verification Number (BVN). With this account, you will only be able to maintain a balance of N300,000 in your account and also receive a maximum deposit of N50,000 at once.
3. Premium Kuda Bank Account
The premium account will need more information. And these include your full name, phone number, Bank Verification Number (BVN), and a valid identity card.
This account has a limit of Two hundred and fifty thousand Naira (N250,000) on a single transfer and one million nairas as a daily maximum transfer.
You can also withdraw N30,000 on a single transaction at the ATM, and N500,000 on POS. You actually do not need to be bothered about the limits since bank charges aren’t involved.
Benefits You Can Enjoy On Kuda Bank
- Kuda bank customers will be provided with a free debit card. These cards can be delivered anywhere in Nigeria without a charge.
- Buy airtime using the Kuda Bank App at no service charge.
- Get free 25 bank transfers to other banks every month. Subsequent transfer cost N10.
- You can also make fund transfers via the app.
- Pay bills like DSTV, GoTV, Startimes, swift, smile, spectranet, etc.
- You will be able to check your accounts without incurring any monthly fee.
- As a kuba bank user, you will incur no cash withdrawal fee.
- Plan your finances better and also save money automatically.
No ATM maintenance fee.
- Your savings with the bank will generate high interest for you compared to other banks.
- You can make money with them by referring customers through your link.
- Get monthly and annual account statement via your email address.
- Cardless withdrawal are also available on Kuda.
- You will be able to make deposits for free.
How To Download Kuda Bank App
- All android users who want to install Kuda Bank App should visit Google Play Store.
- Search “Kuda Bank” and click on install to begin the installation process.
- iPhone and iPad users are also not left behind, they will be able to install kudabank app on their device by visiting the App Store.
How To Sign Up / Register On Kuda Bank
- To sign up or register your kuda account, simply launch the Kuda Bank App.
- Click “Join Kuda”
- Select “Gender”
- Provide your correct date of birth and also provide your BVN. If you have not yet registered for BVN, click No BVN.
- Enter Referral Code. You can use my referral code is BDW2IBXK
- Click Continue and you will need to take a selfie to continue your registration.
- Provide your home address.
- Provide your phone number and email address.
- A one time password will be sent to your phone.
- Create a password.
- You will be prompted to enter your username and password.
- Create your Kuda Bank Pin.
- On the interface, you will see your Kuda Account Number.
How To Fund Kuda Bank
- To add money into your account, you will be required to add a debit card.
- Alternatively, you can send money through internet banking or from any other bank’s application into your Kuda account.
- To add a debit card, simply execute a banking transaction. For airtime, simply navigate to “Buy Airtime”
- Enter the phone number and the amount.
- Select Network. MTN, Airtel, 9mobile and Glo are supported.
- Provide your card details like card number, CVV and expiry date.
- Follow prompts and your card will be automatically added.
How To Earn Money On Kuda Bank
- After registering successfully, you will need to launch the app using your login details.
- You will need to credit your account with at least N100 to be able to make money using the app.
- After these, you will need to refer your friends and family so that you will be paid for the referrals.
- Now that you have a Kuda account, log in to it with your details.
- Navigate to the bottom right and click “More”
- Then click on the reference and earn.
- To earn, you will need to copy your link and ensure to get your friends and family to download the Kuda app through your link.