This review of Kuda Bank should allay any questions you may have about the platform and help you decide whether it’s worthwhile to use given the abundance of daily online payments.
Kuda Bank is currently one of Nigeria’s most popular banking app trends. It is special and appealing to most young Nigerians because it was created exclusively as an internet bank.
One of Nigeria’s well-designed fintech businesses, Kuda Bank is full of other distinctive qualities that make it a great alternative to the country’s traditional banking system. Kuda ranked in the list our 11 Best Mobile Banking Apps 2022
Kuda has evolved into a bank that does not require its customers to visit a physical bank for any of their transactions or to resolve any difficulties that may emerge thanks to its online-only functionality. A long line is undoubtedly wasting people’s time and deterring them from visiting the bank, which is one of the stresses that people may feel in physical banks, and the application offers a solution to that problem.
This article will go over all there is to know about Kuda Bank, including its positives and negatives as well as the distinctive qualities that make customers choose it.
The Kuda Bank app consists of what?
Except for the fact that they have no physical branches whatsoever, Kuda Bank resembles a typical bank.
The financial firm operates online and has a valid banking license from the Central Bank of Nigeria that it uses to execute financial transactions (CBN). Because the bank was created specifically for smartphone users, consumers in the future won’t be able to utilize the program without one.
On the many smartphone operating systems, including Android, iPhone, and Windows, Kuda Bank can be downloaded.
It is also crucial to remember that the program is simple to use, stress-free, and offers financial services whenever and wherever you need them, including at home, at school, in the church, or anyplace else.
Additionally, the Kuda Bank application’s user-friendly interface makes reading and navigating the app simple. Additionally, charging rates have been increased to enable quicker transactions. The Kuda Bank application can be used for nothing because of digital capabilities and technologies. The company’s goal is to create the finest bank for all Africans on the earth.
Owner of Kuda Bank?
Kuda Bank’s CEO is Babs Ogundeyi. He studied at London’s Brunel University and worked primarily in finance throughout his career. His work is mostly done in Nigeria’s public and private sectors.
Prior to this, he was employed by PricewaterhouseCoopers, where he provided banking advice and served as the Federal Government of Nigeria’s Chief Financial Advisor.
Mr. Ogundeyi was one of the creators of Motor Trader Nigeria, the first covert auto magazine, which later acquired the tax department of a well-known Nigerian media organization.
How is the Kuda Bank app designed to operate in 2022?
Unlike other conventional banks, Kuda Bank enables customers to view their accounts without incurring any fees. Free debit cards, client credit services, and transfers to other Nigerian banks are also included.
Due of the high degree of services provided by traditional banks for similar operations, like creating debit cards, transferring money to other banks, and managing ATM cards, these offers are advantageous for potential consumers.
It’s also crucial to remember that the savings made possible by the Kuda application will be used to finance loans to creditors at a little higher interest rate.
The income from this investment belongs to the bank, and the funds may potentially be used to invest in other businesses.
There is no need to be concerned about this because conventional banks also utilize this strategy to generate revenue. Kuda banks pay less than typical banks, which is the primary distinction.
Since Kuda Bank has no physical branches, the management of the bank can be done using the procedures developed from its investments.
Get the Kuda Bank app now
The Kuda Bank app is exclusively accessible to users of Android and iOS devices, and it is particularly designed for smartphone users.
It can be found and downloaded via the Apple App Store or Google Play.
Getting started with the Kuda Bank application
Follow these steps to sign up directly for the Kuda Bank app:
Launch the kuda app after downloading it from the Play Store or the App Store. Because you are a new user, select login.
Note the necessary details in writing.
This will contain a referral code, your password, and your email address (if someone has connected you to the platform).
On the following page, type your first and last name.
Include your phone number, gender, and date of birth. Your entered phone number will receive an OTP (one-time password) to confirm your phone number.
Enter your city, state, and street name on the following page.
Finally, a selfie will be required of you.
That’s it for now! You now use Kuda Bank.
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Following logging in, you must create an account. The account number you need to complete one of your transactions will then be given to you by Kuda. You can utilize one of three different sorts of individual accounts. As follows:
Lite: You must submit your name and phone number in order to use this account, which has very few features.
Base: Upgrades to this account should be minor. Your name, phone number, and BVN must be entered here.
The most recent class of accounts is premium. Your name, BVN, phone number, and a legitimate premium account identification method will be required of you.
Users of premium accounts can deposit up to one million dollars each day, transfer up to 250,000 in a single transaction, and withdraw up to 30,000 using an ATM card. They can also transfer up to 500,000 to POS terminals.
Obtaining a loan from Kuda
Due to Kuda Bank’s early closing policy, a quick loan application can be made online quickly and without any paperwork.
Additionally, a daily interest rate of 0.3% is available, and you can opt to pay whenever it suits you.
Do you wish to submit an overdraft request to Kuda Bank? This is how:
Swipe to the borrowed account section of the Kuda app after launching it.
Choose loans
Simply click “Remove Overload.”
Then, select Next.
Select Done after entering the loan amount.
Check your fingerprint, transaction PIN, or face ID.
Select OK, and you’re done.
Now you can start deducting money from your account.
Benefits of the Kuda Bank app
Among the various advantages of Kuda Bank are:
Every month, 25 transfers are free. If you go beyond this limit, there will be a N10 fee added. No charge for withdrawals of cash
The Kuda application doesn’t charge for maintaining ATM cards. Additionally, you can deposit money for free at more than 10,000 banks. You must follow the instructions provided in the application to accomplish this.
In addition to these advantages, Kuda Bank offers distinctive tools for saving money. Kuda might help you save money if you struggle to stick to a storage strategy. Better rates than those provided by standard banks are available. If you frequently use the app, you can also submit an application for a loan.
You can purchase data packages, airtime, and other expenses on Kuda. Additionally, the level of security is the highest.
Use of the Kuda Bank application has drawbacks as reviewed by classpawa.com
I’m not in the position to only talk about the application’s benefits and drawbacks. While using the app, some users have reported the following problems, even though I haven’t personally encountered them yet. The application doesn’t support transactions using USSD codes. This implies that you won’t be able to conduct business if you are stranded somewhere with a weak internet connection.
Debit cards have been used for a very long time.
Verification takes time as well. There is no notification form used when money is withdrawn from or credited to you. These are a some of the issues Kuda Bank customers are facing. However, given that their physical branch is in Lagos, these are common issues.
Bonuses and guidelines for endorsing horses
You must recommend a new user who downloads the app, logs in, and creates an account in order to be eligible for the referral bonus.
For each user you successfully connect to open a new account in the Kuda Bank application, you will instantly receive N200. What if I need assistance? You can get in touch with Kuda Bank’s customer service if you have issues using it. 24/7 customer service is offered.
You can also use the application’s help tools to receive the assistance you require. However, you can email them if you want to speak with them or make a complaint.
Frequently Asked Questions – Kuda
There isn’t a phone number you may call to reach Kuda Bank. A lot of people have questions which are being answered online;
1. How dependable is Kuda Bank?
Kuda Bank is a Nigerian-registered digital microfinance institution that may be completely trusted. Your account will open in a few minutes with no additional paperwork.
2. How safe is Kuda Microfinance Bank?
Babs Ogundeyi and Musty Mustapha launched Kuda Technologies Limited, which later became the parent company of Kuda Microfinance Bank.
All user accounts on Kuda are guaranteed to have the same high level of encryption security as those at conventional banks. As a result, NDIC offers deposit insurance for Kuda Bank customers (Nigerian Deposit Insurance Society).
3. Is my BVN secure at Kuda Bank?
Your BVN will not be used by Kuda to transfer money from other bank accounts in any way. Additionally, they won’t divulge your BVN to a third party.
Kudu will be able to protect your identity and secure your funds if you confirm your BVN on the app. Additionally, it’s difficult to get a decent night’s sleep when you know someone is looking for you outside.
