With several online payments popping up each day, this Kuda bank review will clear certain doubts you may have been harboring and get to know if it is a platform worth considering.
Among the latest trending bank apps in Nigeria presently is the Kuda Bank app. Created as an online-only bank has made it stand out and allure to most Nigerian youths.
The Kuda Bank is one of the most well-designed fintech companies in Nigeria, packed with other unique features that make it an excellent replacement for the conventional Nigerian banking system.
With its online-only feature, the Kuda app makes it a bank that doesn’t need its users to visit any physical bank for any of their transactions or to resolve any issue that may arise.
The app provides a solution to the stress people encounter in physical banks, which may include; long queues that tend to waste people’s time and will, in turn, stop them from achieving their aim of visiting the bank in the first place.
In this article, we will be reviewing every single piece of information about Kuda Bank, its advantages and disadvantages, together with its unique features that make it the people’s choice.
What is Kuda Bank App?
Kuda bank is majorly similar to a conventional bank except that they do not have any physical branch anywhere.
The financial company is online and takes on its financial operations with a legit banking license from the Central Bank of Nigeria (CBN).
The bank is designed especially for smartphone users, which means prospective users will not be able to use the app without one.
The Kuda Bank app can be downloaded on available smartphone platforms, including Android, iPhone, and Windows.
It is equally essential to note that the app is user-friendly and stress-free, offering banking services at your convenience, which could be at school, home, church, or anywhere.
In addition, the Kuda Bank app’s user-friendly interface enables easy performance and navigation on the app. It has also been enhanced to load fast, thereby allowing quicker transactions.
Due to the capability of digital and technology, using the Kuda Bank app attracts no service fee. It has a mission to build the best bank for every African living on the planet.
Who is the Owner of Kuda Bank?
The CEO of Kuda Bank is Babs Ogundeyi. He did his schooling at Brunel University, London, and has been engrossed in working within the perimeter of finance for most of his career.
His work is majorly in the private and public sectors of Nigeria.
He previously worked for PricewaterhouseCoopers, where he advises banks and takes on the role of acting senior special adviser in the area of finance to the federal government of Nigeria.
Mr. Ogundeyi was among the founders of the first classified car magazine called the Motor Trader Nigeria, which the financial authority later purchased from a well-known Nigerian newspaper firm.
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How does the Kuda Bank App Work?
Compared to other conventional banks, the Kuda Bank app enables users to monitor their accounts without paying a dime.
This also includes the free transfer of funds to other Nigerian banks, provision of loan services to customers, and free debit cards.
These are fantastic offers to prospective users due to the high service fee charged by conventional banks for the same operations like debit card issuance, transfer of funds to other banks, and ATM card maintenance.
It is also essential to note that savings made with the Kuda app will be given out on loans to borrowers with specific interest attached.
The savings can also be used to invest in other businesses, and the interest from the investment will belong to the bank.
This is not something to worry about, as conventional banks use the same approach to earn.
The main difference is that Kuda bank charges considerably less than conventional banks.
The proceeds earned from investments made by Kuda Bank are enough to run the bank mainly because they do not have any physical branches.
The Kuda Bank app is primarily designed for smartphone users; customers of Android and iOs devices can only use it.
You can look for and download it from either the Google Play Store or the Apple app store.
How to Sign-up on the Kuda Bank App
To sign up quickly on the Kuda Bank app, follow these listed steps:
- Download the app on either the Play Store or App Store and install it.
- Click on the sign-up option because you’re a new user.
- Fill in the necessary information. This will include your password, email address, and referral code (if someone referred you to the platform).
- On the next page, fill in your first and last names.
- Add your date of birth and gender, and also your phone number.
- An OTP (one-time password) will be sent to the number you provided to verify your phone number.
- Provide the details of your city, state, and street name on the next page
- Lastly, you will be asked to take a selfie.
And that’s it! You’re now a Kuda Bank user.
After you’re done signing up, you will need to open an account. Then the Kuda app will give you an account number that you can use to complete any of your transactions.
There are three types of individual accounts that you can use. They are:
Lite: This account is quite limited, and you will need to provide your name and phone number.
Basic: This account is an upgrade of the lite account. Here, you will need to provide your phone number, name, and BVN.
Premium: This is the last type of account. You will be asked to provide your name, BVN, phone number, and a valid means of identification for the premium account.
Users of the premium account get to transfer up to 250k on a single transaction, with a maximum amount of up to one million naira daily limit, up to 500k on POS, and 30k when withdrawing using an ATM card.
How to Get a Loan from Kuda
With the fantastic Kuda Bank’s overdraft, it is possible to apply for quick short-term loans online without going through any paperwork.
Furthermore, you can decide to pay back at any time convenient for you with just a daily interest of 0.3%.
Want to apply for the Kuda Bank overdraft? Here’s how to:
- Open your Kuda app and swipe to the borrowed account aspect of the app
- Select borrow
- Select “Get your overdraft.”
- Click Next
- Fill in the amount you wish to borrow and then select Done
- Verify your face ID, transaction pin, or fingerprint
- Select Okay, and that’s it.
You can now start spending from your account.
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Advantages of Using the Kuda Bank App
Kuda Bank comes with several loaded benefits, including:
You get to make 25 free transfers monthly. After you exceed this limit, you will be charged a small fee of N10.
Zero cash withdrawal fee
On the Kuda app, there are no ATM card maintenance fees.
You also get to make free deposits from over 10,000 banks. You will need to follow the steps made available on the app to do this.
Asides from these listed benefits, Kuda bank also has unique saving features. If you’re having problems sticking to your saving plan, you can allow Kuda to help you save.
You will even get better rates than the ones offered by conventional banks. You can also request a loan on the app if you use it constantly.
With Kuda, you can purchase data bundles, and airtime, and pay for all types of bills. Also, the security level is top-notch.
Disadvantages of Using the Kuda Bank App
It wouldn’t be appropriate if I only listed the benefits and not the app’s downsides.
Though I haven’t experienced any, other users have complained about the following problems while using the app.
- The app doesn’t support USSD codes for transactions. This means if you’re stuck in a place with a low internet connection, you cannot make any transactions.
- The debit card takes so long to arrive.
- Verification also takes time.
- There is no form of notification when you are debited or credited.
These are the few issues encountered by users on the Kuda Bank app. However, these are typical problems because their only physical branch is in Lagos.
Bonus and Codes for Kuda Referral
To receive a bonus from referrals, you will need to refer a new customer to download the app, sign up and open an account.
Then you will be given N200 for every user you successfully refer to open a new account on the Kuda Bank app.
What If I Need Help?
If you encounter any issues while using the Kuda Bank app, you can reach out to their customer care service. The customer care line is available on a 24/7 basis.
You can also get the assistance you need through the help option available on the app. But, if you wish to chat with them or make a complaint, you can only reach them through email.
Kuda Bank doesn’t have a contact number for calls.
Frequently Asked Questions and answers
Can Kuda Bank be trusted?
Kuda Bank is an entirely reliable and legit digital microfinance bank registered in Nigeria. There is no need for paperwork, and your account can be opened in minutes.
How safe is Kuda microfinance bank?
Kuda microfinance bank was created by Kuda Technologies Limited and was founded by Babs Ogundeyi and Musty Mustapha.
Kuda secures all users’ accounts with the same high-security encryption used by conventional banks. And so, deposits in the Kuda Bank are insured by NDIC (Nigeria Deposit Insurance Corporation).
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Is my BVN safe with Kuda Bank?
Kuda will not in any way use your BVN to move money from any of your other bank accounts. Neither will they share your BVN with a third party.
Confirming your BVN on the app helps Kuda protect your identity and secure your money. And there’s nothing as good as sleeping well at night knowing someone is out there looking out for you.
How strong is Kuda Bank?
Kuda bank ranks Nigeria’s 7th most reputable bank at a $500 million valuation. Recently reported by Nairametrics is that Kuda Bank raised $55 million in a Series B round at a $500 million valuation.
Kuda Bank app, the leading digital bank, is unquestionably here to stay. The bank is convenient and user-friendly as it charges little to no card maintenance or bank fee compared to other conventional banks.
Though Kuda Bank still has a lot of work to do to convince users of its credibility, it is undoubtedly a welcomed development and motivation for other Nigerian financial institutions.
The information provided about Kuda Bank in this article is well-detailed. However, you can visit their website and check things out for yourself if you’re still curious about some things.
Keep in mind that you can only open an account on Kuda if you have a smartphone. If you don’t have one yet, I will advise you to wait till you do before you go ahead and register.