Kuda Bank is a mobile-only bank that was founded in 2019 by Babs Ogundeyi and Musty Mustapha. The bank is headquartered in Lagos, Nigeria, and it has over 1 million customers. Kuda Bank offers a variety of financial services, including savings accounts, checking accounts, loans, and investment products. The bank is known for its innovative use of technology and its commitment to providing affordable financial services to Nigerians.
Kuda Bank is a neobank, which means that it is a bank that does not have any physical branches. All of the bank’s services are offered through its mobile app. This allows Kuda Bank to keep its costs low and pass those savings on to its customers. Kuda Bank’s mobile app is user-friendly and it offers a variety of features, including:
- Account opening: Customers can open a Kuda Bank account in minutes by simply downloading the app and providing some basic information.
- Account management: Customers can view their account balance, make transfers, and pay bills through the app.
- Card management: Customers can order a Kuda Bank debit card through the app and manage their card settings.
- Savings: Customers can set up savings goals and earn interest on their savings.
- Loans: Customers can apply for loans through the app and get approved in minutes.
- Investments: Customers can invest in stocks, bonds, and ETFs through the app.
Kuda Bank is a popular choice for Nigerians who are looking for a convenient and affordable way to bank. The bank’s mobile app is easy to use and it offers a variety of features that make it a great option for both personal and business banking.
Here are some of the features that make Kuda Bank a unique and innovative financial institution:
- No physical branches: Kuda Bank is a mobile-only bank, which means that it does not have any physical branches. This allows the bank to keep its costs low and pass those savings on to its customers.
- Zero-fee banking: Kuda Bank does not charge any fees for its basic banking services, such as account opening, transfers, and bill payments. This makes it a very affordable option for Nigerians who are looking for a convenient and low-cost way to bank.
- Innovative use of technology: Kuda Bank is known for its innovative use of technology. The bank’s mobile app is user-friendly and it offers a variety of features that make it a great option for both personal and business banking.
- Commitment to customer service: Kuda Bank is committed to providing excellent customer service. The bank offers 24/7 customer support through its mobile app and its website.
Kuda Bank is a fast-growing financial institution that is making a positive impact on the lives of Nigerians. The bank’s innovative approach to banking is making it a popular choice for both personal and business banking.
How To Open Kuda account?
To open a Kuda account, you will need to download the Kuda app from the Google Play Store or the Apple App Store. Once you have downloaded the app, open it and follow the on-screen instructions. You will need to provide some basic information, such as your name, email address, and phone number. You will also need to upload a copy of your government-issued ID and a recent utility bill. Once you have submitted all of the required information, your account will be opened within minutes.
Here are the steps on how to open a Kuda account:
- Download the Kuda app from the Google Play Store or the Apple App Store.
- Open the app and create an account.
- Provide your basic information, such as your name, email address, and phone number.
- Upload a copy of your government-issued ID and a recent utility bill.
- Review and accept the terms and conditions.
- Your account will be opened within minutes.
Here are some of the benefits of opening a Kuda account:
- Zero maintenance fees: There are no monthly or annual maintenance fees for Kuda accounts.
- Free transfers: You can make free transfers to other Kuda accounts and to other Nigerian banks.
- Automatic savings: You can set up automatic savings plans to help you reach your financial goals.
- Investments: You can invest in stocks, bonds, and ETFs through Kuda.
- Kuda Visa card: You can order a Kuda Visa card to make payments online and offline.
Kuda is a great option for people who are looking for a mobile-first bank with no hidden fees. With Kuda, you can manage your finances on the go and save money on fees.
Can I open Kuda account without BVN?
No, you cannot open a Kuda account without a BVN. Kuda requires a BVN for all account holders in order to comply with the Central Bank of Nigeria’s (CBN) Know Your Customer (KYC) regulations. The BVN is a unique 11-digit number that is used to identify you across all financial institutions in Nigeria. It helps to prevent fraud and money laundering.
If you do not have a BVN, you can apply for one online or at any bank branch in Nigeria. Once you have a BVN, you can open a Kuda account.
Here are the steps on how to open a Kuda account:
- Download the Kuda app from the Google Play Store or the App Store.
- Create an account and provide your name, phone number, email address, and BVN.
- Verify your identity by taking a selfie and uploading a government-issued ID.
- Fund your account with a minimum of N1,000.
- Start using your Kuda account to send and receive money, make payments, and invest your money.
Kuda is a great option for Nigerians who are looking for a convenient and affordable way to manage their finances. The app is easy to use and offers a variety of features, including:
- Free and instant transfers
- No ATM or transfer fees
- High interest rates on savings
- Access to a Kuda Visa debit card
- The ability to invest in stocks and bonds
If you are looking for a new bank account, I recommend checking out Kuda.
Does Kuda Bank have USSD code?
Yes, Kuda Bank has a USSD code. You can use the USSD code to check your balance, transfer money, and make payments. The USSD code is *894#.
Here are some of the things you can do with the Kuda Bank USSD code:
- Check your balance: Dial *894# and follow the prompts.
- Transfer money: Dial *894*amount*recipient’s phone number# and follow the prompts.
- Make payments: Dial *894*amount*merchant code# and follow the prompts.
To use the Kuda Bank USSD code, you must have a Kuda Bank account and a phone that can access the internet. You must also have a SIM card that is registered with your phone number.
Here are some of the benefits of using the Kuda Bank USSD code:
- It is a convenient way to access your bank account without having to download the Kuda Bank app.
- It is a free way to check your balance, transfer money, and make payments.
- It is a secure way to access your bank account because you do not have to enter your PIN.
If you have any questions about the Kuda Bank USSD code, you can contact Kuda Bank customer support.
To transfer money from Kuda to another bank, you can follow these steps:
- Open the Kuda app and sign in to your account.
- Tap on the “Pay” tab.
- Tap on “Send to Bank Account”.
- Enter the recipient’s bank name, account number, and the amount you want to send.
- Enter a message or narration for the transfer.
- Tap on “Send” to confirm the transfer.
You will be charged a fee for each transfer, unless you have an upgraded Kuda account. With an upgraded account, you will get 25 free transfers to banks and fintech accounts every month.
Here are some additional things to keep in mind when transferring money from Kuda to another bank:
- The recipient’s bank may charge a fee for receiving the transfer.
- The transfer may take a few days to reach the recipient’s account.
- If you are transferring money to a bank outside of Nigeria, you may need to provide additional information, such as the SWIFT code or IBAN number.
How to get a loan on Kuda Bank?
To get a loan on Kuda Bank, you need to:
- Open a Kuda account.
- Verify your account with your BVN and a valid ID.
- Use your account regularly for at least 30 days.
- Apply for a loan in the Kuda app.
- Provide the required information, such as your income and expenses.
- Accept the loan offer.
Kuda Bank offers personal loans of up to ₦200,000 with repayment terms of up to 3 months. The interest rate on Kuda loans is 19% per annum.
Here are some of the requirements for getting a loan on Kuda Bank:
- You must be a Nigerian citizen.
- You must be at least 18 years old.
- You must have a valid BVN.
- You must have a verifiable source of income.
- You must have a good credit history.
If you meet all of the requirements, you can apply for a loan on the Kuda app. The application process is quick and easy. You will need to provide some basic information about yourself, such as your name, email address, phone number, and income. You will also need to provide a copy of your ID and a recent bank statement.
Once you have submitted your application, Kuda Bank will review it and let you know if you have been approved for a loan. If you are approved, the money will be deposited into your Kuda account within 24 hours.
Here are some tips for getting approved for a loan on Kuda Bank:
- Make sure you have a good credit history.
- Provide accurate and complete information on your application.
- Be prepared to provide documentation to support your application.
- Be patient. The application process can take a few days.
If you are not approved for a loan on Kuda Bank, you can try applying for a loan from another lender. There are many different lenders available, so you should be able to find one that is willing to lend you money.
How can I check my Kuda account?
There are a few ways to check your Kuda account balance:
- Through the Kuda app: The easiest way to check your account balance is to open the Kuda app and sign in. Once you’re logged in, your balance will be displayed at the top of the screen.
- Through the Kuda website: You can also check your account balance on the Kuda website. Go to the website and sign in with your account information. Once you’re logged in, your balance will be displayed on the dashboard.
- Through a bank statement: Kuda will send you a monthly bank statement that shows all of your transactions for the month. This includes deposits, withdrawals, and transfers. You can use your bank statement to track your spending and make sure that all of your transactions are accurate.
If you need to check your account balance more frequently than once a month, you can set up text alerts or email notifications. These notifications will let you know when your balance changes, so you can always stay on top of your finances.
Here are some additional things you can do to check your Kuda account:
- View your account statement: You can view your account statement by going to the “Statements & Reports” section of the Kuda app. This will show you a list of all of your transactions for the past 30 days.
- Track your spending: You can track your spending by using the “Budgeting” feature in the Kuda app. This feature will help you see where your money is going and make sure that you’re not overspending in any one area.
- Set up alerts: You can set up alerts to let you know when your balance falls below a certain amount. This can help you avoid overdraft fees and make sure that you always have enough money in your account.
If you have any questions about your Kuda account, you can contact customer support for help.
Do you find Six9ja useful? Click here to give us five stars rating!