How To Open Kuda Bank Account

April 20, 2022

Kuda is gradually taking its place in the banking world and with the wonderful benefits that come with banking with Kuda Bank, a lot of people have considered using them and many others are coming in too.

Kuda Bank began as a savings app and it grew to become an approved microfinance bank by the Central Bank of Nigeria that helps Nigerians to get the best out of their money with little or no charges.

It was established by Babs Ogundeyi and Musty Mustapha.

What You Stand To Gain Using Kuda Bank

We are going to be showing you the benefits you would gain using Kuda Account.

You get your debit card deliver to your location free of charge
You can create smart budgets to help you take control of your spending
You can conduct 25 free transfers to other banks every month
You can easily block your card when it goes missing
No charges for card maintenance
You can withdraw cash for payments at no cost at over 3,000 ATMs.
You can get a crystal-clear visual analysis of your finances
You can save automatically to receive 15% interest every year.

How Does Kuda Bank Work?

Regardless of all we have said so far, Kuda Bank still work like the traditional banks in the sense that it offers digital banking services and to create a Kuda Account, you will have to download the Kuda App and sign up for a new Kuda account.

Before you can create the account successfully, you will have to provide Kuda with the right information about you. When your account is created, Kuda will manage your bank account for you and you also get to enjoy some of the benefits we mentioned about as a customer of Kuda Bank.

So when you request for a debit card, you will get it for free and it will be delivered to your location. You can also pay bills, make instant transfers and also track your spending through the Kuda App. Isn’t that lovely?

Requirements To Open A Kuda Bank Account

There are some criteria you will have to meet to be able to open a Kuda Account.

You must be at least 18 years old
You must be a Nigerian
You will need an active phone number and email address
You will need a smartphone that supports the latest version of the Kuda app

How To Open A Kuda Bank Account

Download Kuda on Google Play Store or the App Store
Open the app and click sign up
Click “open account”
Enter your name, email address and phone number
Click on submit

If you are opening any type of Kuda Bank account on your mobile phone, you may be asked to enter your referral code and so if you have any relative or friend who is already a customer of Kuda Bank, you can use their referral code.

How Does Kuda Make Money?

You might be wondering that if Kuda offers almost everything for free, how do they then make money. Well, Kuda makes money from commission on airtime purchases and service fees, sellers pay when you shop with your Kuda card.

They also make money from using collective deposits to make investments with the backing of the government.

Is It Safe To Use Kuda Bank?

You might be wondering if it is safe to use Kuda Bank and we are glad to tell you that it is very safe to use Kuda Bank as it is licensed by the Central Bank of Nigeria.

Kuda Bank is a leading full-service digital Microfinance bank that is registered by the Corporate Affairs Commission (RC 796975).

Also, just like other banks, your deposits in Kuda Bank are insured by the Nigeria Deposit Insurance Corporation (NDIC).

Their head office address is located at 151 Herbert Macaulay Way, Yaba, Lagos, Nigeria.

Kuda Bank Account Options

Kuda Bank offers two accounts opening options which are the Basic and Full KYC account types.

The information for the Basic account includes:

Name
Phone
BVN

The information for the Full KYC account includes:

Name
Phone Number
BVN
Valid ID (National ID Card, Voters Card, Driver’s License and National passport)

Some people might choose to open the Full KYC account over the Basic account type because they will have no limitations on maximum single deposits and account balance. You can also run daily transaction with up to N1,000,000 single transaction limit.

Opening an account with Kuda Bank is fully digital and so whichever account you open will not require any paperwork.

Kuda Savings Features

We will be looking at the saving features of Kuda. They are:

Kuda Spend+ Save

With this feature, you get to save money automatically every time you spend from your Kuda account. You can withdraw from your Spend+ Save savings anytime.

Flexible Savings

With this feature, you can save daily, weekly or monthly towards a goal and you get up to 10% annual interest and you get to meet your money goals every time.

Fixed Savings

This is a feature on Kuda that allows you to stash your money and watch it grow. So with it, you can save N5,000 or more and get up to 15% annual interest.

How To Get The Kuda Card

When you apply for Kuda debit card, it will be delivered to you at no cost regardless of your location and you will never be charged a card maintenance fee. Kuda MasterCard is issued by Zenith Bank under a license from MasterCard.

So to get the Kuda Card, you will have to:

Sign in to Kuda
Tap Cards at the bottom of your dashboard
Tap Get A Physical Card
Fill in your delivery address
Confirm your phone number
Type in the name you want to be printed on your card
Confirm your delivery details.

Kuda Bank Fees

Like we mentioned in the course of our introduction that Kuda Bank gives 25 free transfers every month if you sign up with your Bank Verification Number (BVN). If you sign up without your BVN, you will get only two free transfers every month.

After exceeding these limits, an extra transfer of N10 will be charged.

Aside this, everything else is free with Kuda and that is why it is called the “Bank of the Free”.