Kuda Bank: How It Works, Customer Care Number & USSD Code-.
The central bank of Nigeria gave a license to kuda bank for it to operate in Nigeria. It is a digital microfinance bank, their office is at 151, Herbert Macaulay Road yaba, Lagos, Nigeria.
A little History of Kuda Bank
A few years ago to make banking life more convenient, easy, and affordable a small group of people came together to build an application.
Kuda was founded by Babs Ogundeyi and Musty Mustapha.
This indeed was the starting point of Kuda. Years down the line, this innovation has grown into a microfinance bank recognized by the Central Bank of Nigeria (CBN).
Kuda helps you in getting the most out of your banking experience without overcharging you. They have tools that help you in tracking your spending habits, making the right money moves, and saving wisely.
Kuda Bank Terms and Conditions
The basis of having an account with kuda and enjoying their services is to agree to their terms and conditions.
In their terms and conditions, you must provide accurate and complete information for you to create an account with them.
Furthermore, You have to supply all documentation, photographs, and information that help in complying with regulatory obligations.
Additionally, if you fail to keep to the terms and conditions, or if you do not agree exit the application immediately.
Kuda Bank objective
The objective of kuda Bank is to establish a cordial relationship with its customers, kuda will manage a bank account and provide services to customers.
Furthermore, they grant credit facilities, banking services e.t.c
1. Opening an account with Kuda bank:
To be able to open an account with Kuda, you must be at least 18years of age and be a Nigerian.
In addition, you must meet up with the technological requirements and not yet have an account with them.
2. Verifying your identity on Kuda Bank:
Banking regulations require kuda to verify your identity before an account can be opened for you.
You will need to supply your BVN, an active phone number, and a profile picture.
They have different types of account and they are:
I. Basic: the requirements of having the basic tiered account are Name, Phone Number, and BVN.
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ii. Kyc: The full KYC requirements are Name, phone number, Name, BVN, Valid ID. The ID can be ( voters card, National Identity card, National passport, Drivers license.
Your profile should be up to date with your email address, physical address e.t.c.
To make communication between you and Kuda easy, they make use of the English language. After opening an account with Koda, you will be getting messages, images, and notifications from kuda.
Types of Account
1. Spending Account:
This is possible when you find your Kuda account from your bank account via transfer, stored cards, and cash at partnered bank.
Furthermore, you will be able to pay bills, make your kuda card, make the instant transfer, and still save as you spend.
For the basic tier one, the maximum daily single deposit is #50,000, the daily minimum balance is # 0. The maximum total balance is #300,000, the maximum single transaction limit is # 50,000, #1000,000 is the daily transaction limit.
2. Spend and Save:
With the spend and Save you get a user predetermined percentage of user-induced on your account.
Furthermore, Enabling this feature is on the spend and save a section of the application.
3. Kuda Save:
The kuda save helps you to save money with minimal effort. To this, we will debit your Kuda bank account at a user-determined frequency.
Albeit, you can make a one-time lump savings. Upon expiration, your funds will be transferred back into your Kuda bank.
Furthermore, you can make a withdrawal before the expiration of the tenor. This is can be done at no charge for recurring savings, for one-time savings you will pay 5% of the amount withdrawn.
The kuda bank gives the master card to their customers, this card is issued by Zenith bank. The card must be used for lawful transactions within Nigeria. The card after expiration can be auto-renew unless your card is revoked or the account is closed.
How Kuda Bank Works
Kuda bank works like the normal traditional bank account but with kuda bank, it is easier as it is digital banking service.
To have a kuda account, download the Kuda application from the play store, sign up for a Kuda account. Provide necessary documents for identification, then kuda will give you a bank account.
After creating your account, Kuda will be in charge of managing your bank account for you. Apply for a debit card and kuda will deliver it to the location you provide. With the kuda application, you can pay bills, make instant transfers, and spend as you save.
Kuda earns money by using deposits to make investments, a commission from airtime and data sales, service fees, and sellers pay Kuda when you make purchases using the Kuda card.
Benefits of Using Kuda Bank.
Some of the benefits of using kuda bank are:
- Creating a smart budget to help you save while still spending
- Gives you a visual analysis Of your account.
- Withdraw cash for payments free of charge at over 3000 ATMs
- 25 free transfer to different banks every month
- No card maintenance fees
- You receive 15% interests every year when you save
- Requirements for having a Kuda bank:
- Be a Nigerian citizen and be 18years
- A smartphone that have an operating system they supports the latest version of the Kuda application
- An email address and having a valid bank account
- Do not have a Kuda account yet.
All About Kuda Savings
1. Kuda spend and save:
This feature saves money for you automatically every time you spend from your kuda savings account. You can withdraw from it at any time.
2. Flexible savings:
It allows you to save money towards a goal, you can save daily, weekly, or monthly.
Additionally, you also get a 10% annual interest.
3. Fixed savings:
With fixed savings, you earn up to 15% annually. At the end of the designated period, your money will be paid back into your Kuda account.
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Note: you can also withdraw your money before your tenor expires.
Kuda Account Sign up
- Download the Kuda bank application
- Launch the application and follow the onscreen instruction to create an account.
- Deposit money into your Kuda account and start enjoying kuda free benefits.
Kuda Customer Care Number
You can contact kuda at [email protected]
Kuda USSD code
To send money to your Kuda bank using USSD code
- Open Kuda
- Tap add money on your dashboard
- Tap add by USSD
- Type in Amount
- Type the right USSD code and click send.
Alternatively, to send money from Wema bank to your Kuda account dial *945# and follow the instruction.
You can do this for other transfers for other banks to your Kuda banks.
In conclusion, making use of Kuda banking services will limit your expenses and ease your stress. If there is anything you would like to add please let us know in the comment section.