The Kuda Bank app is currently one of the most popular and cutting-edge banking applications available in Nigeria today. The fact that it is exclusively an online bank is one of the things that sets it apart from other financial institutions and makes it appealing to the vast majority of young people in Nigeria.
The Kuda bank, which also has other fascinating elements that make it appealing and could be an alternative to Nigeria’s traditional banking system, is an option for customers who are looking for a new financial institution. There is not a shred of doubt that it is among the top 10 best fintech companies in Nigeria.
Because the Kuda Bank app is exclusively available online, you won’t have to travel to any real banks in order to take care of any problems that may crop up.
This is due to the regular stress that people go through when they visit banks, as most banks have long queues, which wastes time and sometimes prevents individuals from accomplishing their goals for visiting the bank in the first place. This causes people to feel stressed out more often than not.
In this piece about the Kuda bank app review, we will discuss everything there is to know about Kuda Bank, including the characteristics of the institution that make it a dependable alternative to conventional banking.
What Is Kuda Bank App? – The Banking Concept Explained
The Kuda bank operates virtually identically to a conventional bank, albeit without any physical locations.
The banking and financial services provided by the company are carried out entirely online, and the company possesses a valid banking license issued by the Central Bank of Nigeria.
Because the bank has been designed only with smartphone users in mind, it will not be possible for prospective clients who do not own a smartphone to open an account with them.
The mobile banking application for Kuda can be downloaded for free on a variety of smartphone operating systems, including Android, and iOs.
The app is simple to use and allows you to access banking services from the convenience of your own location, be it at home, school, church, a market, an event, or anyplace else.
Because of its user-friendly interface, the Kuda Bank app is accessible to virtually anyone who possesses a smartphone. This facilitates simple navigation and operation within the application itself. Because it is optimized for fast loading, it enables transactions to be completed more quickly.
Kuda Bank is a full-service bank that does not charge any fees by utilizing the capabilities of digital and other forms of technology.
Developed specifically for mobile use, this app is an excellent resource for assisting with your budget, helping you spend more wisely, and putting away more money. The goal is to create the most successful financial institution for people of African descent anywhere in the world.
Who Is The Owner of Kuda Bank?
The CEO of the Kuda Bank is Babs Ogundeyi.
He received his postsecondary education from Brunel University in London, and he has spent the majority of his career working within the boundaries of financing in both the private and public sectors in Nigeria. His education came from Brunel University in London.
Babs was a contributor to the first classified automobile magazine in Nigeria, which was eventually acquired by a Nigerian media company and given the name Motor Trader Nigeria. Babs was a part of the publication’s creation.
How Does Kuda App?
Though Kuda is never listed as one of the top 10 oldest banks in Nigeria, it is a digital bank in Nigeria that does everything any other traditional banks do, through its app.
They are even registered with a Microfinance bank license. This digital bank allows its users to check accounts without any charges as other traditional banks do, free debit card, free funds transfer to other banks in Nigeria and also provides loan options to eligible customers.
These are exciting offers for potential customers due to the high fee which traditional banks charge its customers for some of their services like funds transfer to other banks, Atm card maintenance, debit card issuance, and so on.
It is important to understand that savings made with Kuda bank app does not just lie in the account unused but it is issued out on loan to borrowers with interest attached.
Your savings might also be invested in other businesses, and whatever proceeds from such investment belongs to the bank.
There is nothing to fear, as this is the same procedure that other traditional banks use to earn. The only difference is that traditional banks charge more, while Kuda bank charge considerably little or even nothing at all.
The yield of investment by this bank covers all the free transfer, debit cards, and other services offered by the bank.
Many people ask where the bank earns from. This is easy because the yield from the investments Kudi Bank makes is enough to run the bank since they don’t build physical branches around.
Related: How to borrow money with USSD codes in Nigeria.
Kuda Bank App Download for Android and iOs Users
Since the Kuda bank app is only optimized for smartphone users, it can only be accessed by users of smartphones like iOs, and Android devices.
You just have to visit either the Apple app store or the Google play store to download the app for Apple and Android devices respectively.
You just have to launch either of the app stores and search for the Kudi Bank app. Once you locate, download, and install; the rest is easy.
How do I get the Kuda Bank Loan?
There is an overdraft feature on the Kuda Bank app, but only if it is enabled specifically for select individuals. If yours isn’t, please contact Kuda customer care via their chat.
Kuda Bank Sign Up
Signing up and registering on the Kuda Bank app is quite easy, as long as you follow the steps with the correct details.
Once you have successfully downloaded the Kuda bank app from either app store as outlined earlier in this article, you can start by launching the app.
After launching the app, you get two options between signing up which is for new users while Log in is for established users.
Since you are a new user, click on the signing up option. The first of six pages will open up to you.
Here, you are required to input correctly your email, password, Re-enter password, as well as referral code. Referral code is a code you can use to register if someone already on the platform refers to you.
The benefits of this referral code will be discussed later in this article.
On the second page, you have to input your Last name, as well as your first name.
The next page requires you to input your date of birth and gender. On the third page, you are required to input your phone number.
You have to verify your phone number through the OTP which will be sent to the number provided. Next up is your street name, city, and state.
On the final page, you just have to take a selfie, and there you have it; you just became a Kudi Bank user. It’s just as simple as that.
Related: Paystack payments limited review – all you need to know
Once you sign up, the next obvious thing you will do is open an account. You will be provided an account number which you can use to execute transactions.
On the Kuda Bank app, there are three types of accounts available for users. Each of these accounts has different attributes that make them unique.
The three accounts are Lite, Basic, and Premium.
To register on the Lite account, you just have to provide your name and phone number, while on the Basic account, you need a name, phone number, and BVN.
For the premium account which is the highest tier, you need a Name, phone number, BVN, and valid ID.
On the premium account, you can easily transfer 250k max at a go, with maximum transfers per day reaching 1 million naira while the value stands at 500,000 on a POS.
Related: KashKash loan app review – All you need to know
Kuda Referral Bonus and Codes
To get the Kuda Bank referral bonus, you must refer a newbie to open an account by downloading the app and signing up with your referral code.
Every account opened comes with a referral code which can be supplied to the newbie to fill in on the first page of registration. You get N200 for each person that you successfully refer to open a new account on Kudi Bank.
Summary of Kuda Bank App
The Kuda bank app, which is a digital bank has come to stay.
This type of bank is able to function due to the advancements in technology and the transfer of the business to the digital space which seems quite accommodating for any size of business.
Though Kuda app still has a lot to do to convince people of the safety of their money, it is definitely worthwhile as well as a move in the right direction for the financial institutions in Nigeria.
The fantastic features available for users is enough to entice anyone, especially when people hear about the prospect of running any kind of transaction for so little or free.
You obviously should give it a try, and you will be convinced by just how much this bank is capable of achieving.
Even More Topics:
I’ve been enjoying Kuda but of recent I’ve not been able to access my account and I’m unable to make any transactions. Please, what’s happening?
It keep saying “something went wrong, refresh”
Please chat the customer care service of Kuda on their app. If you can’t login, please seek the help of a friend who uses kuda to reach them on his/her app
One thing I love about kuda microfinance bank is the free transfers. Also there transfer speed is very good.
Kuda bank is very good. I have been using them for a long time now without any issues. Thanks for this post.
Dear Admin/writer, does Kuda offer some interest to customers on their account balance? If so, what’s the interest rate?
Thanks in anticipation
Hi Ore, Kuda doesn’t offer interest to customers on their account balance. But if you choose to use the ‘Save’ feature on the app, you can get a 10% interest per year on funds you set aside towards a goal; saved daily, weekly, or monthly. You can also use the fixe saving option where you save N5,000 or more at once, and get up to 25% interest per year