Kuda Bank App Review, Everything You Need To Know, Complete Guide

Previously known as Kudi Money, Kuda bank is a start-up digital-only bank with headquarters in London that has been operating in Nigeria since 2017. Babs Ogundeyi and Musty Mustapha started it, then in 2019 it changed its name to Kuda Bank.

Despite having a reputation for not charging bank fees, Kuda Bank began charging 50 naira for deposits of 10,000 naira or more in July 2022. As a result of their support for the 2020 End SARS protests, the bank received a lot of support from the protesters.

One million Naira was given to the bank’s millionth customer. It was selected as one of the top seven African tech startups for 2021 by the WEF.

The bank holds the Central Bank of Nigeria’s first licence for a mobile-only bank in Nigeria. Currently, it has permission to offer mobile banking and microfinance services. In August 2021, it raised more than $55 million in Series B fundraising, valuing it at over $500 million.

One of the top financial platforms on the Nigerian market is the Kuda Bank mobile app. Customers will initially benefit from a 15% maximum annual interest savings rate.

Their “Save + Spend” feature was created to make saving money simple. Every time you make a purchase with your card or account, Kuda can put a portion of the cost into a savings account for you. All you have to do is enter the percentage rate you want in the “Save + Spend” options.

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Benefits of using Kuda Bank

Kuda Bank give you a free debit card, all you have to do is to Order it right in the app.
Kuda Bank helps you Create smart budgets that will help you take control of your spending.
Kuda Bank helps you See where your money goes without solving equations.
You Pay absolutely nothing for sending money with Kuda Bank
With Kuda Bank, you can Save automatically and they will pay you up to 15% interest every year.

Disadvantages of using Kuda bank?

Overdraft loans charge a 0.3% interest rate daily;
Does not integrate with Google Pay or Apple Pay;
Operates only in naira, and lacks USD, EUR, or GBP accounts.

What type of bank is Kuda?

Kuda Microfinance Bank is a prominent full-service digital microfinance bank in Nigeria, chartered by the Central Bank of Nigeria and registered with the Corporate Affairs Commission (RC 796975). (CBN). The Nigeria Deposit Insurance Corporation (NDIC) insures your deposits in Kuda bank.

Kuda Microfinance bank is a product of Kuda Technologies Ltd. The corporate headquarters are located at 151 Herbert Macaulay Way, Yaba, Lagos, Nigeria. Babs Ogundeyi and Musty Mustapha co-founded Kuda.

KUDA secures all accounts with the same high-security encryption used by traditional banks. Kuda is deeply committed to respecting and protecting its customers’ personal information.

How Kuda bank Works?

By providing digital banking services, Kuda mimics the operations of a traditional bank while also facilitating transactions.

The Kuda App must be downloaded, and a new Kuda account must be created in order to create a Kuda Account. You must give Kuda exact and complete information about you before your account can be created. Your account number will then be generated by Kuda.

Following the creation of your new Kuda account, Kuda will act as your designated customer and manage your bank account on your behalf. Additional services like banking, savings, and the granting of credit facilities will also be offered by Kuda.

You can now request for Kuda bank debit card, the free debit card that you have requested will then be delivered to the address you have specified.

The Kuda app also lets you control and manage your account. You can manage your Kuda card, pay bills instantly, make transfers, and save money as you go.

By leveraging collective deposits to undertake investments with the support of the government, KUDA generates revenue. KUDA also receives commission on airtime purchases and service charges from merchants when you use your Kuda Card to make purchases.

Kuda make money by using collective deposits to make investments and issue credit. They also make money from commission on airtime purchases and from service fees sellers pay us when people like you shop with their Kuda Card.

Who can use Kuda bank?

Residents and citizens of Nigeria can switch from conventional banking to convenient and cost-free digital banking by using Kuda bank. Customers who want to transfer money for free, receive interest on their savings, or occasionally require a short-term loan may find Kuda Bank to be the perfect option.

Is Kuda a loan app?

If you have a strong credit history and are a frequent user of the Kuda App, you are eligible to apply for a short-term loan. You will have your credit checked by Kuda Bank before they lend you money.

On the app, you may apply for a loan without filling out a tonne of documentation. They charge a daily interest rate of 0.3% on their regular loans.

Just 0.3% daily interest; no paperwork; no embarrassment.As long as you use your Kuda account frequently, you can borrow money for a short period of time using Kuda Overdrafts.

How does Kuda overdrafts work?

Sign up on Kuda and upgrade your account with your BVN (Bank Verification Number) and a valid ID.
Use your account regularly – buy airtime, pay bills, make transfers etc.
Kuda bank will automatically offer you an overdraft!

Who is the founder of Kuda bank?

Kuda bank was founded by Babs Ogundeyi and Musty Mustapha.

Where is Kuda Bank located?

Kuda Bank has an office at 151 Herbert Macaulay Way, Yaba, Lagos and headquarter in 91 Wimpole Street, London W1G 0EF, UK.

How much is Kuda Bank worth?

Kuda bank is currently valued at over $5000 million and raised over $55 million in Series B funding in August 2021

Is Kuda Bank registered with CBN?

Kuda bank is Nigeria’s first mobile-only bank licensed by the Central Bank of Nigeria (CBN). It is currently licensed for microfinance and mobile banking services.

Kuda is a full service digital microfinance bank that is duly licensed by the Central Bank of Nigeria (“CBN”) with registered office is at 151 Herbert Macaulay Rd, Yaba, Lagos, Nigeria.

Requirements to open a Kuda bank account?

Must be at least 18 years
A smartphone
Active phone number
Working email address

How to open an account with Kuda?

Download Kuda on Google Play or the App Store.
Enter your email address and password
Confirm your email address
Enter your personal information
Enter your phone number
Confirm your phone number Verification code
You are done, start sending and receiving money from your Kuda app

How does Kuda Bank make money?

What is Kuda Bank USSD code?

The USSD code for Kuda Bank is *894.

You can also add funds from other Bank accounts to your Kuda bank account using USSD codes.

You can utilise the Kuda app to indicate your Nigerian bank, your account, and the amount you wish to send over rather than having to remember the USSD of your other Nigerian bank.

You dial the USSD code that is automatically generated for you by the programme. Soon after, the transfer should start.

Does Kuda Bank requires BVN?

Kuda bank requests that you validate your BVN so that they can ensure that no one is impersonating you. When you validate your BVN, they compare your details to those in the Central Bank’s national BVN database. They won’t gain access to your other bank accounts using your BVN.

Can Kuda Bank work without a BVN?

Yes, it can. You can open a Kuda bank account without a BVN but your account will be limited to two free transfers per month.

If you choose not to give your BVN to Kuda Bank, your account will only be eligible for two free transfers per month.

Your other bank accounts in Nigeria cannot be accessed by Kuda Bank using your BVN. As part of its “Know Your Customer” programme, the BVN is used to both stop fraud and verify your identity.

Which country is Kuda Bank from?

Kuda, also known as Kuda Bank and formerly as Kudi Money, is a London-based (Fintech)start-up and digital-only bank operating in Nigeria since 2017.

Can Kuda receive dollars?

Legally, Nigerian banks are not permitted to accept foreign money transfers in naira (NGN). Money must be sent to you in US dollars if you want to receive it from outside.

To receive foreign payments, you must open a US dollar account with an established Nigerian bank. This is due to Kuda Microfinance Bank’s limited use of the naira.

Does Kuda Bank accept Bitcoin?

In compliance with the applicable laws, Kuda does not deal in crypto currencies and does not facilitate payments for crypto currency transactions and other related transactions.

Is Kuda ATM card free?

YES, Kuda bank ATM card is free.

Can I buy crypto with Kuda?

No! In compliance with the applicable laws, Kuda does not deal in crypto currencies and does not facilitate payments for crypto currency transactions and other related transactions.

Can I use my Kuda card for international transaction?

You can’t use the Kuda card to make international payments. While it is MasterCard, Kuda don’t process transactions that are settled in foreign currency at this time.

Does Kuda bank take charges?

Yes! Kuda Bank charge customers N50 for deposits of N10,000 and above. Kuda Microfinance Bank has stated that it will start charging N50 to all deposits of N10,000 or more made into customers’ Kuda account.

How will you add money to my Kuda account?

Several methods exist for funding your Kuda account:

Through internet banking or a bank app, you can transfer money to your Kuda account from any Nigerian bank.

A Nigerian debit card can also be used to make deposits into your upgraded account.

On your Kuda dashboard, click Add Money. Select the Add By Card option.

You can deposit cash into your Kuda account at any of their affiliated banks if you have it. On your Kuda dashboard, click Add Money. To receive instructions, select Add By Deposit.

How to Transfer Money to Kuda Bank?

Open Kuda.
Tap Add Money on your dashboard.
Tap Bank Transfer.
Tap Share to copy or send your Kuda account details and send money from another bank app or internet banking.

Can I transfer money from my Kuda account to another bank account?

Yes!

Open Kuda.

2. Tap Add Money on your dashboard.

3. Tap Bank Transfer.

4. Tap Share to copy or send your Kuda account details and send money from another bank app or internet banking.

How can I transfer money from Kuda to UBA?

Dial *894*amount*Kuda account number# from the phone number linked to the account.
Follow the prompts on your screen to complete your transfer.

How do I transfer from Kuda to GTB USSD?

How to send money to your Kuda account from GTBank with USSD. To send money from a GTBank account:

Dial *737*50*amount*416# from the phone number linked to the account.

How much does Kuda charge for withdrawal?

You can withdraw cash at ATMs across Nigeria free of charge up to three times a month but once you’ve used your three free withdrawals for a month, ATM providers will charge you the standard 35 naira withdrawal fee for any withdrawal you make for the rest of that month.

How many days does it take to get Kuda card?

Kuda needs at least two weeks (14 days, 336 hours) to print and deliver it to your address.

How to borrow money from Kuda?

Is Kuda Bank legit, save and good?

Yes, Kuda Bank is safe. It is a licensed bank in Lagos that is regulated by the Central Bank of Nigeria and offering its services to over 1.4 million Nigerian clients.. Kuda Bank is a member of the NDIC, which guarantees deposit protection for your holdings.

How to Contact Kuda Bank?

Kuda Bank does not run any physical branches because it is a digital bank. You can get in touch with the customer service staff in the following ways if you have queries and issues about your account:

Live Chat: Chat with customer support directly from the Kuda app.
Kuda Bank Website: Visit their help center for answers to frequently asked questions.
Phone: Call 01 633 5832 to speak with a representative.
Email: Send an email to Kuda Bank at help@kuda.com.

Kuda spending account

With the Kuda spending account, you will be able to fund your Kuda account via bank transfers, cash at selected partner banks, and a stored card. You will be able to pay bills, make instant transfers, manage your Kuda card and save as you spend. These activities are subject to the following limits:

Limit	Basic (tier 1)	Full (tier 3)
Daily Minimum Balance	₦0	₦0
Maximum Single Deposit	₦50,000	N/A
Maximum Total Balance	₦300,000	N/A
Maximum Single Transaction Limit	₦50,000	₦250,000
Daily Transaction Limit	₦1,000,000	₦1,000,000

Kuda spend & save

As soon as you sign up for Spend & Save, kuda will move a user-specified portion of any user-induced debit on your account to an interest-earning sub-account. From the Spend & Save section of the app, this option can be enabled and disabled.

Kuda spend+save

Spend+Save is Kuda exclusive feature that saves money for you automatically every time you spend from your Kuda account. You can withdraw from your Spend+Save savings anytime.

To use Spend+Save:

Tap the Savings button under your account balance on your Kuda dashboard.
Tap Save Now in the upper right corner of the Savings screen.
Tap Spend+Save then swipe the switch in the upper right corner of the Spend+Save screen to turn it on.
Set a percentage to save when you spend.

Kuda savings account

You may save money using Kuda Save with little effort. We can either deduct funds from your Kuda Bank account on a schedule that you specify, or you can save a one-time lump sum instead. The accrued funds will be sent to your Kuda Bank account when the duration expires. Before the tenor’s end, withdrawals are permitted. For ongoing saves, you can do this without paying anything, but for one-time lump sum contributions, there will be a fee. If the fee is adjustable, it is equal to 5% of the amount withdrawn or the interest gained if the fee is set.

Kuda flexible saving account

What you need to know before creating a Kuda account:

Save daily, weekly or monthly toward a goal and earn annual interest
If you withdraw more than 20% of the amount you set as your savings goal, you will only get the principal (the amount you started the plan with). All the interest you’ve accrued will be lost.
Your Flexible Savings plan will be deleted automatically once you withdraw more than 20% of your savings target.
We will debit your Spend account and credit your Flexible Savings plan immediately you create the plan.
We will credit your Spend account immediately you confirm withdrawal from your Flexible Savings plan.
In line with government regulations, we will subtract 10% of your accrued interest as withholding tax before payout on your plan’s maturity date.

How to create a Kuda Flexible Savings plan?

Open your Kuda app, then tap Save.
Tap Save Now.
Tap Flexible.
Name your savings goal, then tap Next
Type in the target amount you’d like to save, then tap Next.
Choose how often you’d like to save then tap Next.
Set how long you’ll save for then tap Next.
Add a picture to your goal, then tap Next.
Review your savings goal, then tap Launch Goal.
Tap View Goals any time to check your savings progress.

Kuda fixed saving plan

You can save a lump sum and earn annual interest.
If you withdraw before your savings matures, you will lose all the interest you’ve accrued and receive only the principal (the amount you started the plan with).
Your Fixed Savings plan will be deleted automatically once you make an early withdrawal from it.
Kuda will debit your Spend account and credit your Fixed Savings plan immediately you create the plan.
Kuda will credit your Spend account immediately you confirm withdrawal from your Fixed Savings plan.
In line with government regulations, Kuda will subtract 10% of your accrued interest as withholding tax before payout on your plan’s maturity date.

To create a Fixed Savings plan:

Open your Kuda app, then tap Save.
Tap Save Now.
Tap Fixed.
Name your savings goal, then tap Next.
Type in the amount you’d like to save, then tap Next.
Choose the number of months you’d like to save for.
Your Kuda app will show you how much annual interest you can earn on your savings.
Confirm your savings duration, then tap Next.
Add a picture to your savings goal, then tap Next.
Review your savings goal, then tap Launch Goal.
Tap View Goals any time to check your savings progress.

Kuda debit card and how to get it

With a minimum account balance of 1,000 naira, you can request a Kuda Visa card on your Kuda app. You can choose to have your card delivered to your preferred address for a fee or you can pick it up free of charge at a pickup location close to you.

If your account is upgraded with your BVN and a valid ID, you won’t need to pay for the Kuda Visa card.If your account hasn’t been upgraded with a BVN and a valid ID, you’ll need to pay 1,000 naira for the card.

How do I activate my Kuda Visa Card?

Open Kuda and tap Cards at the bottom of your dashboard.
Tap Activate Card.
Read the activation instructions and tap Activate Card.
Type in your card number (on the back of your card) then tap Next.

How do I change my Kuda Visa card PIN?

You can change your card PIN in the Card section of your Kuda app.If you use the wrong card PIN up to three times at an ATM, you can still change your PIN on the app. Just make sure that your first card transaction after changing your card PIN is at an ATM.

Will Kuda charge me a card maintenance fee for the Kuda Visa card?

No, Kuda won’t charge you a card maintenance fee.

How to get a Kuda Visa Card?

Open Kuda and tap Card at the bottom of your dashboard.
Tap Request A Card.
Tap Get A Physical Card.
Create your card PIN then tap Next
5. Type in a delivery address then tap Next.
Confirm your delivery address

How to block Your Kuda Card?

Open Kuda and tap Card.
Swipe the Block Card toggle to the right.

How to unblock your Kuda card?

Open Kuda and tap Card.
Swipe the Block Card toggle to the left.

How to cancel your Kuda card?

Open Kuda and follow the process to block your card.
Tap the red Cancel Card button.
Tap Yes to confirm.

Note: If you cancel your card, you’ll need to request a new one and it’ll cost you 1,000 naira.

How to track Your Kuda Card?

Open Kuda and tap Card at the bottom of your dashboard.
Tap Track Card.

What’s a virtual Kuda Visa Card and how do I get it?

A virtual Kuda Visa Card is a non-physical version of the Kuda Visa Card.Your virtual card is for making naira payments everywhere naira Visa cards are accepted online. This card isn’t plastic, so you can only use it online.

How to create a virtual Kuda Visa Card for paying online?

Open Kuda and tap Card on the menu at the bottom of your screen.
Tap Request A Card.
Tap Get A Virtual Card.
Confirm with your transaction PIN, fingerprint or Face ID.
Create a PIN for your virtual card, confirm it then tap Next.
Tap Okay.

How to request for Kuda debit card

Open Kuda and tap Card at the bottom of your dashboard.
Tap Request A Card.
Tap Get A Physical Card.
Create your card PIN then tap Next.
Type in a delivery address then tap Next.
Confirm your delivery address.

Will I be charged if I need to replace my Kuda Visa Card?

Yes, they will charge you 1,000 naira for a replacement card.