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In this post, you’ll discover all you need to know about KUDA Bank. From Kuda’s banking codes to their offices and branches, USSD banking codes, and customer care.
In addition, I will take some time to go over some details about the bank such as its history, owners, as well as their internet and mobile banking details. In this article, you will find out how to open an account and also get your own Kuda bank card.
How Does Kuda Bank Work?
Kuda works like conventional banks but what makes it different from traditional banks is that it uses digital banking techniques to make banking easier for everybody,
To have a Kuda account, you must first download the mobile app and signup for an account. Before your account is created, you will provide the bank with some vital information about you and afterward, they will give you an account number and get you a working account.
When you have an account with Kuda, you become a customer of the bank, which grants you the rights, privileges, and benefits of enjoying additional services such as savings, banking, and credit facilities.
You can also request a debit card from the bank and have it delivered to your location for free. The Kuda bank eliminates the traditional way of queueing in banking halls or doing a lot of paperwork. With the Kuda mobile app, you can manage, operate and maintain your account on the go. You can also make transfers, as well as pay bills, buy airtime & data, and manage your money as you want.
KUDA Bank earns money through collective deposits to make investments. They have the backing and approval of the government to offer the services of a standard financial institution. The bank also makes money from commissions on data and airtime purchases and service fees.
Benefits of Kuda Bank
There are several benefits you get to enjoy when you open a bank account with Kuda. Here are some of the benefits:
- No card maintenance fee.
- Blocking your ATM card when it gets missing or stolen.
- 25 free transfers to other banks every month.
- Save money and get 15% interest every year.
- withdraw cash at over 3,000 ATMs at no extra cost or charge.
- Free delivery of your debit card.
- Create budgets and manage your spending with the app.
- Analysis and breakdown of your finances.
History Of Kuda Bank
Kuda Bank was founded in 2016 by Mr. Babs Ogundeyi and Mustapha Musty. Popularly known as ‘the bank of the free’, Kuda Bank has gained a lot of recognition in Nigeria. It began its operations in Nigeria in 2019. Kuda Bank was formerly called Kudi Money. It is a free bank that operates online; the first mobile-only bank that was licensed by the Central Bank of Nigeria (CBN).
The bank’s method of operation shows that commercial banks can go about their financial activities without having to spend so much money running network branches. There is no need for unending queues of unsatisfied customers as seen in other banking halls. Kuda remains the only institution that is the closest to fulfilling the need for a digital bank.
Customers of Kuda bank can begin and finish transactions online from the comfort of their homes or workplaces or wherever they are. Kuda bank does not charge its customers banking fees. The bank gives 25 free transfers to other banks every month. Extra transfers to other banks cost ₦10 each. It also gives free ATM cards to first-time customers
Kuda account holders can deposit money in over 10,000 branches across Nigeria for free. Kuda Bank gained massive support during the ENDSARS protest because of their contributions to the protests. Kuda Bank was also a co-sponsor of Big Brother Naija ‘Lockdown’, season 5 edition.
Kuda bank awarded its millionth customer with 1million Naira. The bank was listed as one of the seven WEF African technology start-ups of 2021.
Collaborations & Partners
Guaranty Trust Bank, Access Bank, and Zenith Bank are all partners with Kuda Bank. Apart from the partnerships with these high-end institutions, Kuda Bank recently created headlines by becoming the first Nigerian bank to be featured in Binance’s P2P payment options.
Users who trade cryptocurrencies on Binance can now utilize their Kuda accounts to send and receive payments. Due to the CBN crypto ban, Kuda withdrew from facilitating payments of her customers who trade digital currencies on Binance and other crypto exchanges.
Due to its collaboration with three of Nigeria’s largest banks, Kuda offers a large branch network where consumers can make free deposits.
KUDA and Payoneer Partnership
Kuda partnered with Payoneer, an American financial services company to facilitate international money transfers and digital payments for its customers. Payoneer helps its businesses and individuals receive payments from different parts of the world. Payoneer makes it easy and convenient for Nigerians to receive money from abroad.
If you don’t have a dollar account, all you need to do is to create a Payoneer account. In case you already have a Payoneer account, link it with your Kuda account.
Having done this, you can start sending and receiving payments from companies, platforms, networks, and marketplaces over the globe.
How to Open a Kuda Bank Account
Before you can start the Kuda account opening process, have in mind that are requirements for registration.
- Be a Nigerian citizen.
- Be at least 18 years old.
- Have a smartphone (Andriod or iOS) that supports Kuda mobile app.
- Have an active email address and phone number.
Kuda offers two types of accounts – Basic and Full KYC accounts. The information needed for the Basic account includes:
- Name.
- Phone Number.
- Bank Verification Number (BVN).
The required information for the Full KYC account are:
- Name.
- Phone Number.
- Bank Verification Number (BVN).
- A valid ID (National ID Card, International Passport, Voters Card, and Drivers Licence).
The benefit of the Full KYC account over the Basic account is that there are no restrictions on account balance and maximum single deposits. Additionally, you can make unlimited daily transactions as can make a single transaction of up to ₦1,000,000 (one million naira). Both accounts do not require paperwork. Opening an account on Kuda is completely digital, that is, it can be done from the comfort of your home, workplace, or office.
Here are the steps to create a Kuda bank account:
- Download the Kuda bank app.
- Click on Sign Up.
- Enter the details requested (full name, email address, password, BVN, and your phone number for verification).
- You can enter a referral code if you have one (OPTIONAL).
- Create a login PIN that you will need whenever you want to access the Kuda bank app.
After providing all these details, you will get an account number and your account will be prepared for you.
Kuda Fees and Charges
If you created your account with your Bank Verification Number (BVN), you can get up to 25 free transfers every month. On the other hand, if you signed up without your BVN, you will get just two free transfers every month. Extra transfers will cost you an additional ₦10 (ten naira) for each transaction.
Asides from this, every other thing on Kuda is free; including your account maintenance, debit card, and cash withdrawals from KUDA’s partner ATMs.
Kuda Savings Features
Here are some savings features on the Kuda bank platform:
1. Kuda Spend + Save
The Spend+Save is an exclusive feature on the Kuda app that helps you save some money automatically each time you spend from your Kuda account. You can withdraw money from your Spend+Save savings at any time.
2. Flexible Savings
Flexible savings is another amazing feature on Kuda bank that lets you save daily, weekly, or monthly to accomplish a goal and get up to 10% annual interest. With this feature, you can achieve your money goals within the specified timeframe.
3. Fixed Savings
Fixed savings is a feature on the Kuda app that lets you reserve your money and watch it grow. With this feature, you can stash ₦5,000 or more at once and get an annual interest of up to 15%.
At the end of the tenor of your chosen savings plan, the accumulated funds will be disbursed to your Kuda bank account. Also, you can make withdrawals before the expiration of the savings tenor. You can do this at no charge for recurring savings, but there will be a charge for one-time lump sum savings.
Kuda Bank USSD Codes
Unfortunately, Kuda has no USSD code at the moment. The bank initiates all its transactions on the mobile app. You can do virtually anything on the app. However, you can transfer money to your Kuda account with USSD from your other accounts.
- First Bank: Dial *894*amount*kuda account number# and follow the prompts.
- GTBank: Dial *737*50*amount*416#. Then type your KUDA account number and confirm the transaction with your *737# PIN.
- Wema Bank: Dial *945#. Select ‘Send Money’, then select ‘Other Banks’. Next, enter your Kuda account number and select ‘Kuda MFB’. Then follow the prompts.
- Zenith Bank: Dial *966*amount*Kuda account number#. Select ‘Other Bank’ and then select ‘Kuda Microfinance Bank and follow the prompts.
How To Add Money to your Kuda Bank Account
You can add money to your Kuda Bank account through cash deposit or with your debit card.
Here’s what you need to do to fund your Kuda account using the cash deposit method:
- Open your Kuda Bank App.
- Select ‘Add Money’.
- Select ‘Cash Deposit’.
- Choose your preferred partner bank.
- Then follow the prompts on your screen to make deposits to the selected partner bank.
It is important to let you know that there is a charge attached when you use credit or debit cards to fund your Kuda Bank account. This fee is typically charged by the payment processor (Paystack, Flutterwave, or Interswitch. For local cards, a fee of ₦100 + 1.5% of the exceeded amount is charged for every transaction that is done through the payment gateway, and for international cards, a fee of ₦100 + 4% of the exceeded amount is charged.
To add money using your ATM card, you must have upgraded your Kuda account by linking your BVN and submitting a government-issued ID.
Kuda Swift Code
A swift code refers to a set of 8 or 11 digits that represents a bank branch. If you wish to send money internationally, you’ll need it. The swift code for KUDA Bank is KUDANGBA234. This code is to receive payments from Payoneer.
Kuda Bank Mobile Banking
KUDA Bank has a mobile app available to all android and iPhone users. It can be gotten from the Google play store. When you open the play store app on your android device, type KUDA bank in the search bar and download or click here to download the Android app.
iPhone users are not left out. The app can be downloaded from the app store. Open your app store on your iOS device, type KUDA bank in the search bar, and download, or you can still download the app for iOS devices here.
With Kuda mobile app, account holders can do all of the following:
- Open a Kuda Bank account.
- Reactivate Your bank account.
- Transfer Funds.
- Buy Data & Airtime.
- Check Your KUDA Bank Account Balance.
- Create an OTP (One Time Password).
- Create a Transaction PIN.
- Create Internet Banking Login Details.
- Pay Bills.
How To Request For a Debit Card From Kuda
Here’s what you need to do to get a Kuda Card:
- Open the Kuda app and tap Card at the bottom of your dashboard.
- Click ‘Request A Card’.
- Click ‘Get A Physical Card’.
- Create your card PIN then click Next.
- Type in a delivery address then click Next.
- Confirm your delivery address.
- Confirm your phone number.
- Enter the name you want to be printed on the debit card.
- Confirm all details.
- Wait for your card to be delivered to your address.
Is Kuda Bank Safe To Use?
With fraudsters and cybercriminals looking for ignorant people to prey on, you may be wondering to know if Kuda can be trusted in securing your deposits and keeping your funds safe.
Kuda Microfinance Bank is registered in Nigeria with the Corporate Affairs Commission (CAC) of Nigeria (RC 796975) and is also licensed by the country’s apex bank, the Central Bank of Nigeria (CBN). Your funds and deposits in Kuda Bank are safe as they are insured by the Nigeria Deposit Insurance Corporation (NDIC).
KUDA uses the same high-security encryption employed by regular banks to secure all customers’ accounts. That being said, the bank is extremely careful and committed to protecting the personal information and data of its customers.
So, Kuda Bank is safe and can be used for all your financial transactions.
Kuda Branch Offices and Contact Details
In as much as Kuda bank operates online, there is a need for at least one physical office should in case anything happens.
- Lagos Office: 151 Herbert Macaulay Way, Yaba, Lagos, Nigeria
- London: 5 New Street Square, London, EC4A 3TW, UK
- E-mail address: [email protected]
- Website: www.kuda.com
Kuda Bank Social Media Contacts
You can drop your request or complaint messages on:
Facebook at https://facebook.com/kudabank
Twitter via their handle at https://twitter.com/kudabank
Instagram at https://www.instagram.com/kudabank/
Instagram at https://www.instagram.com/kudabank/
A customer care representative will reply to you as soon as soon can be and all your queries and complaints will be solved ASAP.
You should know that no KUDA Bank customer care representative will ask for your personal information like ATM PIN, ATM card number, Mobile Banking PIN, CCV Number, or Token or OTP (One Time Password) to complete your request. They have everything they need on their end, you just have to say YES or No to authorize them to do what they have to do.
