What Kuda Bank All About?
Kuda Micro-Finance Banking Company.
Am sure you have heard of Kuda Bank Before! Are they just a bank because you can’t find them around you like other Banks?
Kuda Bank call be also Called Kuda Micro-Finance Bank.
It a fast rising ditigal bank that offers a full digital Microfinance bank services.
In other words, they provide services where by normal banks provide digitally.
Digitally in a sence that, they operate online using thier company apps, services can be done without a physical contact with them.
Does That Mean Kuda Bank is a Scam?
NO, it not a scam. Kuda Bank is a registered Micro-Finance Bank with the Corporate Affairs Commission (RC 796975) and further more was given Full licensed by the Central Bank of Nigeria (CBN).
All deposit made to your Kuda bank account are 100% insured by the (NDIC) Nigeria Deposit Insurance Corporation.
That is to say your funds are safe with kuda bank with 100% full privacy.
Kuda bank has features of normal banks and Micro-Finance Banks, making it easier for people to spend, save, send and receive money with thier mobile phones.
Kuda Micro-Finance Bank uses the exact high-security encryption used by regular banks to secures all accounts of thier customers.
Kuda Bank is more safer when it comes to protection of customers privacy ( personal information of their customers). This brings a lot of trust from users for repecting thier privacy.
Kuda Micro-Finance bank is a safer digital bank to use for your financial transactions.
Kuda Micro-Finance Bank is a Totally known as an Online Bank, You don’t need papers to open account, your account can be setup in a couple of minutes.
(Opinion: I think kuda bank is gradually reducing the number of people going to bank to run transaction, they making things easier with Smartphones)
Kuda Micro-Finance bank also introduce some other Interesting features that no other Micro-Finance Bank has.
This has made it pretty much cool, attractive and can also be seen as an alternative to the normal commercial banks in Nigeria
. They are rated as one of the best fintech companies in Nigeria.
According To Craft.co, Kuda Bank (formerly Kudimoney) is a financial technology company providing banking services. It offers a mobile app that enables users to make payments and manage savings and spendings. See Also How To Increase Bank Limit
Further more, kuda Micro-Finance bank is said to be a private company type.
When Was Kuda Micro-Finance Bank Founded?
Kuda Micro-Finance bank was founded in the year 2017,
About 3-4 years now.
Kuda Micro-Finance Bank Official Website?
Kuda bank Company Growth
Kuda bank has a company Growth of about 80% over the last two years
Kuda Bank Company Employee
Kuda bank has the estimated number of Employees 128 as at (Aug 2021).
Atleast, this created some Job Opportunities for people.
Kuda bank Company web visits and cyber security
As at may 2021, kuda bank has a total of 87,200 thousand visit to thier official Website (May 2021)87.2 k
Kuda Bank Company CEO/Founder(s)
Kuda bank is founded by Babs Ogundeyi and a Co-founder Musty Mustapha.
Babs Ogundeyi is the CEO and Co-Founder of Kuda Bank, Nigeria’s first online digital-only bank, with the main goal of making banking systems more accessible and affordable and efficient.
Babs Ogundeyi Education
Babs Ogundeyi has a strong academic background. He graduated from Brunel University in London with a bachelor’s degree in Business Studies and Accounting.
Musty Mustapha Is A Co-founder of Kuda Bank. He is an emerging technology business leader whose goal as a professional is to use his skills and knowledge of Information Technology for the betterment of both society and the business, continuing to take on more responsibilities and challenges, be resourceful and result oriented in all my endeavours, and be a part of a greater picture that is driven to deliver excellent services to customers and all of mankind.
Musty Mustapha Education
Musty obtained his Bachelor of Science in Computer Science and graduated with a First class from the University of Ilorin, Kwara state, Nigeria in 2011. He proceeded to University of Lagos for his masters degree which he obtained in 2013.
Kuda bank Transaction Limits
According to kuda bank “Your money is always your money, but there are Central Bank rules that control how much of it you can spend at a time.”
Here’s everything you need to know:
- You can send a maximum of 1 million naira at once.
Translation: There’s a 1,000,000 naira limit on a single transfer from your Kuda account.
- You can spend a maximum of 500,000 naira at once through a POS terminal.
Translation: There’s a 500,000 naira limit on a single POS payment you make with your Kuda Card.
- You can withdraw a maximum of 30,000 naira at once at an ATM.
Translation: There’s a 30,000 naira limit on a single withdrawal you make from an ATM with your Kuda Card.
Kuda Bank Account Types and Requirements
Kuda bank grades your account Transaction and limits based on the documents you provide for better trust and more efficiency to work well with thier costumers.
You don’t necessarily need a bank account to start using kuda bank.
Lite – All you need is a Name and Phone Number
Basic – Name, Phone Number and BVN
Premium – Name, Phone number, BVN, Valid ID
Branches And Address
The head office address is located at 151 Herbert Macaulay Way, Yaba, Lagos, Nigeria. This is thier Head Quarter
5 New St Square
Finsbury Pavement, City Rd, Finsbury
Kuda Bank Total Funding.
Kuda Micro-Finance Bank has a total funding of about 36.6 million dollars.
That to say Kuda Bank has raised $36.6 m in total funding.
Kuda Bank latest funding size
Time since last funding
5 months ago
Kuda Bank investors
Valar Ventures, SBI Investment, Target Global, Entrée Capital, Haresh Aswani, Ragnar Meitern
Kuda Bank Operating Metrics
Kuda Bank’s Customers was reported to be 650k (sic hundred and 50 thousand) in Mar, 2021.
As at Mar, 2021 Average Monthly Transaction Volume is about $2.2 billion
Kuda bank customer care number and Social handles
The customer support of Kuda is @Kudabankhelp while the official Twitter of Kuda is @Kudabank
Their Official Company Number is +234(0)903 220 0350
Contact email is email@example.com
World Economic forums
What are Requirements to open a Kuda bank account?
These are the very important conditions you need to meet before opening an account with Kuda bank.
Be minimum of 18 years old and strictly for Nigerian citizen.
A smartphone(iOS/Android) that will supports the latest version of the KUDA app. I recommend phone versions of 6v and above.
An active Nigeria phone number and a personal email address
How to open account with kuda bank ?
Follow these steps to sign up on the KUDA app:
Download Kuda on Google Play or the App Store.
Once you have successfully downloaded the Kuda bank app from their playstore or app store as mentioned earlier above, you can start by launching the app.
Open the app and follow the prompts on your screen to open an account.
After launching the app, you get two options between signing up which is for new users while Log in is for already existing users.
As a new user, click on the signing up option. The first of six pages will be open up to you immediately.
Complete your KYC verification
By providing this important detailed documents below, you can be able to get a lite or premium account.
Account owner’s Selfie and phone number: With these, you get a level one account -with account limits.
BVN for a level two account.
And then provide a proof of National commercial Bank account identification number. It is given to you when you open a bank account with any bank
ID card/NIN and BVN -for a level three account, without any limit on your account.
you are expected to input your email correctly, 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.
I will recommend using the referral code of the person that first told you about kuda bank.
Once you’re done, you get an account number instantly. Anyone can send money to the account, and you’d see it reflect immediately.
Add money to your account and start enjoying KUDA free benefits/features.
Kuda Bank: Adding money through Ussd transfer codes.
Gt bank: Ussd Transfer Code Is *737*50*amount*416#
For more of thier services, Use *737#
Follow the instructions there to complete transaction
First Bank: Ussd transfer Code is *894*amount*kuda account number#
Follow the instructions there to complete transaction
Wema Bank: Ussd transfer Code is *945*kuda account number#
Follow the instructions there to complete transaction.
Only phone number link with wema bank account can perform transaction using this code.
Follow these steps to add money from Zenith Bank, GTBank, and Polaris Bank with Kuda Bank USSD code.
On your dashboard, tap Add money.
Tap Add to USSD.
Enter the amount you want to send.
Tap the appropriate USSD code to choose it and follow the on-screen instructions
Kuda Micro-Finance Bank has made it more easier for people to make transaction using Ussd code.
This transaction using Ussd transfer code can be done without data, or the kuda app.
Kuda bank out standing features
Why should you open account with them?
Below are the amazing reason and outstanding features why you should use kuda bank.
Kuda Bank USSD Transfer Code Rules
For security reasons, Kuda has therefore adjusted its rules:
Rule #1: You must update your Kuda account to add money with a card.
To keep everyone and their money as safe as possible, we cannot make any compromises here.
Without a bank verification number (BVN) and officially issued proof of identity, you can deposit money into your account purely by bank transfer or cash.
At the bottom of your Kuda dashboard, tap More and then tap Identification to add your BVN and ID.
Rule #2: Kuda Bank will stop paying the payment gateway fees after you add up to 100,000 naira to your account with a card.
This means that once you hit the 100,000 naira limit for free top-ups, you will have to pay a payment gateway fee every time you deposit money into your Kuda bank account using a card.
Kuda bank Free Fees
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 2 free transfers every month.
Kuda bank indicated that they save you around #15,250 yearly in banking fees.
Then, when you exhaust your 25 free transfers, you are charged only a #10 flat fee to transfer any amount.
As you already know, you pay from #10 above per transfer -depending on how much you are sending. This means you pay to send, and the receiver also pays to receive the money you have sent.
But this is not the case with Kuda Bank. After exhausting your 25 free transfers, you pay only #10 per transfer, irrespective of the amount, and if your receiver is on Kuda, they don’t pay anything to receive the money.
Free kuda Cards
Kuda bank card is like the normal at cards your commercial Bank gives to you.
Yes, there is a Kuda banks gives free Mastercard. Kuda banks ships your Kuda bank Mastercard to your address if you choose to apply for the card.
One of the main reasons people search for Kuda bank review is to know if the bank issues a debitcard, and it does.
You shouldn’t have to pay to own a Kuda bank debit card. They will send a free one to your address at no cost and never charge you a card maintenance fee.
Withdraw cash using the kuda bank card at over 3,000 ATMs in Nigeria free of charge.
You’ll never pay a card maintenance fee again!
Wrapping it up.
Kuda bank is a great commercial Bank alternative, especially thier nice feature like free transaction fees, free cards and lots more.
Taking banking services digitally makes an impressive move in Nigeria.
Kuda Bank has gotten over 1million users on thier official app.