Kuda is one of the neo bank in Nigeria that seek to make lives easy, they digitise banking such that people do not have to queue in bank before they make tranacation complian and make payment.
All of this can be done on the kuda app no need of visiting physical location though they have office in Lagos.
You will like to know everhing about this Bank, right?
That is exactly our thought when we heard about wonderful things kuda bank is doing in Nigeria, we deicided to look into the app and bring out information for our readers, so stay tune
History of kuda bank: how it started
Kuda bank was cofounded by Babs Ogundeyi and Musty Mustapha as a mobile money, called kudi, it can process transaction but has no functions of bank.
It was later these cofounder observed that they are not solving the main problem of the people which is easy banking (saving, deposit, transaction and others), they decided to make the start up a full fledged online bank.
This was a daring move because as at that time there was no neo bank around even Alat is till in the developing stage.
It turn out that the pivot was a good idea, the app was successful, thanks to lot of frustrated Nigerian who keen into it, right now there is more than 2 million Nigerian on the platform and it still continue to grow.
Who own kuda bank and how does it work
As stated above, kuda bank was cofounded by Babs Ogundeyi and Musty Mustapha in 2016, known as kudi, the app later metamorphosis into full fledged bank called kuda.
Kuda bank works like any other banks in Nigeria, you can deposit money, save, transfer and make payment. We will go through this function one by one
Deposit money
Though kuda bank does not have a physical bank, they are in partner with many banks in Nigeria such as Access bank, Gtbank and many others, you can go to these bank and make a deposit to your kuda bank account.
Saving
Kuda bank has many saving options, and they are
1)Spend and Save
Here you can save 2% of your money anytime you make transaction. If you use this feature you won’t know when you will save five figure.
2) Fixed saving
Here you save towards a target or goal and until you meet the goal you will not be able to withdraw your money. The interest rate on this is 15%.
3) Flexible saving.
In this saving type you can save per day, per week, per month according to your specification. The interest rate on this saving type is 10% but you can withdraw at any time.
Transfer
On kuda Bank you are eligible to make 25 free transfer per month and you know what the speed of the transaction is top notch with just a click the transfer will read successful.
Loan
Kuda also offer loan to their customers, you can get a loan of upto #500,000 with out collateral, though it depend on your credit score, the most interesting thing about kuda loan is that if you borrow money and pay back before 24hrs you will not pay any interest rate.
Payment of bill
Though kuda is now a bank, it does not lose it mobile money feature, with just a click you will make payment for airtime, dstv and many others.
Kuda bank review: is it legit
Kuda bank is registered with CAC (Corporate Affairs Commission), regulated by CBN and insured by INDIC, if anything goes wrong those agency can be hold and I don’t think anything can go wrong because so far there has not been any bad news about them, well except the news of extradition where they bait yahoo guys and send them to EFCC.
Kuda bank has been downloaded more than million times on play store and have above 4. star rating which signify it legitimacy.
Pros and cons of kuda bank
Like many other bank in Nigeria, kuda banks also has it pros and cons which are
Pros of kuda bank
Make free transfer up to 25 per month
- Receive up to 15% interest rate on saving
- Receiver short term loan
- You will be given free ATM card
- Referral bonus of up to #1,000 (will be explain below)
Cons
- Kuda has no domiciliary account.
- Kuda bank is not ideal in an area with bad network
- Kuda bank has a poor customer service
How sign up for kuda account
The first step to take is to head over to play store or app store to download the kuda app.
Load the app and sign up with your details such as BVN name, email and others when ask about referral code input U0URUGGP
Kuda bank has 3 types of account, they are
Tier 0
You can open it with just your name and email, but amount you can transact is restricted
Tier 1
You will need BVN, name and email to open this, the mount is also restricted but better than tier 0
Tier 2.
This is the full fledged account, you will need government issued I.D card to open this.
Kuda bank referral bonus
Kuda bank has a referral bonus which is upto #500 per referral. Once the person you refer signup with your code and make transaction both of you will receive the referral bonus. To receive the bonus when signing up use this referral code U0URUGGP
Kuda bank contacts
Kuda bank phone number
01 633 5832
Kuda bank email address
[email protected].
Kuda bank office address
151 Herbert Macaulay Rd, Yaba, Lagos,
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