Kuda Bank: Everything You Need to Know about Nigeria’s Only Online Bank

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You are probably reading this article because you have been hearing about a new bank called Kuda Bank. Social media has been talking a lot about this new bank. On this post, we would be talking about Kuda Bank and telling you everything you need to know about the bank.

Kuda Bank: Everything You Need to Know about Nigeria’s Only Online Bank

Who is Kuda Bank?

They are Nigeria’s only online bank, they are a digital-only bank that runs predominantly on smartphones. They don’t have or need a physical location to provide its banking services. Before becoming Kuda Bank, they were known as Kudimoney. This digital-only bank is fully licensed by the Central Bank of Nigeria. To be clear, this digital-only bank is not a mobile wallet or simply a mobile app piggybacking on an existing bank. It is an actual bank, it is just a digital-only bank.

The bank performs services like any other bank. It allows you to open an account, send money to other bank accounts, deposit money, save money, pay bills, purchase airtime and you can also see a full picture of your spending habits. Asides being a digital-only bank, Kuda Bank has positioned itself as a bank which doesn’t charge its customer’s unnecessary fees. The bank doesn’t charge card maintenance fees or account maintenance fees or COT or any other usual banking fees.

Here Some Facts about the Bank

  • You can open a bank account within five minutes,
  • Customers can do all the KYC in the app
  • They don’t charge unnecessary bank charges like card maintenance fees, account maintenance fees etc.
  • The bank’s debit card is free and comes 1 to 2 weeks after you open your account
  • They charge N10 when you send money unlike other banks which charge N52.50
  • Withdrawals are free.
  • The maximum amount you can send at once is N250, 000, while your maximum limit for a day is N1million if you have an upgraded account
  • You can use their debit cards at over 3000 ATMs in Nigeria.

How to Get Started

  1. Go to your app store and download the app.
  2. Once the app is download, launch it
  3. You will be asked to register/ open an account. Information like your BVN, phone number, email address and picture( to verify your identity) and other basic information will be required.
  4. Once you have finished the registration process, you will be given your account number and you can start transacting

P.S when you open an account, you will be given the opportunity to upgrade your account. To upgrade your account you will need to add government-issued identity card.

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