KudaBank: First 100% Online Bank in Nigeria
Account Opening, Transfers, Withdrawals, Signup, Registrations, Verification, Facts and FAQ
A new digital bank called Kuda Bank is in Nigeria since late last year. It has become a topic of public interest due to the service model of the new bank which is a hundred percent online banking without barriers. Read on to find out more interesting things about Kuda Bank in Nigeria.
What’s Kuda Bank?
Kuda Bank is Nigeria’s only digital banking system, it is a banking system for Nigerians on their mobile smartphone, It is Nigeria’s only online banking that allows you to do everything from the comfort of your mobile device, without having to visit any brick and mortar banking hall.
There is no physical banking location, all things from the opening of an account to requesting for a credit card is done on their mobile app.
KudaBank started as Kudimoney which few you guys might have heard about before now, The Central Bank of Nigeria has this digital-only bank fully licensed to operate and offer banking services online.
The digital bank does more than serve as just a mobile wallet or some other payment app, it is a real bank or banker in your hand or pocket.
You can do just about anything you can do with your conventional brick and mortar bank, you can initiate the same transaction you go to do in a four-wall banking system, however, this might be a little bit of an overstatement. Few Conventional Banking processes you can initiate on KudaBank Mobile Banking:
- Instant Account Opening
- Transfer money/funds to other banks in Nigeria
- Deposit money or receive money into your Kuda Bank Account from any bank in Nigeria
- You can as well make payment of Utility Bills like Water, Electricity, Travel, etc.
- Make Airtime Purchase
The one interesting thing about KudaBank is the fact, the digital bank is trying as much as possible to charge its banker necessarily like what you see with other commercial banks that charges for transfer, SMS, email, etc. KudaBank doesn’t charge:
- Card Maintenance fee
- Account Maintenance fee COT or other usual banking charges
More Facts about Kuda Bank
- It takes less than 3 minutes to open a new bank account
- You don’t need to visit any four-wall bank to do KYC as all things are done on the app
- You are issued and shipped a new debit card absolutely free which you receive within 14 days of opening your account
- You can use your debit card to withdraw funds or make payments on more than 3000 ATMs Nationwide
- There are no crazy bank charges like Maintenance, COT, etc.
- You are only charged N10 for transferring to other banks while you get charged up to N52 on other banks
- All Withdrawal on Kuda Bank is Free
- You can have a maximum account balance of N300,000, a maximum deposit of 50,000 and a maximum transfer of N20,000 at a time.
- Accounts who have added BVN _Bank Verification Number and Valid government-issued ID to their Kuda Biodata operates a full account with none of the above restrictions, which means you can have more than N300,000 in your account and transfer more than N20,000 at a time.
- Kuda Bank does not have a minimum account balance, it is simply a Zero account which means you can withdraw your funds to the last kobo
- Kuda Bank has developed a valid partnership with Access bank to provide over the counter cash withdrawal from over 3000 Access Bank branches nationwide, and also make ATM withdrawals from all AccessBank branches, all for FREE!
- To transfer money into your Kuda account is super, you can initiate a transfer from other mobile banking apps, you can give your account number to anyone to send cash to your Kuda account. Adding money to your Kuda Account by debit card is free for transactions, not more than N100,000.
- Kuda bank also sends you your statement of account balance stamped monthly and annual accounts as well into your email
- Kuda Bank raised up to $1.6 million in pre-seed funding in 2019
- It is a FinTech startup based in Lagos and London and offering mobile financial services to Nigerians
Kuda Bank App Download
To register for Kuda Bank and have your Account number today, use the link below to download on Android Play store and iOS.
How to Register for Kuda Bank
Registering for Kuda Bank is super simple, all you had to do, is go to Google Play Store on your Mobile App.
- Download the Kuda Bank Mobile App
- Open up the app and follow the OnScreen guide to new bank account.
Is Kuda Bank Registered?
Kuda Bank is registered and licensed by the Central Bank of Nigeria to offer Banking services Nationwide. Their Registered Company Number is RC 796975
Why is Kuda different from other commercial banks?
Kuda bank does not operate several banking branches nationwide which inflates the rate of running cost, they offer all banking services via the mobile app and that helps them to reduce maintenance cost which is enjoyed massively by customers.
How do you receive your Kuda Bank debit card?
Your Kuda card is shipped to your home address Nationwide
What are the fees charged by Kuda?
You get 25 Free transfers monthly if you created your account with BVN You get only 2 transfers without BVN Any other transfers outside of that cost N10 per transfer. All other thing is free on Kuda.
Does Kuda give loans?
Kuda is not giving loans to its customers at the moment.
Other transactions to perform on your Kuda Bank App
- Pay for DSTV
- Pay for GOTV
- Pay for TrendTV
- Pay for COWA TV
- Pay for Startimes TV
- Pay for Internet services with Smile, Spectranet, Swift
- Pay for Electricity (EKO, IEKJA, KANO, KADUNA, JOS, prepaid and postpaid customers)
- You can as well make Cardless Withdrawal on KudaBank via the app
Kuda Bank Contact Details
- Office Address: Moorehouse, 151, Herbert Macaulay Way, Yaba, Lagos (Visits by appointments only)
- Kuda Bank Phone Number: 09032200350
- Kuda Bank Email: [email protected]