October 3, 2022
kuda bank review

Kuda Bank: Features, A Complete Review

Kuda Bank Review

Review of Kuda Bank: The Kuda Bank app is currently among the most innovative and well-known banking apps in Nigeria. It distinguishes itself from the competition and appeals to the vast majority of young people in Nigeria because it is just an online bank.

Read more: 10 Best online Bank App in Nigeria

Customers seeking an alternative to Nigeria’s traditional banking structure might want to think about the Kuda bank, which provides a variety of compelling characteristics that make it an appealing choice. It is without a doubt among the top 10 fintech startups in Nigeria.

You won’t need to go to any physical banks to handle any problems that might occur with the Kuda Bank app.

This is partially a result of the anxiety that many people experience when they go to the bank, where lengthy queues cause delays and prevent people from doing the tasks for which they originally went to the bank. As a result, people regularly experience increasing levels of stress.

Examining Kuda Bank

In this Kuda Bank app review, we’ll go over every feature of this reputable substitute for traditional banking.

What Is the Kuda Bank App? – An Explanation of the Banking Concept

An explanation of the banking concept is provided in What Is the Kuda Bank App?

The Kuda bank is similar to other banks in many aspects, with the exception that it doesn’t have any physical locations.

The company offers all of its banking and financial services online, and the Central Bank of Nigeria has granted it a banking license.

Prospective customers will require a smartphone in order to open an account with the bank, which is all that the bank was intended to do.

You can download Kuda’s mobile banking app for free if you have an Android or iOS smartphone.

You may use the app anywhere you want—at home, school, church, a market, or an event—and there is no learning curve.

Due of its straightforward user interface, practically anyone with a smartphone may download the Kuda Bank app. As a result, using the app and navigating through it are simple. Due to its fast loading design, transactions can be completed more quickly.

Kuda Bank provides full-service banking without any fees because of the possibilities of digital and other sorts of technology.

Due to their mobile-friendly design, apps like this one can assist you in keeping tabs on your expenditure and increasing your savings. The ultimate objective is to create the most prosperous financial institution in the world for people with African ancestry.

What Is Kuda Bank’s Ownership Structure?

The CEO of the Kuda Bank is Babs Ogundeyi.

He earned a master’s degree in finance from Brunel University in London and has spent the majority of his career in Nigeria working in both the public and private sectors. He studied at Brunel University in London for his undergraduate degree.

Babs contributed to the first Nigerian classified vehicle magazine before it was acquired by a Nigerian media company and renamed Motor Trader Nigeria. Babs participated in the magazine’s establishment.

How does Kuda App function?

Kuda is a digital bank that carries out all of the operations of a traditional bank through its app, while not being one of Nigeria’s top 10 oldest banks.

Even a license for operating as a microfinance bank has been given to them. Like traditional banks, this digital bank offers its customers free account checks, a free debit card, and fee-free money transfers to any other bank in Nigeria. This bank also accepts loan applications from customers who meet the requirements.

These agreements are enticing because of traditional banks charge exorbitant fees for things like debit card issuance, money transfers to other banks, and ATM card maintenance.

The Kuda app’s dashboard for your accounts

If you utilize the Kuda bank app, your funds are being leased out to borrowers with interest instead of just sitting in your account.

Your bank will receive the earnings if it decides to invest your savings in other businesses.

There is no need to be concerned; this is the same method that other conventional banks utilize to generate revenue. In addition to charging significantly less for services than standard banks, Kuda bank sometimes even doesn’t charge anything at all.

The bank’s investment returns cover the cost of all free transfer, debit card, and other services.

Kuda Bank offers downloads for mobile applications for iOS and Android.

The Kuda bank app cannot be used by those without an iPhone or Android phone because it was created specifically for mobile devices.

Simply visiting the website of the appropriate store will allow you to get the program for Apple or Android smartphones.

Simply open your phone’s app store and enter “Kudi Bank” into the search bar to find the Kudi Bank app. The rest is straightforward when you locate, download, and install the software.

How do I submit a loan request to Kuda Bank?

There is an overdraft facility in the Kuda Bank app, however only certain people can utilize it. If not, do get in touch with Kuda’s chat support.

Become a member of Kuda Bank

Making an account with Kuda Bank is simple as long as you follow the instructions and enter the required data.

  • The Kuda bank app must first be launched after being successfully downloaded from one of the app shops mentioned earlier in this article.
  • Depending on whether you’re a new or returning user, you can choose to sign up or log in when you first launch the app.
  • If you are a new user, select the Sign Up option. When it’s done, you’ll view the first of six pages.
  • You must enter your referral code, password, and Re-enter password exactly as they appear. You can join a platform if someone you know has already done so by using a referral code.

We’ll go through the benefits of using this referral code later on in this piece.

  • The second page must contain your first and last names.
  • Your birthdate and gender are requested on the following page. On the third page, you must input your phone number.
  • You must verify the accuracy of the phone number you entered with the OTP sent to the specified phone number. The names of your city and state will then be requested, along with your street address.
  • You can become a lifelong user of Kuda Bank by just taking a selfie on the last page. All there is to it is that.

A Kuda Account

The next natural step after joining up is to create a profile. You’ll receive a special account number that you may use to make purchases.

Customers of the Kuda Bank app have access to three different types of accounts. Each of these accounts stands apart from the others due to a unique collection of traits.

Delivery of Kuda Cards

The platform offers three service tiers: Lite, Basic, and Premium.

The Basic account also needs your name, phone number, and BVN for registration, but the Lite account only needs your name and phone number.

Review of Kuda Bank A premium account needs four things: a name, a phone number, a birth certificate (BVN), and a legitimate ID.

One million naira can be transferred at most once per day with a premium account, while the POS limit is 500,000. Your daily transfer cap can now be set to any value you choose.

Get N200 Free for Each Friend You Refer to Kuda

To earn the referral bonus, have a new customer download the Kuda Bank app and register using your referral code.

A new user has the option to provide a referral code on the first page of registration. You will receive N200 if you recommend a new client to Kudi Bank and they open an account.

Conclusion

A digital bank called Kuda bank has been around for a while.

This type of bank is now operational because to technological advancements and the move of businesses online, and it seems to be extremely flexible for any size corporation.

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