Kuda Bank Review – Everything you need to know

Last Updated: August 7, 2023

Kuda Bank is a digital-only bank that was founded in Nigeria in 2019. It is a fully licensed commercial bank by the Central Bank of Nigeria (CBN). Kuda offers a variety of banking services, including:

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Free bank account opening and maintenance
Free debit card
Free transfers to other Kuda accounts
25 free transfers to other Nigerian banks per month
Up to 15% annual interest on savings
Instant overdrafts
Budgeting tools
Bank connection to Payoneer

Kuda is a popular choice for millennials and Gen Z in Nigeria because it offers a convenient and affordable way to bank. The bank’s app is easy to use and offers a variety of features that are not available at traditional banks. For example, Kuda users can set up automatic savings, track their spending, and get instant notifications about their transactions.

Kuda is also a socially responsible company. It has a commitment to financial inclusion and has partnered with the CBN to provide bank accounts to people who have been previously excluded from the financial system.

Here are some of the advantages of using Kuda Bank:

Free bank account opening and maintenance: There are no fees to open a Kuda account or to maintain it.
Free debit card: Kuda users receive a free debit card that can be used to withdraw cash from ATMs and make purchases online and in stores.
Free transfers to other Kuda accounts: Kuda users can transfer money to other Kuda accounts for free.
25 free transfers to other Nigerian banks per month: Kuda users can transfer money to other Nigerian banks for free up to 25 times per month.
Up to 15% annual interest on savings: Kuda users can earn up to 15% annual interest on their savings.
Instant overdrafts: Kuda users can get instant overdrafts up to ₦100,000.
Budgeting tools: Kuda users can use the bank’s budgeting tools to track their spending and set financial goals.
Bank connection to Payoneer: Kuda users can connect their bank account to Payoneer, which allows them to receive payments from international clients.

If you are looking for a convenient, affordable, and socially responsible way to bank, then Kuda Bank is a good option. The bank’s app is easy to use and offers a variety of features that are not available at traditional banks.

How does the Kuda App work?

Free bank accounts: Kuda accounts are free to open and maintain. There are no monthly fees, no minimum balance requirements, and no ATM withdrawal fees.
Free transfers: Kuda users can make up to 25 free transfers to other Nigerian banks every month. Additional transfers cost 10 naira each.
Free debit cards: Kuda users can order a free Kuda Visa card. The card can be used to withdraw cash from ATMs, make online payments, and purchase goods and services in stores.
Overdrafts: Kuda users can apply for an overdraft if they need short-term financial assistance. Overdrafts are available up to 50% of your account balance, and there is no interest charged on the first 5,000 naira.
Budgeting tools: The Kuda app includes a variety of budgeting tools to help you track your spending and save money. You can set up automatic savings goals, and the app will even send you notifications when you’re about to overspend.
Investments: Kuda offers a limited number of investment options, including fixed deposits and money market funds.

Kuda is a relatively new bank, but it has quickly gained popularity due to its low fees, free services, and innovative features. The app is available on both Android and iOS devices.

Here are the steps on how to use the Kuda App:

Download the Kuda App from the Google Play Store or the Apple App Store.
Create an account by providing your email address, phone number, and BVN.
Verify your identity by taking a selfie and a video recording.
Fund your account by transferring money from another bank or by depositing cash at a Kuda-supported ATM.
Start using the app to make payments, transfer money, and track your spending.

Here are some of the benefits of using the Kuda App:

Low fees: Kuda charges very low fees for its services. There are no monthly fees, no minimum balance requirements, and no ATM withdrawal fees.
Free services: Kuda offers a number of free services, including free bank accounts, free debit cards, and free transfers to other Nigerian banks.
Innovative features: The Kuda App includes a number of innovative features, such as budgeting tools, overdrafts, and investments.
Easy to use: The Kuda App is easy to use and navigate. The user interface is simple and straightforward, and the app is available on both Android and iOS devices.

If you’re looking for a mobile-only bank with low fees, free services, and innovative features, then the Kuda App is a great option.

Kuda Bank App Download for iOs and Android users

iOS

App Store: https://apps.apple.com/ng/app/kuda-money-app-for-africans/id1467373738

Android

Google Play: https://play.google.com/store/apps/details?id=com.kudabank.app&hl=en&gl=US

Once you have downloaded the app, you can open it and follow the instructions to open a Kuda Bank account. The account opening process is quick and easy, and you can start using the app right away.

Here are some of the features of the Kuda Bank app:

Free bank account opening and maintenance: You can open a Kuda Bank account for free, and there are no monthly maintenance fees.
Free transfers: You can make free transfers to other Kuda Bank accounts, and you get 25 free transfers to other Nigerian banks every month.
Earn interest on your savings: You can earn interest on your savings with Kuda Bank, and the interest rate is competitive.
Pay bills and buy gift cards: You can pay your bills and buy gift cards with the Kuda Bank app.
Order a Kuda Visa card: You can order a Kuda Visa card, which you can use to make online and offline payments.

How to get a loan from Kuda Bank

Open a Kuda bank account. You can do this online or through the Kuda app.
Upgrade your account with your Bank Verification Number (BVN) and a valid ID.
Use your Kuda account actively for a couple of months.
Go to the “Borrow” section of the Kuda app.
Click “Get Your Overdraft”.
Enter the loan amount you want.
Verify your identity using your transaction PIN, fingerprint, or Face ID.
Wait for Kuda to approve your loan.

Here are some of the requirements for getting a loan from Kuda Bank:

You must be a Nigerian citizen.
You must be at least 18 years old.
You must have a valid ID.
You must have a bank account with Kuda Bank.
You must have a good credit history.

The interest rate on Kuda Bank loans is 0.3% per day. The repayment period is up to 3 months.

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Here are some of the benefits of getting a loan from Kuda Bank:

The application process is quick and easy.
You can get your loan approved in minutes.
The interest rate is low.
There are no hidden fees.

If you are looking for a quick and easy way to get a loan, Kuda Bank is a good option. However, it is important to make sure that you can afford to repay the loan before you apply.

Here are some additional tips for getting a loan from Kuda Bank:

Make sure that you have a good credit history. This will increase your chances of getting approved for a loan.
Be clear about the purpose of the loan. Kuda Bank will want to know how you plan to use the money.
Be prepared to provide documentation. Kuda Bank may ask you to provide proof of income or other documentation.
Be patient. The application process can take a few days.

Download the Kuda app from the Google Play Store or the App Store.
Open the app and create an account. You will need to provide your name, email address, phone number, and date of birth.
You will also need to upload a copy of your ID and a utility bill or other document that proves your address.
Once you have submitted your documents, Kuda will review them and verify your identity.
Once your identity is verified, you will be able to open a Kuda account and start using the app.

Here are some additional details about the sign-up process:

You must be a resident of Nigeria to open a Kuda account.
You must be at least 18 years old to open a Kuda account.
You must have a valid ID and a utility bill or other document that proves your address.
The verification process typically takes a few minutes.

Once you have opened a Kuda account, you can start using the app to make payments, transfer money, and save your money. You can also order a Kuda Visa card, which you can use to make purchases online and offline.

Here are some of the benefits of using the Kuda app:

Free transfers to other Kuda accounts
Free debit card
No monthly maintenance fees
High interest on savings
Instant notifications
Easy-to-use app

Bonus and codes for Kuda Referral

Sure, here is the information about the bonus and codes for Kuda Referral:

Bonus: You will earn a ₦200 bonus for each person who signs up for Kuda using your referral code and completes the following steps:
- Adds their BVN
- Deposits at least ₦100 into their account

Codes: You can find your referral code by tapping on More in the bottom right corner of the Kuda app, then tapping on Referrals. Your code will be displayed at the top of the screen.
How to share your code: You can share your referral code by copying it and pasting it into a message, email, or social media post. You can also scan the QR code that is displayed next to your code.

Here are some additional things to keep in mind about Kuda referrals:

You must have a verified BVN in order to earn referral bonuses.
Your referrals must also have a verified BVN in order for their sign-ups to count.
Your referrals must deposit at least ₦100 into their account within 30 days of signing up.
You can only earn a referral bonus once for each person who signs up.

In Conclusion:

Kuda referrals are a great way to earn extra bonuses and rewards. However, there are a few requirements that both you and your referrals must meet in order for the sign-ups to count. First, you must have a verified BVN (Bank Verification Number) to be eligible for referral bonuses. This is to ensure the security and authenticity of the referrals. Additionally, your referrals must also have a verified BVN for their sign-ups to count. This helps to prevent any fraudulent activities and ensures that the referrals are genuine.

Last Updated: August 7, 2023