AN OVERVIEW OF A DIGITAL-ONLY BANK IN NIGERIA
Have you ever pondered on how Kudabank operates or occupied yourself with thoughts of banking with a digital-only bank? –an online bank that is, as such, restricted to people with smartphones. If you’re ever eager to find out what Kudabank is all about and how it operates, rest assured that this article is the right content for you to read.
Kudabank, which was previously known as KudiMoney, provides its customers with free debit cards as well as checking accounts devoid of monthly charges. While these are few of the features that distinguish Kuda from traditional banks, it is quite fascinating that the digital-only bank is working towards providing its customers with the options of peer-to-peer payments and consumer savings.
Who Is The Owner of Kuda Bank?
The CEO of the Kuda Bank is Babs Ogundeyi.
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He had his tertiary education at Brunel University, London, and has used the majority of his career in working in the boundaries of financing in the private and public sectors in Nigeria.
He was once employed at the PricewaterhouseCoopers advising banks, as well as functioning as a Senior special adviser on Finance to the Federal Government of Nigeria.
Babs helped in the making of the first classified car magazine in Nigeria called the Motor Trader Nigeria which was subsequently purchased by Financial Standard, A Nigerian newspaper firm.
By virtue of its digital-only nature, Kudabank saves you the stress of visiting a physical bank branch for registration, paperwork, etc. Interestingly, Kudabank is registered under the Central Bank of Nigeria (CBN) and it holds a duly granted microfinance banking license. This alone is a guaranty that this very digital-only bank doesn’t seem like a fraudulent scheme.
Kudabank Account Types
As traditional banks offer customers the chance of selecting from a variety of account types (current account, savings account and fixed deposit account), so does Kuda provide its customers with three different account types: Lite, Basic and Premium.
Notably, each Kudabank account type is associated with prerequisites and it behoves anyone willing to open a particular Kudabank account to have its requirements handy. For instance, Premium (which is the topmost Kudabank account type) requires you to provide your name, phone number, a valid ID and BVN. For Basic, you’re required to provide your name, phone number and BVN while Lite requires only your name and your phone number.
As noted earlier, Premium is the topmost account type offered by Kudabank and while this account type tends to avail customers better access to Kuda’s services, it nevertheless comes with a few limits as outlined below:
- Your maximum daily fund transfer is restricted to #1 million
- The maximum amount you can transfer per transaction is #250, 000
- #500,000 is the highest amount you can transfer via POS
- #30,000 is the highest withdrawal amount per transaction via ATM
About the Kudabank App
Kudabank offers a mobile banking app with an excellent design. Although there are few reports claiming that it functions quite floppily (perhaps on iOS devices), the Kudabank app runs smoothly on Android devices as well as devices with an EDGE connection.
Benefits of Using Kudabank
- Kudabank allows for free deposit of funds. The Nigerian digital-only bank boasts more than 10,000 branches across the country and interestingly, Kudabank account holders can make deposits at any of these branches without paying any kobo.
- Free monthly inter-bank transfers on two occasions. Kudabank account holders enjoy zero transfer charges two times on a monthly basis. In other words, as a Kudabank customer, you’ll not have to bear any transfer charge for two of your monthly transfers to external bank accounts. Basically, Kudabank charges #10 for every inter-bank transfer but for a customer’s first two inter-bank transfers in a month, no charges will be involved.
- Zero cash withdrawal fee. This translates into the absence of charges during fund withdrawals by Kudabank customers. While that sounds great, there’s an added benefit in the form of zero ATM maintenance fee. Customarily, Nigerian banks charge their customers ATM maintenance fees but Kudabank tends to be a remarkable diversion from these traditional banks, courtesy of its zero ATM maintenance fee.
Kuda Bank App Download for Android and iOs Users
Since the Kuda bank app is only optimized for smartphone users, it can only be accessed by users of smartphones like iOs, and Android devices.
You just have to visit either the Apple app store or the Google play store to download the app for Apple and Android devices respectively.
You just have to launch either of the app stores and search for the Kudi Bank app. Once you locate, download, and install; the rest is easy.
How do I get the Kuda Bank Loan?
There is no loan option available on the Kuda Bank loan platform yet, but it is expected that this feature will be included in the app in the nearest future, according to them.
Kuda Bank Sign Up
Signing up and registering on the Kuda Bank app is quite easy, as long as you follow the steps with the correct details.
Once you have successfully downloaded the Kuda bank app from either app store as outlined earlier in this article, you can start by launching the app.
After launching the app, you get two options between signing up which is for new users while Log in is for established users.
Since you are a new user, click on the signing up option. The first of six pages will open up to you.
Here, you are required to input correctly your email, password, Re-enter password, as well as referral code. Referral code is a code you can use to register if someone already on the platform refers to you.
The benefits of this referral code will be discussed later in this article.
On the second page, you have to input your Last name, as well as your first name.
The next page requires you to input your date of birth and gender. On the third page, you are required to input your phone number.
You have to verify your phone number through the OTP which will be sent to the number provided. Next up is your street name, city, and state.
On the final page, you just have to take a selfie, and there you have it; you just became a Kudi Bank user. It’s just as simple as that.
On the Kuda Bank app, there are three types of accounts available for users. Each of these accounts has different attributes that make them unique.
The three accounts are Lite, Basic, and Premium.
To register on the Lite account, you just have to provide your name and phone number, while on the Basic account, you need a name, phone number, and BVN.
For the premium account which is the highest tier, you need a Name, phone number, BVN, and valid ID.
On the premium account, you can easily transfer 250k max at a go, with maximum transfers per day reaching 1 million naira while the value stands at 500,000 on a POS.
Kuda Referral Bonus and Codes
To get the Kuda Bank referral bonus, you must refer a newbie to open an account by downloading the app and signing up with your referral code.
Every account opened comes with a referral code which can be supplied to the newbie to fill in on the first page of registration. You get N200 for each person that you successfully refer to open a new account on Kudi Bank.
We hope this review article has provided you with adequate knowledge of Kudabank. If you are convinced about giving a digital-only bank a try, Kuda might be the option on your mind considering that it is a CBN-registered bank.
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