Hi, today I will be doing a breakdown on the Kuda bank app. A lot of people have questions about Kuda bank. Some of these questions are: is Kuda a real bank? do they have branches? can I Kuda bank my main bank and are they reliable?. To get your questions answered read to the end. Kuda Bank is one of the best Digital Banks in Nigeria with millions of users based on the Google Play Store.
What Is Kuda Bank App?
Kuda bank is a reliable digital microfinance bank which is registered with the Central Bank of Nigeria. This means Kuda bank is an app-only bank. It does not need a physical location before banking services can be rendered. Kuda bank was founded by Musty Mustapha and Babs Ogundeyi in the year 2019.
Since it was created, Kuda has gained a lot of support which has helped attract lots of other investors. If you’re still having doubts, let me help clear those doubts. Kuda is registered with Corporate Affairs Commission and your deposit is handled by Nigerian Deposit Insurance Corporation )NDIC). Like I earlier stated, it is licensed by the CBN, which means you do not have to worry much.
The only difference I observed between Kuda and other traditional banks is that Kuda is completely online. You do not need to visit any banking hall to register an account. All you need is your smartphone and that’s all.
How To Register An Account With Kuda Bank.
It’s quite easy to open an account with Kuda bank you know. All you need is to install the Kuda app either for an Android or iOS device. Then follow the instructions provided in the app. The app is quite easy and the interface is superb. No one will have any problems registering using the app. Then quickly, an account number will be created for you. Before I forget, there is information the app will require of you so has to help keep your account safe.
The Kuda Bank App Account Levels
- Lite: You have to provide your name and phone number. But this account is quite limited.
- Basic: For a basic account, you will need to provide your name, number, and BVN. This account is an upgrade of the lite account. And lastly
- Premium: For the premium, you need to provide your name, phone number, BVN, and a valid ID. Â With the premium account, you get to transfer 250k on a single transfer, one million maximum on a day, and 500k on POS, and 30k using an ATM card to withdraw.
Benefits Of Using Kuda Bank App
The Kuda bank comes with a lot of benefits which includes:
- No cash withdrawal fee
- You get to make the free transfer(25 transfers in a month then you will be charged N10 after you exceed this limit).
- Make free deposits from over 10,000 banks. In making deposits though you will have to follow the steps laid down in the app.
- No ATM maintenance fees. On the Kuda app, no one charges for card maintenance.
Apart from the above benefits, Kuda bank has wonderful saving features. If you have problems saving your money, you have to allow Kuda to help you save. You get better rates than the one normal banks offer.
You allow can request a loan if you constantly use the app. With the kuda bank app, you can buy airtime, data bundles, and also pay all kinds of bills. The security level is superb also.
Downside Of Using The Kuda Bank App
It won’t be nice if I only list the good parts of this banking app and leave out the downsides. Well, I haven’t experienced any, but other users have pointed out the following problems they encounter while using the app.
- The debit card takes a long time before arriving.
- There are no USSD codes for transactions. This means if you are in a place with less internet connection you cannot make any transaction.
- There is no form of SMS notification when you are credited or debited.
- Verification takes time.
These are a few problems they encounter using the Kuda bank. Well, these are normal issues to me since their only physical location is in Lagos.
What If I Need Help?
If you have any issues, you can contact their customer care service. The customer cares unit works on 24/7  basics. You get help through the help option in the app. However, if you want to chat with them or make complaints, you can only contact them through email. It doesn’t have a contact number for calls.
Bottom Line
The information about Kuda bank app I provided is well enough but if you’re not satisfied you can visit their website here to check things out yourself. I will advise that if you don’t have a smartphone don’t try to get an account on Kuda wait to have one and then go ahead to register.
Lastly, we at gadgetstripe are in no way affiliated with Kuda bank. The final choice is left to you to make. If you have this information, do well to share, and you are free to comment in the comment box below.
