One of the needs that are driving changes in the banking sector is convenience. The ability to conduct banking transactions from the comfort of your home or office. Well, virtual banking seeks to do exactly that. Although virtual banking is yet to be widely embraced in Nigeria, Kuda bank offers banking services via a smartphone app. This article will provide you with all the relevant details of how Kuda bank works.
We’re the bank of the free. Most banks exist to tie you down with charges. We’re not most banks. Kuda is designed for your smartphone, free of ridiculous charges and great at helping you budget, spend smartly and save more.
How is Kuda Bank Different From Other Banks?
Kuda is totally online. This means that it does not have any physical branch like the ordinary financial institutions in Nigeria. All you need to operate your Kuda bank account is a smart phone with internet connection. However, like other banks, it avails a debit card (Visa) to its clients. The card is usually delivered to your doorstep in any location within the country.
Beneficial Features of Kuda Bank
Kuda bank is an ideal bank for individuals in Nigeria who are seeking for a financial institution with the following features:
- Convenience in accessing all the crucial banking services. All you need is a smart phone with Internet connection and you can visit your bank from the comfort of your home or office.
- No charges when you withdraw funds at any of their partner bank’s ATMs.
- No account maintenance fees.
- Free money transfers to other banks.
- No charges for depositing funds.
- Up to 15% annual interest.
- No minimum account balance.
If you sign up with your name and phone number, you’ll get a basic account limited to a maximum balance of 300,000 naira, a maximum deposit of 50,000 naira at a time and a maximum transfer of 20,000 naira at a time. If you add your Bank Verification Number (BVN) and a government-issued ID (like your driver’s license, national ID card or international passport) to your Kuda profile, your account will be upgraded to a full account without limits.
How to Join Kuda Bank
To get a virtual bank account with Kuda bank, you must be a Nigerian who has turned 18 and above and you will need to follow these simple steps:
- Download the app either on App Store or Google Play
- You will be asked to fill in a few personal details including your name, email address, and phone number. At the end of this step, take a clear image of your face. The photo is required solely for identity verification.
- Order your debit card, which will be delivered to any location within Nigeria. With this card, you card safely make online payments, withdraw cash from various ATMs, and purchase goods both locally and internationally.
- At this stage, you will be able to save money, make money transfers, buy airtime and pay various bills with ease.
What Fees Will I Attract for Using Kuda Bank Services?
One of the operational strategies of this virtual bank is to reduce some of the charges placed on clients by the traditional financial institutions. For instance, as long as you have signed up with your BVN (Bank Verification Number), you will enjoy 25 free money transfers each month. If you don’t have the BVN, your free transfers in a month will be 2. Additional transfers attract a charge of 10 nairas. All other services are free. This includes using your sign up, virtual bank account, card mainteinance, monthly maintenance, debit/credit alerts, ATM withdrawals, and using your Kuda debit card to make payments.
Where Can I Withdraw Money With My Kuda Bebit Card?
Kuda bank has partnered with Access Bank to make it easy for its clients in different parts of Nigeria to withdraw cash. As such, you can withdraw funds at any of the 3,000 Access Diamond Bank and Access Bank ATMs. As part of its efforts to reduce the charges incurred by clients, Kuda doesn’t charge its customers for ATM withdrawals.
How Do I Deposit Money Into My Kuda Bank Account?
There are several ways that one can deposit cash into his/her Kuda bank account. This includes:
- Through any bank in Nigeria that either has internet banking or a banking app.
- Using a credit or debit card. To do so, go the Kuda app. Select ‘Add Money’ and then click on ‘Add by Card. For this option, depositing amounts that don’t exceed 100,000 naira is free. The charges of anything above that will depend on the third party in question.
- Depositing cash at any of Kuda’s partner banks. To do so, go to the Kuda app and select ‘Add Money’. Click on ‘Add by Deposit’ and follow the presented instructions.
How Do I Send Funds From My Kuda Bank Account?
- Click on ‘Payments’
- Select ‘Send money’
- Enter the requested details
Is Kuda Bank Safe and Legit?
Kuda Bank is safe and legit. It is licensed by the Central Bank of Nigeria. The bank uses high-security encryption used by best banks around the world. Kuda Bank insures every deposit you make into your Kuda account. For example, if a disaster takes place and the bank loses its money, the Deposit Insurance Fund of the National Deposit Insurance Commission (NDIC) is required to pay you 200,000 naira as compensation.
Even though virtual banking has not been widely accepted in Nigeria, there exists well-established entities that seek to transform the country’s banking sector. Kuda bank is one such institution. In addition to reducing or removing some of the charges that are traditionally associated with financial institutions, this virtual bank offers convenience to its clients. All you need to access the essential banking services is a smart phone with Internet connection.