How to Open Your Virtual Bank Account in Nigeria With Kuda

Online banks in Nigeria offer convenience. Kuda bank is one of them. Kuda online banking offers banking services via Kuda app and USSD code for Kuda Bank. This article will provide you with all the relevant details on how to open Kuda Bank account online.

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.

Benefits 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 an 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 open Kuda account 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 Does Kuda Bank Work?

Kuda Bank does not have any physical branches, so you can manage your account and access all of its features using the mobile app. Kuda app is available for Android and iOS devices. The app is available for Android and iOS devices. With the app, you can send and receive money, and also make payments

How to Open Kuda Account

Kuda registration process is simple. As a virtual bank, Kuda sign up is done online. You must be a Nigerian who has turned 18 and above. This is how to create Kuda bank account:

  • To start Kuda bank account opening, you need to download the Kuda bank 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 Kuda ATM card, which will be delivered to any location within Nigeria within two weeks. With this Kuda Bank card, you can safely make online payments, withdraw cash from various ATMs, and purchase goods both locally and internationally. You can also apply for a Kuda bank virtual card on the Kuda app.
  • After finishing Kuda bank registration, you will be able to save money, make money transfers, buy airtime, and pay various bills with ease.

How to Open Kuda Bank Account Without BVN

Does Kuda Bank Require BVN? It is possible to open a Kuda bank Nigeria without BVN, but the account will have certain limitations. To open Kuda bank account without BVN, you need to use your phone number, email address and personal details. You will also need to take a photo of your face for verification. If you open Kuda account without BVN, you will only be able to use its Tier 0 (T0) account.

Types of Kuda Bank Accounts

Kuda bank has three types of accounts.

  • Tier 0 (T0). An account that does not have a confirmed BVN and a valid ID (a driver’s license, voter’s card, international passport, national ID card, or NIN slip).
  • Tier 1 (T1). An account that has a confirmed BVN but doesn’t have a valid ID attached to it.
  • Tier 3 (T3) (there’s no Tier 2). An account that has both a confirmed BVN and a valid ID attached to it is on Tier 3.

How to Upgrade My Kuda Account

If your Kuda bank account is on Tier 0 or Tier 1, you can upgrade to Tier 3 and enjoy all Kuda bank benefits. To upgrade Kuda account, you need to log into your account, tap “Account Limits” then tap “Account Upgrade.” You will then need to verify your residential address, BVN and your ID. How long does it take to upgrade Kuda account? Your account will be upgraded immediately once your documents/details have been verified.

Where Can I Withdraw Money With My Kuda Debit 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 with Kuda bank ATM card 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 to 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 for anything above that will depend on the third party in question.
  • Depositing cash at any of Kuda’s partner banks. To do so, simply visit one of its partner banks: Access Bank, Wema Bank, UBA, First Bank, Zenith Bank, and Guaranty Trust Bank.

How Do I Send Funds From My Kuda Bank Account?

  • Click on Payments
  • Select Send money
  • Enter the requested details

How to Transfer Money From GTB to Kuda Bank

You can send money from your GTBank account to a Kuda account offline.

  • Dial *737*50*amount*416#.
  • Type in the Kuda account number and confirm the transfer with *737# PIN.

Kuda Bank USSD Code

You can add money to your Kuda account, check balance, and airtime topup using Kuda Bank USSD code. The following are the current Kuda codes:

TransactionsKuda Bank USSD Code
Transfer From GTBank to Kuda Bank*737*50*Amount*416#
Transfer From UBA to Kuda Bank*919*4*Kuda Bank Account Number*Amount#
Transfer From First Bank to Kuda Bank*894*Amount*Kuda Bank Account Number#
Transfer From Zenith Bank to Kuda Bank*966*Amount*Kuda Account Number#
Transfer From Wema Bank to Kuda Bank*945*Kuda Bank Account Number*Amount#
Transfer From Access Bank to Kuda Bank*901*Amount*Kuda Bank Account Number#
Airtime Top Up For Self*894*Amount#
Airtime Top Up Others*894*Amount*Phone Number#
Check Balance*894#

Kuda Bank Limit

Kuda bank account limit depends on they type of your account and transaction. For example, Kuda bank card limit for Tier 3 is a maximum of 500,000 naira at once through a POS terminal and a maximum of 30,000 naira at once at an ATM. The following is the breakdown of Kuda limit based on account type.

ServiceKuda Tier 0 Account LimitKuda Tier 1 Account LimitKuda Tier 3 Account Limit
Can you add money to your account with a card?NoNoYes
Kuda bank deposit limit50,000 naira50,000 nairaUnlimited
Kuda bank transfer limit10,000 naira50,000 naira1 million naira
Can you send money to other banks?NoYesYes
What is the maximum amount you can spend on a bill10,000 nairaUnlimitedUnlimited
What is the maximum amount you can spend on airtime10,000 nairaUnlimitedUnlimited
Can you request Kuda physical card?NoYesYes
Kuda account balance30,000 naira30,000 nairaUnlimited

Kuda Bank Charges

One of the operational strategies of this virtual bank is to reduce some of Kuda fees placed on clients by the traditional financial institutions. Fortunately, Kuda bank fees are transparent.

Transfer Fee25 free transfers every month (Extra transfers will cost you 10 naira each.)
Debit CardFree
Card DeliveryYes
Card Maintenance FeeNo
AlertsFree instant notifications
Annual InterestUp to 15%
Bill Payment FeeNo
Instant ReversalsYes
Overdraft loans0.3% interest rate daily
Maintenance feesNo

How to Get Kuda ATM Card

Once you have an account with Kuda Bank, you can apply for Kuda ATM card. The process is as follows.

  • Sign into your account
  • Tap “Cards” at the bottom of the dashboard
  • Tap “Request A Card”
  • Tap “Get A Physical Card”
  • Fill in your physical address
  • Confirm your phone number
  • Type in the name you want to be printed on your card
  • Confirm your delivery details

Kuda International Card

Kuda Bank account holders can apply for Kuda international card. If you have upgraded Kuda account by confirming BVN (Bank Verification Number) and adding a valid ID card to your Kuda profile, you can request Kuda international card. When you get your get your international Kuda Card, your current card will be deactivated. You can use this card internationally.

Kuda Naira Virtual Card

Kuda virtual cards are free to create on Kuda. The cards work online in Nigeria where Mastercard is accepted. At the moment, there is no Kuda virtual dollar card. However, Kuda customer support has told SatoshiFire that they are working on major improvements to Kuda app and Kuda virtual dollar card will be rolled out soon. If you are looking for virtual USD card, you can choose any of these best virtual dollar card in Nigeria.

How to Create Kuda Virtual Card

  • Open Kuda and tap Card on the menu at the bottom of your screen.
  • Tap Request A Card.
  • Tap Get A Virtual Card.
  • Confirm with your transaction PIN, fingerprint, or Face ID.

If you delete yours, you won’t be able to create another one. Please, don’t delete it.

Is Kuda Bank 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. If Kuda Bank fails, the Nigeria Deposit Insurance Corporation (NDIC) will pay you up to 200,000 naira for your insured deposits. T

Kuda Bank Alternatives

If Kuda Bank’s features and products do not meet your needs and requirements, there are other digital banks in Nigeria that you can consider. Here are some of the best alternatives to Kuda Bank in Nigeria:

Final Thoughts on Kuda Bank Review

Kuda Bank is a digital bank that is revolutionizing the way people bank in Nigeria. With its innovative mobile app, Kuda is making banking more accessible and affordable, and rewarding for everyone. Kuda is still a relatively new bank, but it has already made a significant impact on the Nigerian banking landscape. The bank has over 6 million customers and is growing rapidly.

The bank offers user-friendly experience and low fees, Kuda is making banking more accessible to people who have traditionally been underserved by traditional banks. Some standout features include free ATM withdrawals from partner banks, no maintenance fees, fee-free money transfers, no deposit charges, a chance to earn up to 15% annual interest, and no required minimum balance.

More Information

Kuda Bank FAQs

What is Kuda Bank and how is Kuda Bank different from other banks?

Kuda is a virtual bank. This means that it is totally online. 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 smartphone 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. Apart from owning a physical, debit card, you’ll be able to create a Kuda virtual card on the app to pay for goods and services online.

Who owns Kuda Bank?

Kuda Bank was co-founded by Babs Ogundeyi (CEO) and Musty Mustapha (CTO) in 2018. It is registered as Kuda Microfinance Bank with offices in Lagos, Nigeria and London, UK.

Can I open Kuda account without BVN?

Yes, it is possible to open and use Kuda bank account without a BVN. However, the account will have certain limitations. To open a Kuda account without a BVN, you will need to provide your phone number, email address, and personal details. You will also need to take a photo of your face for verification.

Accounts opened without a BVN will be on Tier 0 (T0). Tier 0 accounts have limited functionality, and you will not be able to make transfers, bill payments, or airtime and data purchases. You will also only be able to make 2 free transfers per month.

How much does Kuda charge for transfer?

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 Kuda transfer charges of 10 nairas.

Is Kuda ATM card free?

Kuda ATM card is free of charge. However, you will need to have a minimum 1,000 naira in your Kuda account to be able to order and receive one. This is not a fee but a minimum balance for the card request. The card will be delivered for free and there won't be any monthly fees. Only the first request for a Kuda card will be free of charge, subsequent requests for any reasons will be charged a fee.

How does Kuda make money?

Kuda Bank makes money by pooling together its customers' deposits and using them to make investments and issue loans. It also earns revenue from commissions on airtime purchases and from service fees that merchants pay when customers use their Kuda cards.

What does T3 mean in Kuda?

In Kuda, T3 refers to the third tier of account in the bank's account system. Accounts in Tier 3 are fully verified and have no limitations on functionality. To upgrade your account to Tier 3, you need to provide your BVN and a valid government-issued ID.

Does Kuda have virtual card?

Yes, Kuda Bank offers a virtual card that can be used to make purchases anywhere that accepts Visa cards.

How do I close my Kuda Bank account?

You can close your account at any time and at no cost. If you want to close your Kuda account, contact Kuda customer service. They will take you through the process of how to close Kuda account. Once your Kuda account is closed, you will not be able to access any Kuda services.

Does Kuda Bank have a minimum balance?

No, Kuda does not have a minimum account balance.

Why is Kuda rejecting my BVN?

Kuda is rejecting your NIN or BVN because the personal details you entered on the app do not match the records on file. This could be due to a typo in your name or date of birth, or it could be that you have entered the wrong NIN or BVN.

If you are sure that the details you entered are correct, please contact Kuda bank customer care for assistance. They will be able to verify your identity and help you resolve the issue.

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