Break Free with Kuda! Everything you need to Know about Kuda Bank; FAQS

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Founded in 2016, Kuda Bank started out as “Kudimoney” which roughly translates to The Free Bank. They were solely an online lending and deposit platform. However, with the sheer hard work and commitment of the ownership – Babs Ogundeji and Mustapha Musty aided with several successful rounds of funding, this hitherto-limited organization has now grown into Nigeria’s first full-blown totally-digitized bank. This article helps to answer the frequently asked questions (FAQ) the products and services offered by Kuda Bank, and all other things you need to know.

kuda bank faqs owners

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Kuda Bank, incorporated as Kuda Microfinance Bank, actually offers its consumers a grand ushering into the ‘new era’ of new banking through its fully digitized platform. It has also captured the hearts of many people from the younger generation ‘Gen Z’ who already have the appetite for anything digital. Besides, fees and charges are set to become things of the past with banks like Kuda around.

Kuda actually partners with three top Nigerian banks for different essential services: Access Bank, Zenith Bank, and Guaranty Trust Bank – very smart. Access bank, specifically, handles the debit card issuance arm.

Below are a few of the FAQs on Kuda Bank that will make you understand the products and services better.

Major FAQs on Kuda Bank

What fees does Kuda charge?

Kuda Bank gives you 25 free transfers every month if you sign up with your Bank Verification Number (BVN). Extra transfers will cost you 10 naira each.

Everything else is free – using your account, using your Kuda Card and withdrawing cash from Zenith, Access, and GTB ATMs. Zero card maintenance charges.

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Why is Kuda different from other banks?

Kuda does not have physical branches, like the traditional banking system. Kuda App runs entirely on the customer phone or browser, just have a connection to the internet. Kuda saves a lot of money that would have gone into operational costs just by running virtually.

READ: UBA Moni (Agency Banking): How to Register, Everything You Need to Know

What type of account does Kuda operate?

Kuda has 3 different tiers of accounts. All identified with the amount of money it can hold at any given time, due to level of documentation and ‘Know Your Customer’ (KYC) involved in running them.

Documentation Reqd.Min. BalanceMax. Deposit (at a go)Max. BalanceInterbank  TransfersMax Transfer (at a go)
Name, Contact details050,000300,000No 10,000
Name, Contact details, Valid ID050,000300,000Yes10,000
Name, Contact details, Valid ID, BVN0Any amountAny amountYes1,000,000

Learn more about our account levels here.

Is Kuda bank registered?

Yes, Kuda has a microfinance banking license from the Central Bank of Nigeria (CBN). Their CAC number is RC 796975.

So how does Kuda make profit?

Kuda makes money by using collective deposits to make investments and give credit as well. 

Kuda bank also makes money from commission earned on airtime purchases and from service fees sellers pay them when customers shop with the Kuda Card.

Does Kuda Bank give loans?

Yes, Kuda bank gives loans and you’ll be able to get one automatically if you use your Kuda account regularly.

What do I need to open a Kuda bank account?
  1. You must be at least 16 years old 
  2. An email address and a phone number
  3. BVN
  4. Valid government-issued ID
How do I open an account with Kuda bank?

Go download Kuda on Google Play (for Android) or the App Store (for the iPhone) and complete the steps that follow.

Why does Kuda need my BVN?

Biometric Verification Number (BVN) is a unique 11-digit ID issued by CBN/NIBSS to uniquely verify the identity of each Bank’s customer for ‘know your customer’ (KYC) purposes. So, yeah it’s a regulatory requirement.

Is there a minimum balance on a Kuda account?

No

Is my money safe with Kuda?

The Deposit Insurance Fund of the National Deposit Insurance Commission (NDIC) is expected to pay you up to 200,000 naira as compensation if you make a successful insurance claim on your deposit with Kuda bank.

How will I get my Kuda bank debit card if there are no branches?

Kuda delivers your Kuda Card to you anywhere in Nigeria. Learn more about cards here.

kuda bank faqs
How many ATMs does Kuda have?

Remember that Kuda bank partners with at least 3 top banks in Nigeria – Zenith, Access, and GTBank. You can make your first 3 withdrawals of the month at these banks free of charge, just like their own customers. Zero card maintenance charges.

How to deposit  money in a Kuda bank account?
  1. Transfer from any Nigerian bank with a bank app, USSD, or through internet banking.
  2. Add money to your account using a debit or credit card. Tap Add Money on your Kuda dashboard and choose the Card option. Note: Adding money to your account by card is free up to a total of 100,000 naira. After that, Kuda will no longer cover the third party payment gateway fee. Learn more about the payment gateway fee here.
  3. Cash can be deposited at any of Kuda bank’s partner-banks (Zenith, GTBank, or Access bank). Tap Add Money on your Kuda dashboard and choose the Cash Deposit option to get instructions. Please, follow the guides here to add money to your Kuda account.
Does Kuda send account statements?

A customer can request an account statement for a specific time period.

Simply tap your profile picture on the app, scroll down then tap Request your account statement.

Where is Kuda bank’s Head Office?

1st floor, Moorehouse, 151 Herbert Macaulay Way, Yaba, Lagos. Visits are by appointment only, though.

What should I do if I need help?
  1. Tap More on the Kuda app then tap Chat With Us

helpline-contact-kuda
  1. Send an email to [email protected]
  2. Send a Tweet to Kuda. #thebankofthefree
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