KudaBank.com Review: All You Need to Know About Kuda Bank (kudabank.com)

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What is Kuda Bank

Kuda bank is not your regular bank, kuda bank is Nigeria’s first mobile-only bank licensed by the Central Bank. Zero card maintenance fees, free transfers, automatic savings. However, in comparison to Vbank, I honestly cant tell which is better between both digital banks. Kindly try both and make your recommendations or conclusions

And their registration number is RC 796975 and the CEO of Kuda bank is Babs Ogundeyi


Commonly asked Questions on Kudabank

Is Kuda a registered bank?

Yes, we are licensed by the Central Bank of Nigeria. Our registration number is RC 796975.

What makes Kuda different from other banks?

We don’t have branches (because you don’t need branches). Kuda runs entirely on your phone…

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What fees do you charge?

We’ll give you 25 free transfers every month if you sign up with your Bank Verification Number (BVN).

So how do you make money?

Like regular banks, we make money by using collective deposits to make risk-free investments backed by the government…

Do you give loans?

No, we don’t give loans yet but you’ll be able to get a loan from us in the future if you use your Kuda account regularly now.

What do I need to join Kuda?

To open a Kuda account, you must be at least 16 years old and you must have an email address and a phone number.

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How do I join?

Download Kuda on Google Play (for Android) or the App Store (for the iPhone) and follow the prompts on your phone. It will take a few minutes at most.

What kind of account will I get?

If you sign up with your name and phone number, you’ll get a basic spending account that is limited to..

Is there a minimum balance?

No, we don’t have a minimum account balance

Is my money safe with Kuda?

Yes, your money is safe with us. We secure all accounts with the same high-security encryption the best banks in the world…

Since you don’t have branches, how will I get my card?

We’ll deliver your Kuda Card to you anywhere in Nigeria.

How many ATMs do you have?

Thanks to our partnership with Access Bank, you can withdraw cash free of charge at over 3,000 Access Bank and Access Diamond Bank ATMs in Nigeria.

How will I put money in my Kuda account?

You can transfer money to your Kuda account from any Nigerian bank with a bank app or through internet banking…

Will I get account statements?

You can request an account statement for a specific time period.

Where’s your office?

We’re on the first floor of Moorehouse, 151, Herbert Macaulay Way, Yaba, Lagos. Visits are by appointment only, please.


Kuda Bank Brief History

Kuda bank journey started a few years back with the name Kudimoney, Since then kuda bank have learnt a lot about the frustrations people were facing with traditional banks,hence kuda bank grew their teams and put in work to bring out a great vision of different kinds of bank to life. a long the line, KudiMoney decided to change their name.

 they had to change due to the frequent adoption of the “Kudi” name by other FinTech startups. In hindsight, because in our launch region (Nigeria) Kudi means money. The new direction was a perfect excuse for a name change.

Kuda bank wanted to build a bank that people will love, so it was fitting that ended up with the name Kuda, which means Love in Shona language.

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Kuda bank Nigeria

Features of Kuda Bank

Mobile-first

For Kudabank, they’re mobile-first. This makes a lot of sense as Nigeria is a largely mobile dominated market. Statista reports that “in 2018, there were 49.4 million mobile phone internet users in the country. This figure is projected to grow to 76.3 million by the end of 2023.”

Being mobile-only is a great way to go, especially as quite a number of people do not enjoy the physical, brick and mortar bank experience.

Next-to-zero (Bank) charges

Now to a very important one. Traditional banking institutions have thrived on bank charges. Inter/intrabank transfer charges, SMS alert charges, card maintenance charges and more are frequent financial burdens that their users have to take up. Kuda has reduced this to the barest minimum.

Kuda does not charge a card maintenance fee, neither do they do SMS alert charges. For transfers, currently, each Kudabank user gets 25 free transfers every month.

kudabank nigeria

Kudabank has predicted this move to save its users a significant 1,312.5 naira every month and 15,250 naira every year. (The equivalent of what traditional banks would have charged them if they did that number of transfers per month).

Flexibility

Talk about efficiency, the flexibility of Kudabank’s features have has surprised its users. Not only that, but users have also been excited by the flexibility of the company’s operation.

kudabank nigeria

A significant aspect of this is that you get your Kuda card delivered to your doorstep. To be clear, no other bank does this.

Customer service

While they don’t run a 24/7 customer service –as I didn’t get a response to my in-app chats until 6 am– subsequent responses to my messages and inquiries were swift.

Users love a product with which they wouldn’t experience unnecessary issues. And if they do, they want to be able to resolve them in a jiffy. Traditional banks don’t provide these, Kudabank does.

In fact, Hubspot reports that 90% of customers rate an immediate response as “important” when they have a customer service issue. “Immediate” here is defined as 10 minutes or less.

(A screenshot is due here, but the Kudabank mobile app does not allow users to take screenshots in-app).

Additional account benefits

Asides just being a bank to you, with Kudabank you also have a savings feature. Where you can set it to save a particular amount whenever you spend money from your account.

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A savings feature is great as before the advent of Fintech products solely focused on savings, the bank account also served as the savings product. But no deliberate action was done to make the “savings account” experience better for users.

How does Kuda bank make money?

Like regular banks, KUDA BANK makes money by using collective deposits to make risk-free investments backed by the government. kuda bank also makes money from service fees sellers pay them when people like you shop with your Kuda Card. In the future, kuda bank also plans to make make money from interest paid on loans.

Is Kuda Bank Safe?

Yes, your money is safe with kuda bank.  all accounts are secured with the same high-security encryption other local banks use.


Conclusion

Kuda bank is a digital only bank that runs predominantly on smartphones, though they also have a USSD channel. This means that, one do not need physical locations to provide full banking services.

Being digital only means you save all the money you would have spent on maintaining branches, as a result kuda bank can afford to charge a lot less than other banks do.

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