Kudabank Review –An Overview of a Digital-Only Bank in Nigeria

0
Kudabank Review –An Overview of a Digital-Only Bank in Nigeria

Have you ever pondered on how Kudabank operates or occupied yourself with thoughts of banking with a digital-only bank? –an online bank that is, as such, restricted to people with smartphones. If you’re ever eager to find out what Kudabank is all about and how it operates, rest assured that this article is the right content for you to read.

Kudabank, which was previously known as KudiMoney, provides its customers with free debit cards as well as checking accounts devoid of monthly charges. While these are few of the features that distinguish Kuda from traditional banks, it is quite fascinating that the digital-only bank is working towards providing its customers with the options of peer-to-peer payments and consumer savings.

By virtue of its digital-only nature, Kudabank saves you the stress of visiting a physical bank branch for registration, paperwork, etc. Interestingly, Kudabank is registered under the Central Bank of Nigeria (CBN) and it holds a duly granted microfinance banking license. This alone is a guaranty that this very digital-only bank doesn’t seem like a fraudulent scheme.

________________________________________________________________
>Do You Want To Receive Update As Soon As We Publish? join our Telegram Channel stay updated with the latest headlines--CLICK HERE
______________________________________________________________

 

Kudabank Account Types

As traditional banks offer customers the chance of selecting from a variety of account types (current account, savings account and fixed deposit account), so does Kuda provide its customers with three different account types: Lite, Basic and Premium.

READ ALSO  Rapido Smart Contract Review 2020: Is Rapido Run A Scam

Notably, each Kudabank account type is associated with prerequisites and it behoves anyone willing to open a particular Kudabank account to have its requirements handy. For instance, Premium (which is the topmost Kudabank account type) requires you to provide your name, phone number, a valid ID and BVN. For Basic, you’re required to provide your name, phone number and BVN while Lite requires only your name and your phone number.

As noted earlier, Premium is the topmost account type offered by Kudabank and while this account type tends to avail customers better access to Kuda’s services, it nevertheless comes with a few limits as outlined below:

  • Your maximum daily fund transfer is restricted to #1 million
  • The maximum amount you can transfer per transaction is #250, 000
  • #500,000 is the highest amount you can transfer via POS
  • #30,000 is the highest withdrawal amount per transaction via ATM

 

About the Kudabank App

Kudabank offers a mobile banking app with an excellent design. Although there are few reports claiming that it functions quite floppily (perhaps on iOS devices), the Kudabank app runs smoothly on Android devices as well as devices with an EDGE connection.

Benefits of Using Kudabank

  • Kudabank allows for free deposit of funds. The Nigerian digital-only bank boasts more than 10,000 branches across the country and interestingly, Kudabank account holders can make deposits at any of these branches without paying any kobo.
  • Free monthly inter-bank transfers on two occasions. Kudabank account holders enjoy zero transfer charges two times on a monthly basis. In other words, as a Kudabank customer, you’ll not have to bear any transfer charge for two of your monthly transfers to external bank accounts. Basically, Kudabank charges #10 for every inter-bank transfer but for a customer’s first two inter-bank transfers in a month, no charges will be involved.
  • Zero cash withdrawal fee. This translates into the absence of charges during fund withdrawals by Kudabank customers. While that sounds great, there’s an added benefit in the form of zero ATM maintenance fee. Customarily, Nigerian banks charge their customers ATM maintenance fees but Kudabank tends to be a remarkable diversion from these traditional banks, courtesy of its zero ATM maintenance fee.
READ ALSO  TRADERA REVIEW 2020 –IS TRADERA A SCAM OR LEGIT FOREX TRADING COMPANY?

Conclusion

We hope this review article has provided you with adequate knowledge of Kudabank. If you are convinced about giving a digital-only bank a try, Kuda might be the option on your mind considering that it is a CBN-registered bank.

* TEXT ADS**
◊Cure and Knock Staphylococcus & Other Infectious Diseases out from your Body within 3 weeks --CLICK HERE

◊Order Our Ultimate Virtual Soccer Hacks and Secretes to Win 100k Daily --CLICK HERE

◊Register Your Business Name With CAC and Get it in less than 2 weeks--CLICK HERE

◊Join our Community and interact with fellow members>> Click here to join

◊JOIN US @TELEGRAM TO RECEIVE UPDATE CLICK HERE


◊Grab Ultimate List of Over 100+ Companies That Pays You Up To $2500 To Blog and Post Online ( #3000 Only))- CLICK HERE

◊Get All Recruitment Jobs Past Questions and Answers--CLICK HERE
____________________________________________________________________

LEAVE A REPLY

Please enter your comment!
Please enter your name here