The Kuda Bank app provides a great way to manage your finances on the go, whether you are an individual or a business owner. For Nigerians looking to make online and mobile payments conveniently, the Kuda app offers one of the best alternatives.
As a leading digital bank in Nigeria, Kuda makes it easy for individuals and merchants to accept payments flexibly. Over 1.4 million users already utilize Kuda’s payment technology for various needs. This article will explore how to open a Kuda bank account, including features of the app, benefits and considerations.
With a straightforward account setup process, a range of features like Spend+Save, Payment Link, and the ability to purchase airtime, Kuda, one of the best Fintech companies in Nigeria provides users with flexibility and ease in managing their finances.
Whether you’re looking for a more convenient banking alternative or need digital payment solutions for yourself or your business, this comprehensive Kuda App Review covers everything you need to know.
How to Open a Kuda Bank Account Using The Kuda Bank App
Opening a Kuda Bank account is simple and can be done entirely through the Kuda Bank app. Here are the basic steps to open a Kuda Bank account:
- Download the Kuda mobile app on Google Playstore or Appstore
- Open the app and enter your name, phone number, and email to start the registration process.
- Kuda will ask you to upload photos of your ID/driver’s license, NIN, BVN and a selfie for verification.
- Once verified, you can order a virtual or physical debit card linked to your Kuda account.
- Your account is now ready to use! You can make transfers, pay bills, shop online, and more directly from the Kuda app.
How to Open a Kuda Bank Account Without BVN
While Kuda Bank typically requires a Bank Verification Number (BVN) to verify your identity during account opening, it is possible to open an account without one by providing additional information.
- Download the Kuda Bank mobile app from the Google Play Store or Apple App Store.
- Open the app and select “Sign Up”.
- Enter your name email address, and create a password.
- Verify your phone number by entering the code sent to your number.
- Take a selfie as instructed by the app for identity verification purposes.
- Provide your address and upload a photo of your valid ID card (driver’s license, international passport, or national ID card).
- Accept the terms and conditions. Your Kuda Bank account will now be opened.
Please note that not providing your BVN puts restraints on your accounts. It is highly recommended that you add your BVN during account registration.
How to Check Kuda Account Number on The App
Checking your Kuda account number is easy to do right within the Kuda mobile app. Here are the steps to check your Kuda account number on the Kuda mobile app:
- Open the Kuda app and log into your account if needed.
- Tap on the menu icon at the top left, which looks like three horizontal lines.
- Select “Account” from the menu options.
- On the Account page, your 16-digit Kuda account number will be displayed prominently at the top.
- You can tap on the number to select it, then tap “Copy” to copy the account number.
- Alternatively, tap on “View account details” below your name.
- Your account number is also displayed at the top on the Account details page.
Features of the Kuda App
The Kuda bank app provides many amazing features to help users conveniently manage their finances on the go. Some of the top features available in the Kuda app include:
Spend+Save is Kuda’s convenient feature that automatically saves a portion of your money with every transaction, allowing you to build up your savings over time. Here’s a quick guide on how to use it:
When you turn on Spend+Save, select a percentage of each transaction you make using your Kuda account to be transferred to your Spend+Save sub-account. This can be a small percentage, like 2% or 5% of bills, transfers, or purchases.
The app does all the calculations in the background. So every time money leaves your primary account, whether you’re paying bills, sending funds, or buying airtime, the designated percentage is automatically moved into your Spend+Save savings.
The best part is you can withdraw from your Spend+Save balance anytime. So, it gives you a backup savings pool that grows quietly with every payment or spend. Whether a small, unexpected expense or a lump sum for a future goal, the money is readily available whenever needed.
By making savings effortless through Spend+Save, Kuda helps users develop a habit of putting aside a bit with each transaction. Over time, those small automatic amounts can add up to a meaningful nest egg without much effort on the user’s part. It’s a convenient way to save without even thinking about it.
Payment Link is a convenient solution for users who need to send money but have yet to exceed their monthly free transfer limit.
Users can generate a secure, shareable link from the Kuda app to send money instantly to anyone, including friends, family, or vendors. Recipients can access the money by tapping the link and entering the unique code provided.
If the recipient doesn’t have a Kuda account, they can open one within minutes to receive the money, making it an easy process.
How to Send Money with a Payment Link Using The Kuda App
Sending money is easy with Kuda’s Payment Link feature. Even if the person you want to pay still needs to get a Kuda account, you can still send them cash instantly!
- Go to the “Payments” section at the bottom of the Kuda home screen.
- Select “Payment Link”
- Enter the amount of money you want to send
- Make up a 4-digit code that only you and the receiver will know
- Tap “Confirm” to generate your unique Payment Link
- Now send the Payment Link to the person by text, WhatsApp, etc. Make sure also to give them the 4-digit code.
- When they get it, they need to tap on the link using their phone and enter the code you provided to claim the cash right away!
If they don’t already have the Kuda app, it will prompt them to download it to receive the money. Either way, it’s a super simple way to pay or send pocket money to friends and family anytime, anywhere.
Share A Receipt
The Kuda app makes it easy for users to share transaction receipts and confirmations. Users can access a specific transaction on their dashboard, tap the “Share” option in the upper right corner of the screen, and select from various sharing options.
Sharing options typically include sending the receipt via email, messaging apps, or other platforms. This feature is especially useful when users need proof of a transaction.
Kuda Visa Card
Users can request a Kuda Visa card from the app. The card can be delivered to their location, offering convenience for both online and offline transactions. This Visa card lets users make purchases, pay bills, and access ATMs for cash withdrawals.
How to Request a Kuda Visa Card
Here are the simple steps to request a Kuda debit card:
- Open the Kuda app and go to the home screen (dashboard)
- Tap the “Card” option at the bottom of the home screen
- Select “Request a Card”
- Choose “Get a Physical Card” to make purchases or withdraw cash.
- Make up a 4-digit code for your card. This will be your secret PIN.
- Enter your mailing address so Kuda knows where to send the card. Make sure it’s the correct address!
- Review your address details and tap “Confirm” if everything looks good.
Once Kuda receives your request, they will mail your new debit card to your provided address. You can then use your card to shop, pay bills and withdraw money from any ATM.
The app provides an easy way to purchase airtime for all major mobile networks in Nigeria. Users can top up their phone credit without needing to visit a store or use other platforms.
How to Buy Airtime on The Kuda App
Here are the key steps to buy internet data or Airtime on Kuda:
- Open the Kuda app and tap “Payments” at the bottom
- Select “Buy Internet Data” or select “Airtime”
- Choose your network provider (MTN, Airtel, 9mobile)
- Enter the phone number you want to load data or airtime to
- Select the data bundle amount in MBs – options usually start from N100 for 50MB or the amount of airtime you want to get
- Confirm your selection and payment
- Your data or airtime will be loaded instantly to the phone number provided
The purchased data can be used for browsing, streaming, downloads and more. Bundles expire within the validity period of 1-30 days, depending on the data package amount.
Kuda prioritizes the security of users’ accounts and information. Users can block their debit card from within the app if it’s lost or stolen. The Private Mode feature allows users to hide their account balance, adding an extra layer of security. If users need assistance or have questions, they can contact customer support through the app or email.
Kuda encourages users to refer new customers to their platform through a referral bonus program. Existing users can earn N200 for each successful referral when a new user signs up through their unique referral link or code. For the referral to qualify, the referred user must open a new Kuda account and add their Bank Verification Number (BVN).
Additionally, the new account needs to be funded with a minimum of N100. The referrer must also have their BVN added to their Kuda account to receive the referral payments. This incentivizes existing customers to share their referral links with friends and on social media. For each referral that results in these requirements being met, the referrer will earn N200.
It is a good way for Kuda users to earn some extra cash while also growing the user base for Kuda. The referral program rewards positive word-of-mouth marketing, as people can benefit financially from helping others open new digital bank accounts on the platform.
Kuda provides users with access to quick, short-term loans online. Users can apply for loans without the need for extensive paperwork. Loans come with a daily interest rate of 0.3%, providing financial flexibility.
These features collectively make Kuda a versatile and user-centric banking app catering to the financial needs of smartphone users in Nigeria. From easy savings to secure transactions and convenient account management, Kuda offers a comprehensive solution for modern banking needs.
Types of Kuda Accounts
There are three types of accounts available on the Kuda app:
- Lite Account
The Lite account is the most basic account type. It only requires a user to provide their name and phone number for registration. Due to the lower verification requirements, the Lite account also has lower transaction limits than the other account types.
- Basic Account
The Basic account builds upon the Lite account by requiring additional verification in the user’s Bank Verification Number (BVN).
By providing this further identity detail, the Basic account is eligible for higher transaction limits. A user can transfer larger amounts and make more transactions compared to the Lite account.
- Premium Account
The Premium account is the highest tier account available on Kuda. To register for a Premium account, a user must provide their full name, phone number, valid identity document like a driver’s license or international passport, and BVN.
Being the most thoroughly verified account type, the Premium account subsequently allows for the highest transaction activities. It has no limits on maximum transfer amounts, allowing transfers up to N250,000 per transaction. The daily transaction limit is also higher at N1 million.
Pros of Using The Kuda Bank App
The Kuda bank app has a range of benefits for its users. Here are the pros:
- You get 25 free monthly transfers; traditional banks charge about N10.
- No monthly fees or hidden charges on your account.
- Good 15% interest rate on savings, more than regular banks.
- Can get small loans when needed at low interest.
- Free debit card to withdraw from ATMs and pay at stores.
- Earn N1000 for each friend you refer who signs up.
Cons of Using The Kuda Bank App
- Interest on loans can be very high at 0.3% daily interest.
- It only works with Naira, no dollars or euros.
- Signing up can be difficult if the app needs to be fixed.
- Customer service is slow to respond to emails or calls.
In conclusion, the Kuda Bank app offers a versatile and convenient digital banking solution for individuals and businesses in Nigeria.
The app prioritizes security and offers a referral program to incentivize user growth. It also offers different account types to cater to varying transaction needs. While it has many benefits, it’s important to be aware of potential drawbacks, such as high daily interest rates on loans and occasional customer service delays.