Everything You Need To Know About Kuda Bank

The Kuda Bank app is currently one of the most widely used banking applications in Nigeria. Because it is an online-only bank, it is extremely distinctive and appealing to the majority of Nigerian youth.

Aside from that, the Kuda Bank is jam-packed with other exciting features that distinguish it as a viable alternative to Nigeria's traditional banking system. It is, without a doubt, one of Nigeria's most promising fintech companies. It is a bank that does not require its users to visit any physical locations in order to conduct transactions or resolve any issues that may arise as a result of the fact that the Kuda app is only available online.

This is due to the stress that people experience when they go to a physical bank to conduct business. It is possible that this stress manifests itself in the form of long queues that waste time and prevent people from completing their primary objective of visiting their financial institution. Here, we'll go over everything there is to know about Kuda Bank, including its distinctive features that distinguish it as a trustworthy alternative to traditional banking.

• Who Owns Kuda Bank?
• What is the Kuda Bank Application?
• What is the functionality of the Kuda App?
• How to Submit an Application for a loan from Kuda Bank
• How to Sign-up on the Kuda Application

Who Owns Kuda Bank?

Kuda Bank is led by Babs Ogundeyi, who serves as its Chief Executive Officer. He received his education at Brunel University in London and has spent the majority of his professional life working in the financial sector. Specifically, he is interested in Nigeria's public and private sectors.

At one point in his career, he worked for PricewaterhouseCoopers, providing financial advice to banks and serving as a senior special adviser on finance to the Nigerian government.

The establishment of Motor Trader Nigeria, Nigeria's first classified car magazine, was made possible by Mr. Ogundeyi, who later sold the magazine to the Financial Standard, a well-known Nigerian newspaper company.

What is the Kuda Bank Application?

However, unlike traditional banks, Kuda bank does not have any physical locations and instead operates online.

The monetary company operates entirely online and is licensed by the Central Bank of Nigeria (CBN) to conduct legitimate banking operations (Central Bank of Nigeria). The bank has been designed to be user-friendly for smartphone users. Prospective customers will be unable to bank with them if they do not have one.

A variety of smartphone platforms, including iPhone, Android, and Windows, are supported by the Kuda bank application. It's also important to note that the app is stress-free and allows you to conduct banking transactions whenever and wherever you want, whether that's at home, at church, at school, or any other location.

Additionally, due to the app's user-friendly interface, which makes navigation and performance easier, anyone with a smartphone can download the Kuda Bank app. Additionally, they improved it to allow for faster loading, which will result in faster transaction processing times.

Because of the power of digital and technological innovation, using Kuda is completely free. Every African will benefit from the establishment of the best bank on the planet, according to the organization's mission.

What is the functionality of the Kuda App?

This app allows users to monitor their accounts without incurring any fees, and it also offers free fund transfers to other Nigerian banks, as well as free debit cards as well as loans.

These are incredible offers for prospective customers, especially when you consider the high fees charged by traditional banks for similar services such as fund transfers, debit card issuance, and ATM card maintenance, among other things. The fact that any savings generated by the app will be used to fund loans to borrowers at a fixed interest rate is also critical to understanding the app's operation.

Savings can also be used to invest in other businesses, with the bank earning interest on the money that is deposited there.

This is not a cause for concern because it is the same method of earning money that is used by conventional banks. kuda bank is distinguished primarily by the fact that it charges significantly less than other conventional banks. Because Kuda Bank does not have physical branches, the proceeds from these investments are sufficient to cover the costs of running the bank.

Kuda Bank App Download for iOS or Android device Users

The app is only available to users of Android and iOS devices due to the fact that it is primarily targeted at smartphone users.

You can find and download it from the Apple or Google app stores, depending on your preference.

How to Submit an Application for a loan from Kuda Bank

Because of the overdraft facility provided by Kuda Bank, it is now possible to apply for quick short-term loans online without having to fill out any paper paperwork. Furthermore, you have the option to repay at any time with only 0.3 percent per day interest. The following are the steps to take in order to apply for a Kuda Bank overdraft:

1. Open the Kuda app and navigate to the borrowed account by swiping left on the screen.

2. Select the option to borrow.

3. Select Recover your Overdraft from the drop-down menu.

4. Then there's touching.

5. Enter the loan amount and click on the "done" button to finish.

6. Confirm your transaction PIN, facial identification, or fingerprint with a second verification method.

7. After you have clicked OK, you will be able to begin spending money from your account.

How to Sign-up on the Kuda Application

These are the steps to take in order to sign up for the Kuda app:

1. Download, install, and run the application.

2. Because you are a first-time user, choose the sign-in option.

3. Fill in the blanks with the necessary information. Your email address, password, and referral code will be stored in this section of the website. If you were referred to the platform by someone else, you can register using their referral code.

4. On the second page, enter your given name and surname in the appropriate fields.

5. Enter your gender, date of birth, and phone number on the following page.

6. Confirm your phone number by entering the one-time password (OTP) that was sent to the provided number. Include the name of the street, the city, and the state on the following page.

7. Lastly, you'll be prompted to take a selfie with your phone. You will be recognized as a legitimate Kuda Bank customer.

Finally

Clearly, the Kuda Bank app, the world's leading digital bank, will be around for a long time to come. Apart from being convenient, the bank is also user-friendly because, unlike other conventional banks, it charges little to no bank or card maintenance fees, making it a more user-friendly option. Although Kuda Bank still has a long way to go in terms of establishing its credibility with customers, the bank's establishment is a positive development that should serve as a model for other financial institutions in the country.