Kuda bank: Everything you need to know about them
Kuda bank: Everything you need to know about them
Kuda was founded several years ago by a small group of individuals determined to transform banking. This group developed a savings application for Nigerians. That savings app is what inspired the creation of Kuda. What began as a savings app for Nigerians has evolved into a Central Bank-licensed microfinance bank dedicated to assisting Nigerians in getting the most out of their money without overcharging.
With Kuda, you can open an account in a matter of minutes, track your spending, save more money, and make sound financial decisions. The purpose of Kuda is to alleviate Nigerians' frustrations with traditional banks – regardless of who they are or where they live in Nigeria.
Kuda is referred to as the "free bank." This is because when you become a subscriber, you receive a free debit card, are able to send money without incurring any fees, and even earn 15 cents on every dollar saved automatically. Kuda would help you make the most of your money in a way that commercial banks cannot.
How Kuda Bank Functions
Kuda operates similarly to a traditional bank but simplifies banking through the use of digital banking services. To create a Kuda Account, you'll need to download the Kuda App and create a new account. You will provide Kuda with accurate and precise information about yourself prior to the creation of your account. Following that, Kuda will create an account number for you.
When you create a new Kuda account, Kuda will manage your bank account on your behalf, as you will be identified as a customer. Additionally, Kuda will offer banking, savings, and credit facilities.
You can then request a debit card for no charge, which will be delivered to the address you provide. Additionally, you can operate and manage your account through the Kuda app. You'll be able to pay bills, send and receive instant payments, manage your Kuda card, and save as you spend.
KUDA earns money by investing collective deposits with the government's backing. KUDA earns revenue from commissions on airtime purchases and service fees paid by merchants when you use your Kuda Card.
Is Using Kuda Bank Safe?
Kuda Microfinance Bank is a leading full-service digital microfinance bank registered with the Nigerian Corporate Affairs Commission (RC 796975) and duly licensed by the Nigerian Central Bank (CBN). The Nigeria Deposit Insurance Corporation insures your deposits at Kuda bank (NDIC).
Kuda Microfinance bank is a Kuda Technologies Ltd. product. The company's headquarters are located at 151 Herbert Macaulay Way in Yaba, Lagos. Babs Ogundeyi and Musty Mustapha co-founded Kuda.
KUDA protects all accounts with the same level of encryption used by traditional banks.
Kuda is completely committed to respecting and protecting its customers' personal information. As a result, Kuda bank is a secure platform for conducting financial transactions. These facts are accompanied by customer reviews on Kuda's official website.
KUDA & Payoneer
Payoneer is a global payment platform that accepts payments from businesses and over 2,000 marketplaces, networks, and business platforms in the United States of America, the United Kingdom, the European Union (EU), and Japan. Payoneer enables Nigerian freelancers to receive payments from abroad.
KUDA has partnered with Payoneer to provide a simple and cost-effective method for receiving international business payments through your Kuda account. All you need to do is create a new Payoneer account on Kuda or connect an existing one.
Following that, you can begin receiving payments from foreign businesses and marketplaces. You can also transfer funds from your Payoneer account to your Kuda account.
Integrate Kuda API into your business
On the Kuda Developer Dashboard, you can seamlessly integrate and empower your business with financial services (an open API platform). The KUDA API is the simplest method for integrating banking services into your application.
You'll be able to initiate and analyze payments, verify the identity of any account holder, and create fully transactional wallets for your business using KUDA's API.
The API enables application developers to create bank accounts, send and receive money, and view transaction histories.
