Hi, today I will be doing a breakdown on theKudabank app. A lot of people have questions aboutKuda bank. Some of these questions are: is Kuda a real bank?do they have branches? can I Kuda bank my main bank and are they reliable?. To get your questions answered read to the end. Kuda Bank is one of the best Digital Banks in Nigeria with millions of users based on the Google Play Store.
What IsKudaBank App?
Kudabank is a reliable digital microfinance bank which is registered with the Central Bank of Nigeria. This meansKuda bank is an app-only bank. It does not need a physical location before banking services can be rendered. Kudabank was founded by MustyMustaphaandBabsOgundeyiin the year 2019.
Sinceit wascreated,Kuda has gained a lot of support which has helped attract lots of other investors. If you’re still having doubts, let me help clear those doubts. Kudais registered with Corporate Affairs Commission and your deposit is handled by Nigerian Deposit Insurance Corporation)NDIC). Like I earlier stated, it is licensed by the CBN,whichmeans you do not have to worry much.
The only difference I observed betweenKudaand other traditional banks is thatKudais completely online. You do not need to visit any banking hall to register an account. All you need is your smartphone and that’s all.
How To Register An Account WithKudaBank.
It’s quite easy to open an account withKuda bank you know. All you need is to install the Kuda app either for an Android or iOS device. Then follow the instructions provided in the app. The app is quite easy and the interface is superb. No one will have any problems registering using the app. Then quickly, an account number will be created for you. Before I forget, there is information the app will require of you so has to help keep your account safe.
The Kuda Bank App Account Levels
- Lite: You have to provide your name and phone number. But this account is quite limited.
- Basic: For a basic account, you will need to provide your name, number, and BVN. This account is an upgrade of the lite account. And lastly
- Premium: For the premium, you need to provide your name, phone number, BVN, and a valid ID. With the premium account, you get to transfer 250k on a single transfer, one million maximum on a day, and 500k on POS, and 30k using an ATM card to withdraw.
Benefits Of UsingKudaBank App
TheKuda bank comes with a lot of benefits which includes:
- No cash withdrawal fee
- You get to make the free transfer(25 transfers in a month then you will be charged N10 after you exceed this limit).
- Make free deposits from over 10,000 banks. In making deposits though you will have to follow the steps laid down in the app.
- No ATM maintenance fees. On the Kuda app, no one charges for card maintenance.
Apart from the above benefits,Kudabank has wonderful saving features. If you have problems saving your money, you have to allowKudato help you save. You get better rates than the one normal banks offer.
You allow can request a loan if you constantly use the app. With thekudabank app, you can buy airtime, data bundles, and also pay all kinds of bills. The security level is superb also.
Downside Of Using The Kuda Bank App
It won’t be nice if I only list the good parts of this banking app and leave out the downsides. Well, I haven’t experiencedany,but other users have pointed out the following problems they encounter while using the app.
- The debit card takes a long time before arriving.
- There are noUSSDcodes for transactions. This means if you are in a place with less internet connection you cannot make any transaction.
- There is no form of SMS notification when you are credited or debited.
- Verification takes time.
These are a few problems they encounter using theKudabank. Well, these are normal issues to me since their only physical location is in Lagos.
What If I Need Help?
If you have any issues, you can contact their customer care service. The customercaresunit works on 24/7 basics. You get help through the help option in the app. However, if you want to chat with them or make complaints, you can only contact them through email. It doesn’t have a contact number for calls.
Bottom Line
The information aboutKuda bank app I provided is well enough but if you’re not satisfied you can visit their website here to check things out yourself. I will advise that if you don’t have a smartphone don’t try to get an account on Kudawait to have one and then go ahead to register.
Lastly, we at gadgetstripe are in no way affiliated with Kuda bank. The final choice is left to you to make. If you have this information, do well to share, and you are free to comment in the comment box below.
