Kuda | The Money App for Africans | Open an Account in Minutes (2024)

FAQs

Can Kuda borrow me money instantly? ›

No paperwork, no embarrassment, just 0.3% daily interest. Kuda Overdrafts are short-term loans you can take anytime as long as you use your Kuda account regularly.

Open a secure Kuda account in minutes, start using it immediately.

If this happens, we'll keep trying to complete or reverse the transfer automatically for up to two hours. If we can't complete or reverse the transfer automatically within two hours, we'll queue it for a manual reversal into your account.

Clear Cache of Kuda App

So to fix Kuda app issue, you need to clear the cache of Kuda App installed in your Android phone or iPhone. To clear the cache of Kuda App, Go to > Settings > Apps > Kuda > Clear Cache.

Kuda Overdrafts is only available to those who have been pre-qualified to use it. To be eligible, you need to make sure your account is upgraded with your Bank Verification Number (BVN), a valid ID, and you must use your Kuda account actively for a couple of months.

If you are waiting for the verification result, please note that it can take up to 72 hours for you to hear back from us. If there is significant wear and tear on your ID. document, it'll be pushed to a human for a manual review.

Request for a Kuda Visa Debit Card Online

Your card will be delivered to the address in at least three weeks.

Your Identity Documents

We ask everyone who opens a Kuda account to give us their BVN (Bank Verification Number) and a valid ID issued by the government (driver's license, voter's card, national ID card or NIN slip).

3. Can Kuda receive money from abroad? For Kuda to receive money from abroad, you would need to open a US dollar bank account, also known as a domiciliary account, with a traditional Nigerian bank. For that, you simply need to visit the branch to create an account and process a withdrawal.

How much can a Kuda account receive at once? ›

Your daily transfer limit is the maximum amount you can send from your account in a day. This can help you control your spending. The default daily transfer limit on your account is 1 million naira. To set an amount higher than 5 million naira as your daily transfer limit, please follow the instructions on the app.

When money is sent to an account that isn't upgraded, that account will not be able to receive the money if the amount is above the transfer limit or balance limit on the account. We call this a pending transfer.

Your Kuda is working fine now.

Adding money to an account with a card issued in a country that doesn't match the account owner's current location. Signing into an unknown device.

Get up to ₦200,000 in your Kuda account in minutes.

We'll let you choose how much you'd like to borrow after our fast loan approval process.

Central Bank of Nigeria | All Financial Institutions | KUDA MFB.

Participants in the pilot program can borrow up to 50,000 naira at a daily interest rate of 0.3% of any amount they borrow. The amount available to borrow varies for different participants depending on credit reports and how much the participant has been using their account.

MoneyMutual also offers a $100 loan instant app with no credit check, making it easy for customers to access funds without worrying about their credit score. With MoneyMutual, customers can get the money they need quickly and easily.

How do I borrow $200 from Cash App? ›

Kuda, also known as Kuda Technologies, is a fintech company operating in Nigeria and the UK.

Virtual cards are free to create on Kuda and they work online in Nigeria. Everyone is entitled to one virtual card.

Kuda is a Nigerian digital bank that enables swift payment processes across Nigeria. One of its products is a virtual dollar card, which you can access on its mobile app. You can use Kuda virtual dollar card to send and receive money in US dollars instead of using a domiciliary account with traditional banks.

You can use a virtual Kuda Visa Card to pay everywhere naira Visa cards are accepted online. We won't charge you for your first virtual card.

International Money Transfers with Kuda Bank

If you want to receive money from abroad, it must be in US dollars. You must open a US dollar account with a traditional Nigerian bank to receive international payments. This is because Kuda Microfinance Bank only operates in naira.

Any time there's a sign-in to your Kuda account on a new device, we'll put your account in Safety Mode for 24 hours. This is useful for protecting your money if you're not the one who signed in to your account.

Yes, you can. We've already put you on the priority list for international cards and you'll get your card right after current active card users get theirs.

Yes, you can withdraw cash at ATMs across Nigeria free of charge up to three times a month.

What is the Kuda money app for africans? ›

Make free transfers, enjoy cashless payment options and earn interest on your savings with Kuda. Order a Kuda Visa card on the app with pickup and delivery options. Enjoy cashless payment options online and offline.

Dollar to Nigerian Naira Exchange Rate Today, Live 1 USD to NGN = 658.0774 (Convert Dollars to Nigerian Naira)

Translation: There's a 2,000,000 naira limit on a single POS payment you make with your Kuda Card. You can withdraw a maximum of 20,000 naira at once at an ATM.

Tier 3 (T3)

An account that has both a confirmed BVN and a valid ID attached to it is on Tier 3.

Your Kuda account comes with 25 free transfers to other banks every month. That's up to 15,000 naira saved on transfers every year. Withdraw cash for payments free of charge at over 3,000 ATMs.

When will a pending charge be cleared? Usually, a pending charge will show on your account until the transaction is processed and the funds are transferred to the merchant. This could typically take up to three days but may stretch longer depending on the merchant and the type of transaction.

According to the Kuda bank official website “Usually, we'll send you a message with specific instructions along the lines of “Call us or send an email.” If you follow those instructions, we'll talk through what led to your account being blocked and let you know the information we need to unblock your account.

How long will a transaction remain in pending? Generally it takes about 3 to 5 business days to process a transaction, although it can take up to 10 business days or longer.

Kuda Bank is reassuring users that it is not shutting down. A few days ago, rumors spread online that Kuda Bank, a mobile-only bank, is shutting down.

Kuda responded and tagged the claim as 'untrue'. “Your account is safe and secure with us and you don't have to panic as Kuda isn't going anywhere. You can always keep track of your account via the app.

What is the best alternative to Kuda? ›

See how Kuda compares to similar products. Kuda's top competitors include Aladdin, OjirehPrime, and Tanda. Aladdin provides digital banking services. The company helps to design and provide the tools needed to save, borrow and make payments.

If there have been no transactions in a savings or current account for more than two years, the account will be considered inactive or dormant. The accounts that have not been used for more than two years will be noted by banks and kept in different ledgers.

No paperwork, no embarrassment, just 0.3% daily interest. Kuda Overdrafts are short-term loans you can take anytime as long as you use your Kuda account regularly.

To reactive your dormant account, you need to contact your bank branch and submit an application along with the 'know your customer (KYC)' documents, which should include an address proof and identity proof.

Downside Of Using The Kuda Bank App

The debit card takes a long time before arriving. There are no USSD codes 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.

Is Kuda licensed? Yes, we're a distributor of Modulr FS Limited (FRN 900573), which is an Authorised Electronic Money Institution (EMI) regulated by the Financial Conduct Authority.

Get a loan of up to ₦200,000 on the Kuda app.

Get up to ₦200,000 in minutes. Boost loan offers with a guarantor. Repay your Kuda loan in up to three months.

What Are The New Referral Rules? Everyone you refer must sign up with your referral code. Tap More at the bottom of your Kuda dashboard then tap Referrals to see your code and share it. You must add your Bank Verification Number (BVN) to get paid for referrals.

In simple terms, the PalmPay platform provides loans to people in need. On this app, you can receive an instant loan within 5 minutes of approval. Also, you do not need any paperwork or collateral before borrowing. This makes the borrowing process a lot easier and seamless.