Everything you need to know about our credit feature, Kuda Overdrafts.
Everyone can use some help with their finances every now and then, which is why we’ve frequently hinted at a plan to offer an always-on line of credit to everyone who uses their Kuda account actively.
For several months, we have been fine-tuning that plan seriously with extensive internal testing and we’re finally ready to share what we’ve been working on.
Kuda Overdrafts is now available to a limited number of eligible people who were chosen at random to be part of our pilot program. 🎉
Here’s everything else you need to know:
1. A little over 2,500 people who have been using their accounts actively are piloting Overdrafts.
2. The pilot program will help us make Overdrafts better before we open it up to more people.
3. Many more people are eligible for Overdrafts and we will open it up to everyone who uses their account actively when we’re done with the pilot program.
4. 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.
5. To be eligible for Overdrafts after the pilot program, please make sure your account is upgraded with a confirmed BVN and a valid ID, and use your Kuda account actively.
Learn more about Kuda Overdrafts, including terms and conditions, here.
