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How Many Countries Use Kuda Bank? Introduction
Kuda Bank, formerly known as Kudi Bank is the first online bank that was licensed by the Central Bank Of Nigeria. It was established by Musty Mustapha and Babs Ogundeyi in the year 2006. It has its headquarters in London, United Kingdom. And its headquarter in Nigeria is located at Yaba, Lagos, Nigeria.
Kuda is also known as the bank of the free. They provide a lot of free services which are not free in other banks to the people. Some of these services include:
•A higher interest when you save your money with them
•A free Automated Teller Machine (ATM) card
•A free delivery of your ATM card when you order from their app or website
•No cost of maintenance on your bank account and;
•You are only charged #50 when you make a transfer of #10,000
It became more popular in Nigeria in 2020. This is because it supported the #ENDSARS protesters back then. As of 2021, its market valuation was close to $500 and had total funding of $91.6. Its competitors include :
This digital fintech company has proven to be the best among its peers. It focuses mainly on the technology, finance, payments, and mobile app sector. Furthermore, Kuda Bank is best for people who are interested in saving and withdrawing their money anytime they like. It is also good for earning interest on your money as well as securing a short-term loan.
What Are The Requirements For Opening A Kuda Bank Account?
To be eligible for opening a bank account with Kuda, you need to meet up with the following criteria.
1. Have a valid Email address
2. Be above 18 years old
3. Own a Nigerian Phone number
4. Own a Smartphone with the Kuda Bank App
5. Have a Bank Verification Number (BVN)
Now back to the question; how many countries use the Kuda Bank?
Kuda Bank works globally, after all, it is an online bank. It also supports the use of other currencies such as pounds, USD and many others to make transactions. However, it only has headquarters in the United Kingdom and of course, Nigeria. It recently stated on its website that it's going to have headquarters in Ghana and Uganda very soon. People from other countries can use the bank. Furthermore, there are a lot of reviews that say the bank is legit - it is safe for everyone.
Benefits of Opening A Bank Account with Kuda
Most people think they can use their money anyhow without anyone questioning them about it. That's very right. You can spend your money anyhow you want but Kuda Bank helps you take responsibility for it. It makes sure your transactions are done better and are free of charge. When you sign up for a saving scheme with Kuda, you get up to 15% annual interest on Fixed Savings, you save every time you spend from your account with Spend+Save, and also, you spend nothing on ridiculous bank charges.
Furthermore, most people talk about how they transfer a certain amount into their savings account today but ended up transferring the money the next day to meet certain needs. It's okay; I mean you can’t avoid spending. It is how you pay for what you need. However, Kuda helps you put money away every time you pay for something. You just have to set a percentage to save and watch your money grow with Spend+Save.
Kuda Bank also has a flexible saving plan which helps people to save daily, weekly or monthly, depending on their choice. Either way, the flexible savings plan will make it a breeze to put money away regularly. There is also the fixed savings plan where you can stash your money and watch it grow.
Money grows fast, especially when you make it a habit to put in something daily. With the Kuda Bank Fixed Savings plan, you can lock down little sums and get up to 15% annual interest.
Types of Accounts You Can Open With Kuda
Kuda has two types of accounts you can open with them. They include Basic accounts and Full KYC Accounts.
Requirements for opening a Basic Account
• Phone Number
Requirements for opening a Full KYC Account
• Phone Number
• Valid ID (National ID Card, Voters Card, Drivers Licence, and National Passport)
The major difference between both account types is the fact that the basic account has limitations on single deposits and withdrawals. Usually, daily deposits or withdrawals for the Basic account is N100, 000. For the full KYC account type, there are no limitations on daily deposits or withdrawals. Also, you will have an unlimited daily transaction with up to #1,000,000 single transaction limit.
How Do I Get The Kuda Bank Card?
One of the perks of Kuda Bank is the free ATM card which could work in over 3000 ATM stands in Nigeria. There is also no cost of maintenance and you get to have it delivered to your choice of location. The following steps are required to successfully get your ATM card
Sign in to Kuda
- Tap Cards at the bottom of your dashboard.
- Tap Request A Card.
- Tap Get A Physical Card.
- Fill in your delivery address.
- Confirm your phone number.
- Type in the name you want us to print on your card.
- Confirm your delivery details.
How Do I Get The Kuda Loan?
Kuda bank offers customers an instant short-term loan when they need it. Kuda bank allows its customers access to loans through a program known as the Kuda Overdraft because having understood that the nature of life can be unpredictable and events that may need funding might happen when no fund is available.
Customers can acquire quick loans through this program. Furthermore, this loan will be processed and secured within 24 hours of successful application. Note that this loan is acquired at a daily interest fee of 0.3% until the loan is fully repaid or settled.
To secure a short-term loan with Kuda, you must:
1. Have an account with Kuda bank
2. Upgrade your account with BVN (Bank Verification Number) and a valid ID.
3. Use your Kuda Account regularly (You can pay bills, make transfers, savings, and so on)
After that, you will be offered an Overdraft.