Learn about the Kuda Bank, or Kuda Microfinance Bank, a digital bank in Nigeria, in this review article.
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Table of Contents
Introduction
The Central Bank of Nigeria has completely licensed and regulated Kuda Microfinance Bank, mobile banking app and one of the best digital banks in Nigeria. Despite the fact that the Lagos-based firm is still relatively new, it has already gained the trust of over 1.4 million customers.
The app not only provides high-quality features that assist account holders in saving money, earning savings interest, and tracking their budgets, but it also has a very cheap fee schedule. Nigerians who sign up for a Kuda Microfinance Bank account receive 25 free transfers per month, unlimited ATM withdrawals at certain ATMs, and no monthly maintenance fees.
Considering consumers who continuously give Kuda Microfinance Bank’s goods and services excellent marks, Kuda Microfinance Bank is highly recommended to Nigerians who wish to take charge of their financial health.
What Consumers Like and Dislike about Kuda Microfinance Bank
Best Features of Kuda Microfinance Bank
- Every month, you will receive 25 free domestic bank transfers;
- There are no monthly or hidden costs;
- 3,000 Nigerian ATMs offer free withdrawals;
- You can set a money-saving rule every time you spend;
- On your deposits, you will receive a high savings interest rate of 15%;
- It provides overdraft loans for short term.
Worst Features of Kuda Microfinance Bank
- Overdraft loans have a daily interest rate of 0.3 percent;
- Neither Google Pay nor Apple Pay are supported;
- It only accepts naira and does not have accounts in USD, EUR, or GBP.
Ideal Clients of Kuda Microfinance Bank
Kuda Bank, aka Kuda Microfinance Bank, is a digital bank in Nigeria that offers residents and citizens a convenient and fee-free alternative to traditional banking. Kuda Bank is an excellent choice for consumers who want to earn interest on their savings, transfer money with no charge, or take out a short-term loan on occasion.
Requirements to Open a Kuda Microfinance Bank Account
To create an account with Kuda Bank in Nigeria, you must be over the age of 16 and have the following documents:
- Personal email address;
- Phone number in Nigeria;
- Bank Verification Number (BVN);
- Smartphone with the Kuda App installed.
How Legit is Kuda Microfinance Bank?
Kuda Microfinance Bank is a fully registered Nigerian bank controlled by the Central Bank of Nigeria, with over 1.4 million clients. Kuda Microfinance Bank, founded in Lagos, is guaranteed by the Nigerian Deposit Insurance Corporation (NDIC). Outstanding balances in your bank account of up to 200,000 naira would be safeguarded in the event of bankruptcy or calamity.
Kuda Microfinance Product and Quality of Service
Kuda Microfinance Bank, based in Lagos, Nigeria, is one of the country’s fastest-growing financial technology firms. The Kuda app links you to a Kuda debit card, assists you in budgeting and saving, and even provides credit-worthy customers with microloans.
Money Transfer with Kuda Microfinance Bank
You are entitled to 25 free domestic transfers per month from Kuda Bank, which you can conveniently conduct from the app. Enter the data on the mobile app to send money instantly to your Nigerian bank account or to someone with a bank account.
Even without an account number, you can send money. The Kuda app can create a one-of-a-kind Kuda Payment Link that you may share with anybody who has a smartphone. Once the payment link is claimed, money will be sent to the recipient’s account.
Kuda Microfinance Bank Visa Debit Card
You may apply for a free virtual Visa debit card when you create a bank account with Kuda Microfinance Bank. If you have at least 1,000 naira in your account, you can request a free physical Visa debit card delivery to your location. These cards can be used anywhere on the internet that accepts Visa.
The Kuda app is linked directly to your Visa debit card and lets you instantaneously freeze it. This function adds an extra layer of protection in the event that your card is stolen or lost.
Conclusion
Kuda Microfinance Bank is a very strong banking alternative when it comes to credibility, services, costs, and customer happiness. Kuda Bank is a secure institution. It is a licensed bank governed by the Central Bank of Nigeria in Lagos. It is also a member of the National Deposit Insurance Corporation (NDIC), which ensures that your money is safe.
Continue to Kuda Microfinance Bank Review 2022 – Part 2 to learn about the Kuda Bank’s USSD code, app, and transactions fees.
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