Kuda claims to be the first-ever mobile banking app licensed by the Central Bank of Nigeria (CBN) as a microfinance bank. It is an online-only bank that is at present appealing to many youths in Nigeria. As such, you don’t need to visit any physical banks to carry out a transaction.
Kuda can do practically what traditional banks can do, although it has no branch anywhere. Smartphone users find it most beneficial to use Kuda because it is tailored to their use. Once a user downloads the app on Android, iPhone, or Windows, he or she is ready to go.
The attractive thing about Kuda is that it is a no-fee full-service bank, leveraging the power of digital technology to bring several benefits to Nigerians. Kudo says that it is prepared to be the best bank for all Africans regardless of where they are.
With Kuda, you get a free bank account, free debit card, free funds transfer to other banks in Nigeria, and loans to eligible customers. These are some of the reasons why youths in Nigeria are already warming up to banking with Kuda. Too many charges on funds transfers make traditional banks look ugly these days, and banks like Kuda are here to relieve Nigerians from these unfair charges.
Kuda – A 100% Digital Bank for Loans & Savings with Zero Transaction Charges
You can also invest in Kuda and also earn some interest in the money saved. Users find that investment and the money earned can cover another little service fee, though.
At present, Kuda offers no loan services, but that could change in the future.
To start enjoying the services of Kuda, go to Google Play Store or App Store on your smartphone to download the app. Once you launch the app, you get the options to sign in or sign up. A new user will normally sign up and follow the prompts.
After entering your email, name, and other information, you also need to snap a selfie. You are now a Kuda bank user. The customer can pick from Lite, Basic, and Premium. The premium account allows you to transfer more funds to other banks.
You can make money through the app. Just refer friends and family members. Once they download the app and start using the app, you too can start earning money. For example, you earn 200 naira when you refer someone who opens a new account on the Kuda app.