Kuda: The First licensed Digital bank in Nigeria

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2 years ago

Digital banking, if you must know, is still a strange language in the ears of some people. It's either they don't know it exists or they don't believe in the legitimacy of such.

Well, the truth is some banks do not have any physical building for operation, yet they carry out all forms of financial activities just like the traditional banks. Such banks are regarded as digital banks.

Of course, when the word digital is in use, you should know we are more concerned about online activities.

For the topic to make more sense, let's look at a comprehensive or better way of explaining digital banking.

Digital banking is one of the shifts in technology to the online methods of performing tasks. It is the move from physical banking to online banking, where banking services are delivered over the internet.

There has been a remarkable shift from traditional to digital banking.

In Nigeria, this shift from the traditional banking system to the digital system has become more effective since the inception of the number one licensed digital bank in Nigeria known as Kuda Bank.

Digital banking involves high levels of process automation and web-based services and may include APIs enabling cross-institutional service composition to deliver banking products and provide transactions. It provides the ability for users to access financial data through desktop, mobile and ATM services.

The operational characteristics listed above are exactly what Kuda Bank offers.

Digital banks like Kuda, simply bring banking services to the palm of your hand.

Kuda is a full-service digital microfinance bank that is duly licensed by the Central Bank of Nigeria (“CBN”). Their official registered office is at 151 Herbert Macaulay Rd, Yaba, Lagos, Nigeria.

As the manner of Digital banking is, there are principles that guide the online banking system and how they interact with their customers and intending customers.

It is a technological based kind of bank and as such, it is properly guided without being easily prone to online fraud or hacking.

Their operational system

It is easy and at the same time difficult to run an account with kuda bank. It becomes easier when you are able to abide by their terms and conditions.

No matter what their terms and conditions look like, customers are jumping into opening accounts with the number digital banks in Nigeria due to their one of a kind pattern of banking services.

All that is required of any prospecting customer is to provide an ‌accurate‌ ‌and‌ ‌complete‌ ‌information‌ ‌required‌ ‌to‌ ‌create‌ ‌your‌ ‌account‌ ‌and‌ ‌that‌ ‌you‌ ‌have‌ ‌supplied‌ ‌all‌ ‌documentation,‌ ‌photographs‌ ‌and‌ ‌information‌ ‌that‌ ‌allow‌ ‌us‌ ‌to‌ ‌comply‌ ‌with‌ ‌their ‌regulatory‌ ‌obligations.‌ ‌

Customers who have been in operation with kuda bank, have a lot of good things to say about the bank. Infact 90% of their customers believe that they operate more effectively than most physical banking institutions.

Due to their service efficiency, they are always having an influx of customers every year.

Kuda Bank is not particularly interest oriented, but it's poised to establish a good relationship with their customers by ensuring that each customer gets a taste of banking satisfaction.

Kuda will manage a bank account for the customer, as well as provide additional services like the banking, savings and granting of credit facilities.

You can operate and manage your account via their Kuda app and the.

As earlier stated, you do not need a physical bank for opening an account. All that is needed is a smartphone, with an active phone number that meets their minimum technology requirements for operating system (iOS/Android) and supports the latest version of our Kuda app.

Why Kuda is a Stand out Bank

Whether you know or not, I would emphatically say, without fear or favour, that Kuda Bank has been able to solve the long term problems encountered with these traditional banking systems.

If you are looking at it from the banking aspect, you would say in one word, that kuda is satisfactory in any banking concern in the following ways;

Promotes convenience

What more can you ask for, if you know that kuda bank does not require you to start coming to one physical place for account creation. All you need is a smartphone, and at the comfort of your home, you create an account with kuda. As long as you provide the appropriate and needed information, kuda is ready to manage your account for you.

You do not need to worry about ATM card collection as Kuda makes this available through their official collaboration with Zenith Bank.

The Kuda MasterCard is issued by Zenith Bank, pursuant to a license from MasterCard Incorporated. The card will have an expiry date and is valid until the last day of the month shown on the card. Your card will be auto-renewed upon expiration, unless your account is closed or the card is revoked.

The PIN issued with your card enables you to carry out transactions such as withdrawals and purchases from ATMs, Point of Sale terminals and Web/Online platforms.

Offers free discounts

Kuda banks offer the best free banking discounts as far as Nigeria is concerned.

Not only is their bank charges extremely low as compared to other traditional banks, but they offer you 25 free transfers to other banks every month– We doubt if any other bank is doing that.

Kuda still offers you an ability to Withdraw cash for payments free of charge at over 3,000 ATMs– is that not amazing?

If there's any bank that does not charge card maintenance fees, then it is kuda. Card maintenance is absolutely free.

Debit card delivery to your location at no cost is a norm, and a benefit to all kuda customers.

Encourages you to save

Kuda bank makes their environment very safe for savings. As a matter of fact, we simply advise civil servants, business men, students, and even corporate organizations to own an account with kuda.

If you are struggling with a bad Spending habit, then kuda bank is for you as they can help you Create a smart budgets to help you take control of your spending, and also help you to automate savings of some percentage of your income to receive over 15% interest every year.

Requirements for opening a kuda account

  • Live minimum of 18 years old and a Nigerian citizen

  • A smartphone(iOS/Android) that supports the latest version of the KUDA app.

  • An active phone number and email address.

  • Have not yet opened an account of with KUDA.

Final thoughts

If you consider a low banking fee, banking safety, reliability, provision of credit facilities, and convenience, then you should consider kuda.

Do so now by visiting their official website at www.kudabank.com

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2 years ago


I have been using KUDA bank for months and it has become my favorite fiat service provider.

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