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This is based on rigorous research, testing and not influenced by our earning potentials.

Kudabank Review: your right money app?

Kudabank is an online bank that makes financial activities less strenuous. It is called the “Bank of the free” and has been proven to be very flexible and convenient to explore.

You know how tasking it is to have several activities to complete daily and still have to visit the bank for one monetary issue or the other.

Kudabank eliminates this stress, it is a fully online bank that allows users to perform transactions from the comfort of their homes. This is done with almost no bank charges.

Kudabank

Kudabank

Minimum

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Rating

4.5 out of 5 starscallout kuda (4.5 / 5) 

 

Kudabank issues a free debit card to Its users once they apply for it.

It offers a “earn while you save” feature where you earn up to 15% interest per annum by saving your funds in your account.

The frequency of your savings can be daily, weekly, or monthly. All you have to do is select whatever pan suits your preferences.

Kudabank enables users to track and monitor all the funds in their accounts and with its overdraft, you can have access to a line of credit during urgencies that require funds.

 

PROS

  • There are no bank charges on transactions, up to 25 outbound.
  • You can save while spending.
  • Kudabank eliminates the stress of going to the bank and joining long queues as well as dealing with so much paperwork.
  • Kuda debit cards are issued to customers for free.
  • You can pay for your utility bills, purchase airtime and make easy money transfers from your Kudabank app from your homes.

 

CONS

  • Once you withdraw from your fixed savings account, it automatically deletes it.
  • A daily 0.3% interest is charged on loans or overdrafts.
  • You have to rely on online customer services if you have an issue with your account because Kudabank does not have a physical location.

HOW TO GET KUDABANK

You can download the Kudabank app on AppStore or Google Playstore. Install the application, upload all the required documents and follow the prompts to complete the account creation process.

The digital bank requires users to upgrade their account with their BVN as well as a valid Government-issued-user ID.

FEATURES/PRODUCTS OF KUDABANK

The debit cards are issued to customers for free. The card is sent to your address after you apply for it without a fee and without a card maintenance fee charged on it. The debit card can be used in over 3000 ATMs.

This platform also offers users free 25 money transfers every month. This means you can make free transfers 25 times without any transfer fee charged to your account. This translates to saving over N10,000 on transfers per annum.

You can also send funds to others without using an account number. This is done by generating a payment link and paying using the link.

The payment link for transfers has a validity limit and usually expires after 24 hours of generating it.

Spend + Save: This is a feature on the platform that allows you to save while spending. Once you pay for something, you can set aside a certain percentage of money to save as soon as the money leaves your account. This makes it easy to grow your money while spending it. You eat your cake and can still have it.

With this digital bank, customers can lock in a certain amount of funds and get up to 15% interest per year on their fixed savings. However, if you withdraw from your fixed savings account before the set maturity date, it results in losing all the accrued interest on the savings leaving just the principal amount.

Once you make an early withdrawal from your fixed savings account, the fixed savings account is automatically deleted and you are left with your Spend account.

Government regulations require a 10% withholding tax charged on your accrued interests before payout on the set maturity date.

This online bank allows you to create a budget for all your expenses on the app. This makes it easier to track your spent funds and have a clear analysis of what you spend at regular intervals.

Another feature of Kudabank is the Overdraft. Once a user upgrades and uploads all the required documents, and utilizes the platform regularly to pay for bills, purchase airtime, etc. this makes them automatically eligible for the overdraft. The overdraft is a short-term loan offered to users with no paperwork. However, this loan attracts a 0.3% daily interest on the reduced balance.

KUDABANK FAQs

IS KUDABANK SAFE AND LEGIT??

Yes, this is a licensed bank and a widely trusted brand in the industry.

WHAT IS THE MAXIMUM AMOUNT TO DEPOSIT IN MY KUDABANK?

This is dependent on some factors. If you sign up on the platform with just your phone number, mail, and BVN. You will be able to have an account that allows a maximum of ₦50,000 at a time(and allows transfers of ₦50,000) however if you complete the registration by adding a Government-issued ID, these limitations are removed.

WHAT FEES DOES KUDABANK CHARGE?

For its savings, a 10% withholding tax is charged on your accrued interest before paying off your fixed savings at the set maturity date.

IS MY MONEY SECURED WITH KUDABANK?

Yes. Your funds are safe and protected. This platform uses high-level security just like banks. The funds are also insured for up to ₦200,000 by the Deposit Insurance Fund of the National Deposit Insurance Commission (NDIC).

HOW CAN I DEPOSIT FUNDS INTO MY KUDA ACCOUNT?

You can deposit money into your account via bank transfers from other banks or with the use of a Nigerian Debit card. All you need to do is Go to your dashboard, select Add money, Add money by Card and follow the prompts to complete the transaction.

You can also add funds by tapping the Add money on your dashboard, Add by Deposit and following the prompts to complete the transaction.

HOW CAN I WITHDRAW FROM MY KUDABANK?

You can withdraw funds using your debit card via any ATM in Nigeria free of any charge for up to 3 times a month. However, after your 3 free withdrawals, the specified ₦35 withdrawal fee is charged on any withdrawals you make for the rest of the month.

WHY DOES KUDABANK REQUIRE MY BVN DETAILS?

It requires your BVN to ensure that your account is well protected from third parties. It uses your BVN to make sure you are the person behind all your transactions and to avoid any cases of identity theft and crimes.

HOW WILL MY KUDA DEBIT CARD GET TO ME?

Your debit card is delivered to you anywhere in Nigeria without any charges.

WHAT ARE THE REQUIREMENTS FOR A KUDABANK DEBIT CARD?

You are required to have a minimum balance of ₦1,000 to request a debit card on the app. This money is just a requirement, the bank will not debit you for the card and you will NOT pay for the card delivery.

WHAT IS A VIRTUAL KUDA CARD?

This is a non-physical debit card issued by the platform. It can be used to make naira payments online where Naira Visa cards are accepted.

IF KUDABANK IS FREE OF CHARGES, HOW DOES IT MAKE PROFIT? IS IT NON-PROFIT BASED?

The bank is not a non-profit organization. It makes a profit by using collective funds/deposits from customers to make investments and issue credits. The bank also makes money from commissions gotten from airtime and bill payment purchases and it is also paid by service sellers once customers shop or pay for stuff using their Kudabank.

WHO IS ELIGIBLE FOR KUDA LOANS?

Once you upgrade your account and regularly make use of your Kuda account, you can be eligible for its overdrafts.

HOW CAN I CONTACT KUDA?

You can contact customer service via the following;

  • Go to your dashboard, Select More on the page and tap on the “Chat with us” button
  • Or you can send an email to [email protected] and you can also
  • Reach kuda by phone when you call 01 633 5832 between the hours of 8 am-5 pm on working days.
  • You can also visit the Kuda branch office at No. 151, Herbert Macaulay way, Yaba Lagos.
DOES KUDABANK HAVE A BANK BRANCH?

No. It is entirely an online bank which operates on your phone. This can help customers avoid dealing with excess paperwork, joining long queues, and wasting time in banks for transactions that can be done easily from their homes.

WHERE CAN I GET MORE INFORMATION?

For starter answers and clarifications you might need and not covered here, you can visit Kuda’s website to get more details before deciding to own an account with this digital bank.

 

Kudabank is known for lots of intriguing features. A bank free of charge, 25 free transfers every month as long as you sign up with your BVN(extra transfers cost ₦10), and an overdraft once your account is upgraded and regularly use among several other features.

With its ‘invest’ option giving you a window to invest in several stocks from foreign exchange markets, it is one of the platforms to diversify your investment portfolios.

It is important to note that the bank has an office branch but does not have a physical banking space for walk-in service.

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