A lot of customers in the country have complained about the queuing system that involves having to wait in line to carry out various transactions at bank branches. This requires them having to spend longer hours to be attended to and this has prompted the need for transformation towards a new phase which is digital banking, in the country.
Kuda bank is one solution to this sour problem. It is the first digital-led bank in Nigeria that is close to making banking highly accessible, affordable and rewarding for all Africans. It is an online bank that does not require having to visit a physical office or branch to carry out transactions.
Kuda Bank was founded in 2018, by Babs Ogundeyi and Mustapha Musty and is referred to as ‘the bank of the free’. It is an all-round improvement of the traditional banking services, making spending and saving very enjoyable.
HOW KUDA BANK WORKS
Kuda operates just like any other bank but it stands out because of its digital banking services. To create a Kuda Account, you will have to download the Kuda App and sign up for a new account for free. Before an account is created for you accurate information about you will be required, approved, and then an account number will be generated for you.
Once your account is created, you can save money into your account and the bank will help you manage your savings. It enables users earn up to 15% annual interest to their accounts. You will also be able to pay bills, make transfers, buy data or airtime online, and more.
Unlike other banks that have fee charges for withdrawal, transfers, card and account maintenance, these charges do not apply to Kuda bank. You can make deposits to other banks for free.
The app also has a ‘Spend and Save’ feature. It automates the removal of any percentage you set to save from your account after withdrawal for rainy- day funds.
WHAT ARE THE REQIREMENTS TO OPEN A KUDA ACCOUNT
The requirements are very simple. All you will need are listed below:
*You must be a minimum of 18 years and a Nigerian citizen.
*Own a Smartphone that supports the latest version of the KUDA app.
*Have an active email address and phone number.
*BVN (Bank Verification Number).
*Valid ID (Either a National ID card, Voters Card, Drivers License or National Passport).
Kuda bank also offers a high level of security to protect its customer’s personal information from unauthorized use.
It partners with several other banks like Access bank, Guarantee Trust Bank and Zenith Bank and has become the very first Nigerian bank to be added to a part of the Binance P2P payment option. Therefore, this makes it possible for people to carry out trading on cryptocurrency on Binance, by making and receiving payments with their Kuda Account.
Digitalization is here to stay and as more financial institutions adopt the technology of faster and relatively flexible banking, it could build a helping hand in stabilizing our economy. With more players in the digital banking space, the competition will rise to producing excellent banking services for Nigerians.