Are you looking for a convenient and fee-free way to manage your money in Nigeria?
You might want to check out Kuda, the money app for Africans. Kuda is a digital bank that offers a range of services and features to help you save, spend, and track your finances. In this article, i will answer some common questions about Kuda, such as:
– What is Kuda and how does it work?
– What are the benefits of using Kuda?
– What are some frequently asked questions about Kuda?
What is Kuda and how does it work?
Kuda is a licensed and regulated microfinance bank in Nigeria that operates entirely online. You can open a Kuda account in minutes by downloading the app and verifying your identity with your BVN and a photo ID. You will also get a free Visa debit card that you can use to make payments and withdraw cash at select ATMs.
With Kuda, you can enjoy 25 free bank transfers per month, no monthly maintenance fees, no hidden charges, and a high 15% interest rate on your savings. You can also access short-term overdraft loans, budgeting tools, spending insights, and more.
Is Kuda safe to keep Money?
Yes, Kuda is safe to keep money in. Kuda is regulated by the Central Bank of Nigeria and is a member of the Nigeria Deposit Insurance Corporation (NDIC), which guarantees deposit protection for your holdings . Kuda also uses biometric authentication, secure PINs, 3D Secure card payments, transaction alerts, and other measures to protect your identity, account, and money.
What are the benefits of using Kuda?
Some of the benefits of using Kuda are:
– You can save money on fees and charges. Kuda does not charge you for ATM withdrawals, bank transfers (up to 25 per month), account maintenance, or card delivery.
– You can earn money on your savings. Kuda pays you a high 15% interest rate on your savings, which is compounded daily and paid monthly. You can also set rules to save automatically whenever you spend or receive money.
– You can manage your money easily. Kuda gives you a user-friendly app that lets you track your income and expenses, set budgets, view spending insights, and more. You can also send and receive money instantly with other Kuda users using their phone numbers or QR codes.
– You can access credit when you need it. Kuda offers short-term overdraft loans that you can use to cover emergencies or unexpected expenses. You can borrow up to 50% of your average monthly income and repay within 14 days at a 0.3% daily interest rate.
What are some (FAQ) frequently asked questions about Kuda?
Here are some common questions that people have about Kuda:
Q: How do I open a Kuda account?
A: You can open a Kuda account by downloading the app from Google Play Store or Apple App Store, entering your phone number, verifying your identity with your BVN or NIN or other national means of verification, choosing a username and password, and adding money to your account via debit card or bank transfer.
Q: How do I request a Kuda card?
A: You can request a Kuda card by tapping on Cards on the app, choosing between a physical or virtual card, selecting a delivery option (pickup or delivery), confirming your address or location, paying for the delivery fee if applicable, and activating your card when you receive it.
Q: How do I send money with Kuda?
A: You can send money with Kuda by tapping on Payments on the app, choosing between Send Money or Pay a Bill, entering the recipient’s details (account number or Kuda username or phone number or biller name), entering the amount and a note if you want, and confirming the transaction with your PIN or fingerprint.
Q: How do I save money with Kuda?
A: You can save money with Kuda by tapping on Savings on the app, choosing between Flexi Savings or Fixed Savings or Spend+Save, entering the amount and frequency of your savings, choosing an interest rate and a maturity date if applicable, and confirming your savings plan with your PIN or fingerprint.
Q: How do I fund my Kuda account?
A: You can fund your Kuda account by transferring money from another bank account, depositing cash at a partner agent or bank branch, using your debit or credit card, or using a USSD code.
Q: How do I withdraw money from my Kuda account?
A: You can withdraw money from your Kuda account by using your Visa debit card at any ATM in Nigeria (free at over 3,000 ATMs), transferring money to another bank account, or withdrawing cash at a partner agent or bank branch.
Q: How do I contact Kuda customer service?
A: You can contact Kuda customer service by sending an email to firstname.lastname@example.org, calling 01 633 5832, or chatting with them on the app or website.
Q: How do I close my Kuda account?
A: You can close your Kuda account by sending an email to email@example.com with your account details and the reason for closing your account. You will need to clear any outstanding balance or loan before you can close your account.
Q: How do I download Kuda?
A: You can download Kuda from the Google Play Store or the Apple App Store. You can also visit their website https://www.kuda.com to download the app.
Kuda is a digital bank that offers a convenient and fee-free way to manage your money in Nigeria. With Kuda, you can save, spend, track, and earn money on your finances. You can also access credit, budgeting tools, spending insights, and more. If you want to try out Kuda for yourself, you can download the app from the Google Play Store or the App Store and open an account in minutes.