Business

How does kuda bank work

Kuda Bank is a digital bank that provides easy and efficient banking services to its users. With its innovative features and user friendly platform,

Kuda Bank is quickly becoming a go to bank for digital natives looking for a fast, convenient and hassle free banking experience.

Let’s delve deeper into how Kuda Bank works and how it differs from traditional banks.

How Kuda Bank Works

Kuda Bank offers two types of accounts – Kuda Savings Account and Kuda Current Account.

Both accounts are designed to meet the banking needs of individuals and businesses on the go.

Here’s how they work:

Kuda Savings Account

Kuda Savings account offers users the opportunity to save money while earning up to 15% annual interest on their savings.

Kuda Savings account is free to open and maintain, and requires no minimum balance. To open a Kuda Savings account, you need to:

• Download the Kuda Bank app from your app store and complete your account registration.

• Verify your identity using your BVN and a valid ID.

• Fund your account, set a savings goal, and start saving.

Kuda Current Account

Kuda Current account is designed for individuals and businesses with a steady cash flow.

It offers users an opportunity to perform transactions such as paying bills, making transfers, and more.

Kuda Current account is free to open and maintain, and requires no minimum balance. To open a Kuda Current account, you need to:

• Download the Kuda Bank app from your app store and complete your account registration.

• Verify your identity using your BVN and a valid ID.

• Fund your account, and start using it to perform transactions.

Kuda Bank Features and Benefits

Kuda Bank is built to provide its users with a better banking experience. Here are some of its features and benefits:

Cashback Rewards

Kuda Bank offers users up to 25% cashback on their everyday transactions. You can earn cashback on purchases such as airtime, data, cable TV subscriptions, and bill payments.

Free ATM Withdrawals

Kuda Bank users can make four (4) free ATM withdrawals every month at any ATM in Nigeria. After the four (4) free withdrawals, users will be charged a token fee of ₦30.

Instant Transfers and Payments

Kuda Bank provides users with instant transfers and payments to other banks, Kuda accounts, and other e-wallets.

Split Bills

Kuda Bank allows users to split bills with family and friends. You can split a bill or request payment and share the link with your contacts via social media, email, or SMS.

Set Savings Goals

Kuda Savings account users can set savings goals and track their progress using the app. You can save towards a specific goal, such as rent, car purchase, or vacation.

24/7 Customer Support

Kuda Bank provides users with 24/7 customer support via its in-app chat feature. Users can connect with a customer support representative to resolve any issues or make inquiries.

How Kuda Bank Differs from Traditional Banks

Kuda Bank is a digital bank that operates entirely online. This means that users can perform transactions, such as paying bills, making transfers, withdrawing cash, and requesting loans via the app.

Here are some of the ways Kuda Bank differs from traditional banks:

No Physical Branches

Kuda Bank operates entirely online and doesn’t have physical branches like traditional banks. This means that users can perform transactions, apply for loans, and open a new account via their mobile device.

Lower Fees and Charges

Kuda Bank offers users lower fees and charges compared to traditional banks. For example, Kuda Bank provides users with four (4) free ATM withdrawals every month and charges them only ₦30 per transaction after the free withdrawals.

Traditional banks charge users between ₦65 and ₦105 per ATM withdrawal.