How Does Kuda Flexible Savings Work

Saving is a crucial part of financial planning, but it can be challenging, especially for those with low-income.

Kuda, the digital bank based in Nigeria, has introduced a flexible savings platform that addresses this challenge, making saving easy and accessible to everyone.

This platform, known as Kuda Flexible Savings, has revolutionized the way people save, making it a popular choice among Nigerians.

But how does Kuda Flexible Savings work, and how is it different from other savings platforms?

Kuda Flexible Savings is an online savings platform designed to help individuals save money easily and efficiently.

How Does Kuda Flexible Savings Work

The platform allows users to set up automated savings plan, transfer funds into their savings account, and earn interest on their savings. With Kuda Flexible Savings, you can save as little as N100 and as much as N100,000 daily, weekly, or monthly. Users can also withdraw their savings at any time without any penalty.

To get started with Kuda Flexible Savings, users need to open a Kuda account, which can be done through their mobile app available on Android and iOS devices.

Once you have set up your account, you can start saving by transferring funds from your account to your savings account. You can also set up a recurring transfer from your account to your savings account to automate your savings plan.

One of the unique features of Kuda Flexible Savings is the ‘Save as you Spend’ feature, which enables users to save a percentage of their spending.

This feature automatically transfers a percentage of your spending into your savings account every time you make a transaction with your Kuda debit card.

The percentage saved can be adjusted to suit your savings goals.

Another remarkable feature of Kuda Flexible Savings is the ability to earn interest on your savings.

Kuda offers a competitive interest rate of up to 15% per annum, which is higher than what most traditional banks offer.

Interest earned on your savings is paid into your account daily, encouraging users to save more and earn more.

Kuda Flexible Savings also offers users the flexibility to withdraw their savings at any time without any penalty. This means that you can withdraw your savings anytime to help you meet your financial goals without worrying about any penalties.

Kuda Saving Goals

Kuda has also introduced a feature called ‘Save Goals’ which allows users to set financial goals and track their progress.

Users can set up different saving goals such as buying a car, traveling, or saving for emergencies.

The platform offers a progress bar that shows how close you are to achieving your goals, providing motivation to save more.

In addition, Kuda Flexible Savings offers a secure and reliable platform for saving money.

The platform uses the latest technology to keep users’ data encrypted and secure. Kuda is also a licensed mobile bank, regulated by the Central Bank of Nigeria, providing users with peace of mind.