(THE BANK OF THE FREE)
Kuda Bank or rather Kudimoney, is s digital lending and purposeful lending platform. Started in London before operations extended to Africa, Nigeria to be precise. It was established in 2016 as a joint enterprise by Mustapha Musty and Babs Ogundeyi.
Rather than being a commercial bank Kuda Bank is a Microfinance Bank known for its 0-nothing fee charge for financial transaction and it is the first digital bank approved and licensed by the Central bank of Nigeria to conduct microfinances and mobile transaction services.
The Kuda MFB stepped up their game when they awarded their millionth customer with the sum of 1million naira. In 2021 Kuda was recognized as one of the seven WEF African technology startups.
Kuda also gained recognition and significant value during the “2020 End SARS” due to their massive support and contributions to the protest.
It was worth over $500 million and rose to the peak and made over $55 million in the Series B funding in August 2021.
HOW TO CREATE A KUDA MICROFINANCE BANK ACCOUNT
There many important details you must not before you can proceed with the account opening process.
Firstly
- Be a genuine citizen of Nigeria
- Having a device that supports the KUDA app
- Be 18 years of age
- An active, registered phone number and email address
Kuda originally has two types of account which are the BASIC and FULL KYC accounts.
Requirements for a Basic account include:
- NAME.
- PHONE NUMBER.
- BANK VERIFICATION NUMBER (BVN).
Requirements for the Full KYC account are:
- NAME.
- PHONE NUMBER.
- BANK VERIFICATION NUMBER (BVN).
- A valid means of identification (International passport, National ID, Voters Card and Driver’s License).
KUDA BANK USSD/TRANSFER CODES
Kuda currently has no USSD code, but the bank conducts all its transactions on the mobile app where you can do almost anything. However, you can make transactions, transfers to your Kuda bank account with USSD codes from your other bank accounts.
THE KUDA DEBIT CARD
Even as the bank is solely digital and doesn’t have a physical structure here in Nigeria, it is the only Fully Digital Bank that have a debit card.
HOW TO REQUEST FOR A KUDA DEBIT CARD
After a successful account opening, download the Kuda mobile app, launch it and
- Tap card at the bottom page of your dashboard.
- Click on ‘Request A Card’.
- Click on ‘Get A Physical Card’.
- Create a 4 digit PIN then click NEXT.
- Fill in a delivery address and then click NEXT.
- Confirm all details.
- Enter the preferred name to be printed on the card.
- Wait for the card to be delivered to your address.