Maybe you’re tired of the excess charges from your bank, or you probably want to switch to a bank that is more likely to advance you a loan without collateral. Whatever your reason for searching -it’s valid, so, lets tell you what Kuda Microfinance bank can do for you in this Kuda bank review.
I got tired of paying thousands in monthly fees to my bank. I had been trying to keep my cool and persevering with them – though the charges hurt me.
But I got fed up after calculating how much I’m paying for SMS charges for failed transactions. Those failed transactions are not my fault, they’re my banks’ system fault. But guess who pays for them. Yes, of course, me.
So, I stopped for once, research for a better alternative. And here I found one -Kuda bank.
Before now, we used to think of Microfinance banks as a “pepper and tomato” kind of bank. But Kuda microfinance bank has changed the way we see microfinance banks -and boy are we enjoying this revolution. I certainly am.
In this Kuda bank review, we’ll review What Kuda MFB is, the amazing Pros and Features of Kuda Bank, the Cons, how to open Kuda bank account, is Kuda bank legit, and some other FAQ about Kuda.
What is Kuda Microfinance bank?
Kuda bank is an online only bank. This means Kuda bank doesn’t have a physical presence -so you can’t walk into a physical Kuda bank branch -because there is none.
By keeping zero physical presence or branch, Kuda cuts costs. This is why it can manage to operate on zero charges.
Not to worry about your funds, the bank is registered with the CBN as Kuda Microfinance bank. This means that your deposits are insured by the NDIC and fully recognized as a Microfinance bank. Again, this means you get all the features of a Commercial and microfinance bank, right from your smartphone, cool -huh? It is.
So, what are the features of Kuda Microfinance bank? What makes it stand out?
Features of Kuda Bank
The purpose of this Kuda bank review is to let you in on the amazing features of the Kuda bank or app and to know if it is the right fit for you. So, the following are the Pros and all to expect when you choose to use Kuda bank.
Zero bank charges
The first feature and maybe the best, that may catch your attention is the fact that Kuda doesn’t charge you a fee to receive money. No monthly maintenance fee, no this vat or that vat! Simply free.
Receive money for free.
Commercial banks are known to charge #50 when you receive #10,000 and above. But with Kuda MFB, you pay nothing for receiving money.
Transfer for free.
You get 25 free transfers each month. That hits different right? You don’t believe it?
With Kuda MFB you are allowed 25 free transfers each month. If you don’t send money often, or if you don’t send more than 25 times a month, then this should serve you the entire month. But even if you send a lot, 25 free transfers would save you a lot of money. The bank indicated that they save you around #15,250 yearly in banking fees, if you factor in fees for sending -you could be saving up to 100k a year.
Cheap Sending Fees
Then, when you exhaust your 25 free transfers, you are charged only a #10 flat fee to transfer any amount.
As you already know, you pay from #10 above per transfer -depending on how much you are sending. This means you pay to send, and the receiver also pays to receive the money you have sent.
But this is not the case with Kuda Bank. After exhausting your 25 free transfers, you pay only #10 per transfer, irrespective of the amount, and if your receiver is on Kuda, they don’t pay anything to receive the money.
E cheque Feature
When I started outlining this Kuda bank review, I almost forgot this. How could I? This is one of the best features I love about Kuda MFB.
With Kuda bank, you can generate a link ( and include the amount you want to send), then protect the link with a 4-digit pin. You send this link to a friend or whoever you want to give the money to. When the friend clicks on the link and inputs the pin you provided, the money goes into a bank account they choose.
This is like giving your friend a cheque, only that it is a digital one.
What I don’t like about Kuda microfinance bank app (Disadvantages of Kuda)
The following are what I think are the disadvantages of Kuda bank, or let’s say the cons of Kuda MFB.
Online only ish!
First, it’s an online only bank. Of course, I don’t like visiting physical banks -no one loves visiting places where their time is wasted, so I have no issues with Kuda being an online bank. However, since Kuda is an online bank, I expected that it would operate a 24/7 customer care service (on the app).
While it strives to attend to everyone during the working hours, 24-hour customer care would have made it easier for customers to sort their queries even at night. No one wants to go to bed with their unresolved financial issues.
Its online only status also means only Smart Phone users can use the bank.
Service Upgrade and NIBSS Issues
NIBSS is the organization that facilitates money transfers between banks in Nigeria. When their service is down, you are unable to make transfers. This means, when the service is down, you are unable to use Kuda as you would.
Also, Kuda sends regular notifications of scheduled maintenance, usually at midnight. I believe they could do these upgrades less often than they currently do it -maybe once or twice a month would have been ideal. I don’t think this should be an issue with this Kuda bank review though.
Other than these, I have no issues with Kuda -yet.
How To Open Kuda Bank Account
Next up, let’s see how to open Kuda bank account. The process is pretty much straightforward. Simply follow the steps below:
Download the Kuda app
Use the code CG9VSW9J as you sign up. It allows you get a bonus when you keep at least #100 in the account.
Complete your KYC
Do this by providing your;
- Selfie and phone number: With these, you get a level one account -with account limits.
- BVN for a level two account.
- And then provide a regulatory ID card/NIN -for a level three account, without any limit on your account.
- Once you’re done, you get an account number instantly. Anyone can send money to the account, and you’d see it reflect immediately.
Finally! welcome to the bank of the free. That’s it on how to open a Kuda bank account.
Frequently Asked Questions about Kuda Microfinance Bank
Who is Kuda bank founder
The CEO of Kuda bank is Babs Ogundeyi. He schooled in the UK and has worked majorly in the financial sector. The role of a CEO could mean something else to a founder, so it is unclear if Babs Ogundeyi is the kuda bank founder.
Is Kuda bank legit
Yes, very legit. Kuda Microfinance bank is licensed by the CBN and your money is covered by the NDIC. This is the same Federal Government Agency that secures your money in the commercial banks.
How legit is Kuda bank ?
As long as its CBN license remains valid, Kuda is very legit.
Can Kuda Bank be trusted?
Yes, it can be trusted. Since Kuda is legit and licensed by the regulatory authorities, Kuda can be trusted.
What is the Kuda website?
The kuda bank website is Kudabank.com. For your safety, remember to always ensure the URL is correct when you visit the website of a financial institution.
Is there a Kuda Mastercard?
Yes, there is a Kuda Mastercard. Kuda promises to ship your Kuda bank Mastercard to your address if you choose to apply for the card. One of the main reasons people search for Kuda bank review is to know if the bank issues a debitcard, and it does,
What are other banks like Kuda?
Kuda is a fintech. And there are quite several Fintechs out there, so there are other banks like Kuda. In fact, FinTechs are taking over the Nigerian financial ecosystem. Banks like Kuda include Carbon, Branch, Piggvest, etc.
Of course, some of these operate differently, but they are all Fintechs.
What is Kuda bank Twitter handle
The customer support of Kuda is @Kudabankhelp while the official Twitter of Kuda is @Kudabank.
The Kuda bank founder is unclear, however, Kuda is head by its CEO, Babs Ogundeyi.
So, after reading this Kuda bank review, what do you think of the bank? Do you intend to try it out? If you have registered and currently use Kuda, let’s know what you think in the comment area below.
Share this Kuda bank review with your friends on social media, so they too can enjoy free transfers, so you can enjoy fast payments from them too.
Wow, thanks for this post. Your post is really interesting and I would like to read more from your blog. I’ll keep visiting for more posts.
Thanks once again.