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Kuda Bank Review – How to Apply for Loan 2021

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Kuda Bank Review - How to Apply for Loan

Kuda Bank Review – How to Apply for Loan: Kuda Microfinance Bank provides free banking services to Nigerians through digital technology. On this article, you will learn all about Kuda Bank, what makes Kuda different from other banks?

Kuda bank is licensed by the Central Bank of Nigeria with registration number is RC 796975.


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Kuda Bank does not have branches like other commercials banks. Kuda runs entirely on your phone with an internet connection and they deliver your debit card to any address in Nigeria once registered as a customer.

Because Kuda doesn’t have branches, so, it saves you a lot of money. That’s why Kuda don’t charge you ridiculous fees and pay you more interest than most banks.

What much does Kuda Charges for a transaction?

Kuda will give you 25 free transfers every month if you sign up with your Bank Verification Number (BVN). Without your BVN, you’ll get 2 free transfers every month.

Extra transfers will cost you 10 naira each. Everything else is free – using your account, using your Kuda Card and withdrawing cash from our partner ATMs.

How does Kuda make Money?

Like regular banks, Kuda makes money by using collective deposits to make risk-free investments backed by the government. They also make money from service fees sellers pay when people like you shop with your Kuda Card. In the future, Kuda will make money from interest paid on loans.

How to Apply with Kuda Bank?

Download Kuda on Google Play (for Android) or the App Store (for the iPhone) and follow the prompts on your phone. It will take a few minutes at most.

What kind of account will I get?

If you sign up with your name and phone number, you’ll get an account limited to a maximum balance of 300,000 Naira, a maximum deposit of 50,000 Naira at a time and a maximum transfer of 10,000 Naira at a time. You won’t be able to send money to other banks Kuda Bank Review.

If you add a government-issued ID (like your driver’s license, national ID card or international passport) to your Kuda profile, your account will still be limited but you’ll be able to send money to other banks.


If you add a government-issued ID and confirm your BVN (Bank Verification Number), we’ll remove those limits from your account.

Is my Money Safe with Kuda?

Yes, your money is safe with Kuda. They secure all accounts with the same high-security encryption used by regular banks. For extra protection, they insure every deposit you make into your Kuda account.

If all banks are wiped out by a natural disaster or something, the Deposit Insurance Fund of the National Deposit Insurance Commission (NDIC) is required to pay you 200,000 naira as compensation.

How will I get my Kuda card?

We’ll deliver your Kuda Card to you anywhere in Nigeria.

How will I deposit money in my Kuda account?

You can transfer money to your Kuda account from any Nigerian bank with a bank app or through internet banking.

You can also add money to your upgraded account with most debit or credit cards. Tap Add Money on the Kuda app and choose the Add By Card option.

Adding money to your account by card is free up to a total of 100,000 Naira. After that, we will no longer cover the third party payment gateway fee.

If you have cash, you can deposit it into your Kuda account at our partner banks. Tap Add Money on the Kuda app and choose the Add By Deposit option to get instructions.

How to Get Kuda Bank Account Statement?

You can request an account statement for a specific time period. Tap your profile picture on the app, scroll down then tap Request your account statement.

Where’s Kuda Bank office Located?

We’re on the first floor of Moorehouse, 151, Herbert Macaulay Way, Yaba, Lagos. Visits are by appointment only, please

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Bernard Bassey is a graduate of Software Engineering from AfriHUB University, Abuja. He is an expert in field journalism, his interest in socio-politics activities is keen.

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