The Kuda Bank app is one of the newest and most popular bank apps in Nigeria right now. Being an exclusively online bank has made it quite distinctive and appealing to the bulk of Nigerian youths.
Other intriguing characteristics that the Kuda Bank offers make it a viable alternative to Nigeria’s traditional banking system. It is without a doubt among Nigeria’s best fintech businesses.
The Kuda app is a bank that doesn’t require its users to visit any physical banks to perform transactions or handle any problems that may emerge thanks to its online-only feature.
People experience tension when they visit physical banks, which is why. Long lines could contribute to this stress by wasting time and preventing people from completing their initial objectives of visiting to the bank.
This essay will cover every aspect of Kuda Bank, including its distinctive qualities that make it dependable and a great alternative to traditional banking.
Who Is The Founder of Kuda Bank?
Founder and CEO of Kuda Bank is Babs Ogundeyi. He completed his studies at Brunel University in London and has spent the majority of his career working in the financial sector. His research focuses on Nigeria’s public and private sectors.
He formerly worked for PricewaterhouseCoopers, where he advised banks and served as senior special adviser to the Nigerian federal government on financial matters.
Mr. Ogundeyi contributed to the development of Motor Trader Nigeria, a respected Nigerian media company that later bought the first classified automobile magazine.
Overview Of Kuda Bank
In most ways, Kuda Bank is identical to a traditional bank; however, it has no physical locations.
The financial company only operates online and has a valid banking license from the CBN to conduct online financial operations (Central Bank of Nigeria). The bank has been set up specifically for smartphone users. Therefore, potential clients without one won’t be able to bank with them.
The Kuda bank app is available for download on a number of smartphone operating systems, including iPhone, Android, and Windows. The fact that the app is stress-free and lets you conduct banking business anywhere you want—at home, at church, at school, or anyplace else—is equally significant.
Due to its user-friendly interface, which makes it simple to navigate and use, anyone with a smartphone can download the Kuda Bank app. Additionally, it has been improved for speedy loading, enabling transactions to happen more quickly.
Utilizing Kuda is free thanks to the power of technology and digital. Its goal is to build the world’s best bank for every African.
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How Does The Kuda App Function?
The Kuda Bank app gives users access to account monitoring without the fees that other traditional banks impose. This includes free money transfers to other Nigerian banks, no-cost debit cards, and loan services for consumers.
Due of the hefty fees required by traditional banks for services like issuing debit cards, transferring money between banks, and maintaining ATM cards, these offers are astounding to potential customers. It’s equally crucial to be aware that the app will use any savings to finance loans to borrowers at a particular interest rate.
Savings can also be used to invest in other businesses, with the bank receiving the interest.
This is not a reason for concern because this is the same way that traditional banks make money. The main distinction is that Kuda Bank charges significantly less than other traditional banks. Since Kuda Bank doesn’t construct physical branches, the profits from these investments are enough to maintain the bank.
Download the Kuda Bank app on iOS and Android.
The app can only be used by owners of Android and iOs devices because it is primarily designed for smartphone users.
You may look it up and download it from the Google Play Store or the Apple App Store.
How To Apply For A Loan With Kuda Bank
You can apply for speedy short-term loans online without filling out any paperwork thanks to Kuda Bank’s overdraft. Additionally, you have a choice as to when to pay back with just 0.3% daily interest. How to request an overdraft from Kuda Bank is as follows:
1. Launch the Kuda app and select your borrowed account by swiping.
2. Select Borrow.
3. Press the Get Your Overdraft button.
4. Next, touch.
5. Enter the loan amount you require, and then click “Done.”
6. Check your fingerprint, facial ID, or transaction PIN.
7. After clicking okay, you can withdraw money from your account.
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