How to Open a Saving and Deposit Account With Kuda

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If you’re interested in opening a Kuda Bank account but unsure of how to get started, you’re in the right place!

This article will provide you with all the necessary information to open your account quickly and easily. We’ll guide you through the process step-by-step, so even if you’re new to online banking and don’t know where to begin, you’ll be able to set up your Kuda Bank account on your phone with ease.

Opening a Kuda Bank account is a simple and straightforward process that can be completed from the comfort of your own home. Whether you’re looking to switch from your current bank or just starting your online banking journey, Kuda Bank offers a seamless digital experience that can save you time and stress.

What is Kuda Bank?

Kuda Bank is a mobile banking application that allows users to access banking services from the convenience of their mobile devices. It is a digital banking platform that offers users a wide range of financial services such as account opening, funds transfer, bill payments, loans, and savings.

Kuda Bank App was launched in Nigeria in 2019 and has gained immense popularity due to its user-friendly interface and seamless user experience. The app has been designed to cater to the needs of young and tech-savvy individuals who prefer to carry out their banking transactions digitally.

One of the unique features of the Kuda Bank App is that it is completely free to start. The platform doesn’t charge hefty fees. This makes it an attractive option for individuals who are looking for a cost-effective way to manage their finances.

Kuda Bank has also introduced innovative features such as the ability to open an account within minutes without the need for any paperwork or visiting a physical branch. This has made it easier for people who live in remote areas to access banking services.

Types of accounts offered by Kuda Bank

Kuda Bank offers several types of accounts that cater to the specific needs of different individuals. Here are some of the types of accounts offered by Kuda Bank:

  1. Kuda Bank Regular Savings Account: This account is the standard account offered by Kuda Bank. It is a savings account that allows customers to save their money and earn interest on their savings. Customers can deposit and withdraw money from this account at any time without any restrictions.
  2. Kuda Bank Fixed Deposit Account: This is an investment account that allows customers to earn interest rates on their savings by locking in their money for a specific period. The longer the period, the higher the interest rate.
  3. Kuda Bank Joint Savings Account: This account is designed for couples or partners who want to save together. Both parties can make deposits and withdrawals from the account, and the interest earned is shared equally between them.
  4. Kuda Bank Current Account: This account is designed for business owners and entrepreneurs who need to make frequent transactions. It allows customers to deposit and withdraw money as often as they like and comes with a debit card that can be used to make purchases and withdraw money from ATMs.
  5. Kuda Bank Kids Savings Account: This account is designed for parents who want to save for their children’s future. It offers a higher interest rate than the regular savings account and comes with features such as zero account maintenance fees, SMS alerts, and a dedicated mobile application.


Benefits of opening a Kuda Bank Account

Here are some of the benefits of opening a Kuda Bank account:

  • No hidden charges: Kuda Bank does not charge hefty fees or has hidden fees for its services, making it a transparent banking option.
  • Zero account maintenance fee: Kuda Bank does not charge any maintenance fees on its savings accounts, unlike traditional banks that charge monthly maintenance fees.
  • Instant account opening: Customers can open a Kuda Bank account in less than five minutes from the comfort of their homes using the Kuda Bank mobile application.
  • Attractive interest rates: Kuda Bank offers competitive interest rates on its savings and fixed deposit accounts, allowing customers to grow their savings over time.
  • Free ATM withdrawals: Kuda Bank allows customers to withdraw cash from ATMs for free up to three times per month.
  • 24/7 customer support: Kuda Bank offers round-the-clock customer support to its customers, ensuring that their queries and issues are promptly addressed.
  • Budgeting tools: Kuda Bank’s mobile application comes with budgeting tools that help customers to manage their expenses and save more.
  • Cashback rewards: Kuda Bank offers cashback rewards on transactions made with its debit card, helping customers to save more money.
  • Seamless mobile banking: Kuda Bank’s mobile application is user-friendly and easy to navigate, making it easy for customers to carry out transactions and manage their accounts on the go.

Requirements and documents for opening a Kuda bank Account

Opening a Kuda bank account is easy and straightforward, and requires the following requirements and documents:

1: A valid form of identification: You will need a government-issued identification document such as a National ID card, international passport, or driver’s license. Your ID must be current and valid.

2: A functional mobile number: You will need a phone number that is currently active and can receive SMS messages.

3: Access Internet: Kuda bank operates entirely online, so you will need access to the internet through a smartphone or computer.

4: Email address: You will also need an active email address that you can use to receive important information from the bank.

5: Personal information: You will need to provide your full name, date of birth, and residential address.

6: Bank Verification Number (BVN): You will need to provide your BVN, which is a unique identifier assigned to every bank customer in Nigeria.

Once you have these requirements and documents in place, you can follow these steps to open a Kuda bank account:

  1. Download the Kuda bank app from the Google Play Store or Apple App Store.
  2. Sign up with your email address and phone number.
  3. Enter your personal information, including your full name, date of birth, and residential address.
  4. Provide your valid ID and BVN.
  5. Set up your security questions and PIN.

How to add money to your Kuda Bank account

Adding money to a Kuda Bank account is a quick and simple process that can be completed in a few easy steps. Here’s how to add money to your Kuda Bank account:

  1. Log in to your account: After registration, log in to your Kuda Bank account by entering your phone number and password.
  2. Click on the Add Money button: Once you have logged in to your account, you will see the “Add Money” button on the home screen. Click on it to proceed.
  3. Select the payment method: You will be prompted to select a payment method to add money to your Kuda Bank account. You can choose from options like debit card, bank transfer, or USSD transfer.
  4. Enter the amount you want to add: After selecting your preferred payment method, enter the amount of money you want to add to your Kuda Bank account.
  5. Confirm your transaction: Once you have entered the amount, you will be asked to confirm your transaction. Check the details to ensure that they are correct before taping the Confirm button.
  6. Wait for the money to be credited: After you have confirmed the transaction, the money will be credited to your Kuda account within a few minutes. You can check your account balance to confirm the transaction.

Kuda Bank ATM Card

One of the unique features of Kuda Bank is that it offers both physical and virtual ATM cards to its customers. The virtual card can be used for online transactions while the physical card can be used for both online and offline transactions.

Getting a Virtual ATM Card:

  • Open the Kuda bank app
  • Tap Card at the bottom of your screen
  • Tap Request A Card. Since we are requesting a virtual card, tap Get A Virtual Card
  • Confirm you want a virtual card with your Kuda bank transaction PIN, fingerprint or Face ID
  • Create a PIN for the virtual card and tap Okay

Getting a Physical ATM Card:

  • Open the Kuda bank app
  • Tap Card on the bottom of your screen
  • Tap Request A Card. Since you are requesting a physical card, tap Get a Physical Card
  • Create your card PIN then tap Next
  • Input and confirm your delivery address.

Frequently asked questions (FAQs)

Who owns Kuda Bank?

Kuda Bank is a digital bank that operates in Nigeria, and it is owned by Kuda Microfinance Bank Limited, a financial institution duly licensed by the Central Bank of Nigeria.

The bank was founded in 2018 by Babs Ogundeyi and Musty Mustapha, two Nigerian entrepreneurs who saw an opportunity to provide a digital banking platform that caters to the needs of many Nigerians.

Babs Ogundeyi, who serves as the CEO of Kuda Bank, has over 13 years of experience in the financial services industry. Prior to founding Kuda Bank, he worked with some of the top financial institutions in Nigeria and the United Kingdom, including Standard Chartered Bank, Guaranty Trust Bank, and Wema Bank.

Musty Mustapha, who serves as the CTO of Kuda Bank, has over 15 years of experience in the technology industry. Prior to founding Kuda Bank, he worked with various technology companies, including Etranzact International, where he served as the CTO.

Since its launch in 2019, Kuda Bank has been on a mission to provide Nigerians with a seamless banking experience that is affordable and accessible to all. The bank has been able to attract a significant number of customers due to its innovative features, excellent customer service, and commitment to financial inclusion.

Can I receive dollars with the Kuda app?

Kuda Bank only supports local currencies, such as the Nigerian Naira. This means that users cannot receive dollars or any other foreign currency into their Kuda Bank account.

Nevertheless, Kuda Bank is constantly expanding its range of services and may consider adding support for foreign currencies in the future. In the meantime, users who need to receive dollars or any other foreign currency can explore other options available to them, such as using a foreign currency account with another bank or a money transfer service that supports foreign currencies.

Can I use Kuda Bank without BVN?

One of the most common questions people ask about Kuda Bank is whether they can use it without a Bank Verification Number (BVN).

The short answer is no. It is not possible to use Kuda Bank without a BVN. A BVN is a unique identification number that is linked to your bank account and helps to prevent fraud and identity theft. It is a mandatory requirement for all bank account holders in Nigeria.

Kuda Bank, like other banks in Nigeria, is regulated by the Central Bank of Nigeria (CBN), which mandates that all bank account holders must have a BVN. This means that if you want to use Kuda Bank, you must have a BVN.

To obtain a BVN, you need to visit any bank branch or enrollment center with a valid form of identification, such as a National ID card, International passport, or Driver’s license. The process of obtaining a BVN is straightforward and usually takes only a few minutes.

Once you have a BVN, you can link it to your Kuda Bank account during the account opening process or at any time using the Kuda Bank app. You will need to provide your BVN and other personal details to complete the linking process.

Is it safe to use Kuda Bank?

Kuda Bank is a digital bank that has gained popularity in recent years due to its innovative banking services. However, the question on the minds of many Nigerians is, “Is it safe to use Kuda Bank?”.

The answer is yes, Kuda Bank is safe to use. Kuda Bank is a licensed digital bank in Nigeria that is regulated by the Central Bank of Nigeria (CBN). The bank is also a member of the Nigerian Deposit Insurance Corporation (NDIC), which ensures that depositors’ funds are protected in case of any unforeseen circumstances.

Furthermore, Kuda Bank takes several measures to ensure the security of its customers’ information and funds. The bank uses state-of-the-art security technology and protocols to protect its platform from cyber attacks and data breaches. This includes two-factor authentication (2FA) for all transactions and the use of Secure Sockets Layer (SSL) encryption to secure customer data.

How can I contact Kuda Bank support?

Kuda Bank also has a responsive and proactive customer support team that is available to assist customers with any issues they may encounter while using the platform.

Here are the steps to contact Kuda support:

  1. Open the Kuda Bank mobile app on your smartphone.
  2. Once you are logged in, tap on the More tab located at the bottom of the screen.
  3. Scroll down and select the Help & Support option.
  4. Here, you will see a list of frequently asked questions (FAQs) related to different aspects of the app and banking services provided by Kuda Bank. If your query is listed here, you can tap on it to view the answer.
  5. If you cannot find the answer to your question in the FAQs, scroll down to the bottom of the page and select Contact Us.
  6. You will be directed to a page where you can choose your preferred method of communication. Kuda Bank offers support through phone calls, emails, and live chat. You can select any of these options depending on your preference.
  7. If you choose to contact support via phone call, you will be provided with a number to call. Similarly, if you choose email, you will be provided with an email address to send your query. For live chat, you will be connected with a support representative instantly.
  8. Once you have selected your preferred method of communication, follow the instructions provided by the app to get in touch with Kuda Bank’s support team.

That’s A Wrap!

Kuda Bank offers a convenient way to experience the true beauty of digital banking without having to leave your comfort zone. By following the instructions and guidelines outlined in this article, you should be able to create a working account for all your transactions.

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