You and i know that opening a bank account has never been easier with the stress of going to the banking hall and waiting in a cue as well as bringing documents. Those days are gone, I will show you how to open a Kuda bank account online in Nigeria easily from wherever you are.
With digital banks, Nigerians can now manage their finances from the comfort of their homes and Kuda Bank is leading the charge. Founded in 2016 as Kudimoney, rebranded in 2019 to offer banking without the stress of traditional banks. Kuda is a microfinance bank licensed by the CBN so we can offer you spending, saving, borrowing and investing.
Kuda has raised over $91 million in venture capital and has a user-friendly app for both Android and iOS. No physical branches, banking is for everyone. By opening a Kuda account you can have free transfers, automated savings and overdraft facilities.
This article will guide you through the step by step process of opening a Kuda Bank account online in Nigeria and everything you need to know.
How to Open a Kuda Bank Account
Opening a Kuda Bank account is a 5 minute process. Here’s how to do it:
1. Download the Kuda App
First step is to download the Kuda app. You can find it on the Google Play Store for Android or Apple App Store for iOS. Search for “Kuda” and click on the download button. Make sure you have a stable internet connection for the download.
2. Create an Account
Once the app is installed, open it. You will see a welcome screen that shows what Kuda offers. Click on the “Sign Up” button to start the registration process. Kuda will ask you to enter your email and choose a password. Make sure your password is strong.
3. Input Your Details
After entering your email and password, you will need to input some personal details. Kuda will ask for:
- Full Name: Enter your first name, middle name (if applicable) and last name as it appears on your ID.
- Phone Number: Enter your active phone number that Kuda will use for verification and communication. Make sure you can access this number as Kuda will send you a verification code via SMS.
- Bank Verification Number (BVN): Enter your BVN, it’s a unique identifier for all bank accounts in Nigeria. If you don’t have a BVN, you need to get one from any bank in Nigeria before proceeding.
4. Set Up Your Login Pin
Once you’ve entered your personal details, you’ll be asked to set up a login pin. This pin will be required every time you log in to Kuda so choose something you can remember but also secure. After setting up your pin, you’ll be prompted to verify your phone number.
5. Verify Your Phone Number
Kuda will send a verification code to the phone number you entered earlier. Check your SMS for the code, enter it in the app and click “Verify”. This step is important so that the account is linked to your active phone number which will be used for notifications and transactions.
6. Complete Your Profile
Next you’ll be asked to complete your profile. This includes entering more personal details such as your date of birth and address. Kuda may also ask you to add your National Identification Number (NIN) for higher transaction limits. This step is to comply with regulatory requirements.
7. Verify Your Identity
To comply with Nigeria’s financial regulations and to secure your account, Kuda will ask you to verify your identity. You can do this by uploading a government-issued ID:
- National ID card
- Driver’s license
- International passport
Make sure the document is clear and legible. Kuda will review your submission and get back to you once your identity is verified. This process may take a few minutes.
8. Lock Your Account
Once your identity is verified, Kuda will ask you to lock your account. This may involve enabling two-factor authentication (2FA) for extra security. 2FA is a must-have feature that requires a second form of verification, such as a code sent to your phone, every time you log in or make a transaction.
9. Set Up Your Kuda Account
Once your account is locked, Kuda will create your banking profile. You’ll get your unique Kuda account number which you can use for transactions, savings and more. You’ll also have access to features like free interbank transfers, bill payments and savings goals.
Opening a Kuda Bank Account Benefits
Now that you know how to open a Kuda Bank account online, here are the benefits:
1. No Monthly Maintenance Fee
Kuda doesn’t charge any monthly maintenance fee so you can keep more of your money. This is perfect for people who want to save more without unnecessary costs.
2. Free Transfers
Kuda gives you up to 25 free transfers to other banks each month. This is great for people who send money to friends, family or businesses frequently. Any extra transfers will cost 10 naira each which is way cheaper than traditional banks.
3. Automated Savings
Kuda’s automated savings is a game changer. You can set up automatic transfers to a savings account and let the savings build up without you having to think about it.
4. Overdraft
Kuda offers overdraft to eligible customers. You can withdraw more than what’s in your account in case of emergencies.
5. Bill Payments
You can pay bills directly from the app. Utilities, school fees and other services can be paid without having to go to a physical bank or service provider.
6. Secure Banking
Kuda takes the security of your money and personal information seriously. The app uses high level encryption and secure technology to protect your account. Deposits are also insured by the National Deposit Insurance Corporation (NDIC).
Conclusion
Opening a Kuda Bank account online in Nigeria is easy and has many benefits. With digital banking at the forefront, Kuda is user friendly and lets you manage your finances with ease. Follow the steps above and you can sign up and start enjoying the features in no time. From free transfers to automated savings and overdraft, Kuda is changing the way Nigerians bank, making banking more accessible and simpler. If you need a modern banking solution, Kuda is worth a try.
