Kuda, a Digital Bank Solving Traditional Banking Challenges

Kuda, a Digital Bank Solving Traditional Banking Challenges

Kuda, popularly tagged “the bank of the free” is a digital-only bank licensed by the Central Bank of Nigeria (CBN). Kuda has been operating since 2017 with a presence in Nigeria and the United Kingdom.

Kuda formerly operated as Kudi Money, an online-only savings and lending platform, and was later renamed Kuda Bank in 2019 by its founders, Babs Ogundeyi (Co-Founder and CEO), and Musty Mustapha (Co-Founder and CTO).

Kuda Bank started with a unique strategy for a high-ranking audience in Nigeria and across the world. This strategy focuses on alleviating its audience’s banking challenges whilst meeting their unique needs. The Bank has made significant progress in Nigeria since starting operations. Its growing audience includes the Millennials and Generation Z who are known to be internet savvy.

Kuda Bank majorly exists as a Microfinance and mobile banking institution that promotes a free banking lifestyle by cutting off ridiculous charges. The services offered by Kuda Bank are a general improvement in traditional banking services. For example, all an interested user needs to do is download the app and sign up, after which they receive a free debit card to be delivered wherever they are in the country.

Users also do not have to queue up at the bank anymore as they can resolve complaints from their mobile devices successfully. To ensure that customers can easily resolve transaction problems that may occur while using the app, Kuda Bank provides a 30-digit session ID for each transaction.

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Kuda Bank also provides security features, such as; a validation mechanism for all users, and a circuit-breaking tool that flags down transactions higher than the normal range. The circuit breaker system means that when a customer who usually transfers ₦50,000 suddenly attempts to transfer ₦500,000 it will be flagged to notify the user of a probable error or a fraudulent transaction.

To revolutionize banking, Kuda Bank partnered with premium banks in Nigeria including Guaranty Trust Bank, Access Bank, and Zenith Bank, to create a wide branch network where customers can go to deposit money into their Kuda accounts for free. Users can also get debit cards issued by Access Bank, following a license from Verve and Visa International.

Kuda Bank recently made history as the first Nigerian bank to be included in the Binance P2P payment options. Users who trade in cryptocurrencies on Binance can now make and receive payments through their Kuda accounts.

Kuda believes that anticipating customer needs and offering effective solutions should be the defining motto of the age of digital banking.

Kuda is the future of the Nigerian financial industry.

We celebrate Kuda!