Why Everyone is Excited About KudaBank

Kudabank ATM card

Kuda recently launched it’s highly anticipated App, the KudaBank app for Android and iOS devices. Guess who tested the app on his Android phone and also gave feedback to the team?

Magnus Kudabank

What is KudaBank?

KudaBank was originally known as Kudimoney, a Nigerian fintech company focused on loans, like Paylater. They rebranded in June 2019 after getting a banking license from CBN to become what we now know as Kudabank, a digital bank. You can make payments, transfer money and save as well on KudaBank. KudaBank is currently available on Android and iOS devices.

Is KudaBank Free?

Yes. You can download the app on your Android or iPhone here.

Why everyone is excited about KudaBank?

So, transfers on KudaBank are completely free at the moment. This is one of the reasons why a lot of people are jumping on the platform. They do not charge maintenance fees and you even get a free ATM card delivered to your doorstep If you would like one. They are all over social media with the hashtag #thebankofthefree, obviously because no other Nigerian bank would let you transfer or “maintain” your account without taking a cut.
You also don’t have to sign any papers to use the platform.

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Kudabank ATM card
Kudabank ATM card

Can you use KudaBank without BVN?

So, up till now, I still haven’t updated my BVN on the app and I have sent and received money. So, it is safe to say, yes, you can use it without BVN. I think your BVN will be required for an account upgrade. You know what this meins? This means you can actually use it if you’re not up to 18 years of age or don’t have any means of national identification.

Is KudaBank Safe?

For a banking app that lets you operate an account without setting up a BVN at first, it is actually. It’s so secure you can’t even take screenshots while using the app. This also means I can’t do a video review of the app. 🙁
If you’re asking about the financial kind of security then worry not, they are licensed by the Central Bank so you’re safe.

Can I save with it?

Kudabank has a spend+save option. Spend+Save takes the struggle out of saving by putting money away for you every time money leaves your Kuda account (when you send money, pay by card, pay bills or buy airtime).
Here is how it works:
1. Tap the Spend+Save button under your account balance when you’re signed in. Hint: It’s a small piggy bank.
2. Move the slider to set a percentage to save.
The app will do the math and save that percentage of your spend. For example, setting 20% means 20 naira will be saved if you spend 100 naira.
3. Tap Switch On and that’s it.

How do I register?

Simply visit click here to get started.

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My Thoughts

Having another banking app is fine, especially a fully digital bank. I like the idea of not having to go to the bank to update my profile and other details but it feels like KudaBank is doing all of this for customer acquisition. How many banks out there let you transfer for free and doesn’t charge you for SMS charges to start with?
Let’s see how it goes for another 2 months. I’m also looking forward to their new features and updates.

Please feel free to tweet this post if you enjoyed it or learnt something new.

[click_to_tweet tweet=”An awesome post about ‘Why Everyone is Excited About @KudaBank by @iammagnus1′” quote=”Click here to tweet this post if you enjoyed it”]

Don’t forget to read my other post on: Platforms that let you collect loans with your phone number

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Why Everyone is Excited About KudaBank
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