Finance apps

Kuda Bank Review: Is Kuda Bank Legit?

Is Kuda Bank Legit or a Scam?

Kuda Bank Review: Is Kuda Bank Legit?

The looming questions amongst Nigerians are “Is Kuda Bank legit?”, Is Kuda Bank legit or a scam, or another digital facade?

However, in this in-depth Kuda Bank review, I’ll go deeper into letting you have an awareness of the kind of digital bank Kuda Bank is. This will give answers to the various questions related to “Is Kuda Bank legit or a scam”.

Diving into the Kuda Bank review, let’s see some benefits attached to Kuda Bank.

Kuda Bank’s Benefits

Here are some advantages of using kuda bank:

Account Opening: Kuda Bank prides itself on offering an easy account opening process. The bank provides three tiers of accounts based on the information you provide: Lite, Basic, and Premium.

The flexibility caters to a wide range of customers, allowing them to choose the level of identification they’re comfortable with.

Services and Offerings: Kuda Bank offers two primary account types: personal and business accounts. The personal account is designed to empower users to save, spend, borrow, and budget their money efficiently.

It includes a free Kuda debit card and eliminates maintenance fees. 

The business account, on the other hand, extends its benefits to business owners with features like bulk bank transfers, higher transaction limits, and account management tools.

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Customer Care and Communication: While Kuda Bank operates primarily online, they ensure customer support through various channels.

These include live chat through their app, a comprehensive help center on their website, a dedicated phone line, and an email address for inquiries. 

Their physical location in Lagos further reinforces their commitment to customer service.

Transfers and Fees: Kuda Bank offers users the convenience of 25 free domestic transfers each month, beyond which a nominal fee is applied per transfer.

The bank stands out by offering no hidden charges for top-ups, bill payments, online spending, or ATM withdrawals. Furthermore, their transparent fee schedule ensures users understand the costs associated with their transactions.

Savings and Financial Management: Kuda Bank’s app empowers users to save through flexible, fixed, and spend-and-save options.

The budgeting feature helps users plan their finances effectively, setting them on the path to financial freedom. 

Additionally, the bank provides microfinance loans with reasonable terms, enabling users to access short-term credit seamlessly.

Is Kuda Bank Legit? Is Kuda Bank Legit or Scam?

Kuda Bank Review: Is Kuda Bank Legit?
Kuda Bank Review: Is Kuda Bank Legit?

Kuda Bank was proudly founded by Babs Ogundeyi and Musty Mustapha. The brand leadership comprises individuals with a vision to help individuals prevent unnecessary bank charges and simplify financial transactions for individuals. 

Babs Ogundeyi serves as the CEO, driving the bank’s mission to enhance customer experience through seamless digital services.

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What affirms Kuda Bank’s legitimacy is the fact that the bank – Kuda proudly boasts its status as a registered and licensed digital bank, overseen by the Central Bank of Nigeria. 

This significant endorsement provides a solid foundation for their legitimacy. It was previously established in 2019 as Kudimoney, the bank rebranded as Kuda, with an aim to reshape traditional banking norms. 

Their operations have garnered trust from millions of Nigerians, despite their relatively short period of existence.

Another thing that affirms the legitimacy of Kuda Bank is the number of downloads from app stores such as Google Play and Apple app store.

In these two platforms, the bank got mixed reactions from both satisfied and unsatisfied customers.

However, despite the mixed reaction, Kuda Bank has a 4.8-star rating, a confirmation that ascertains the legitimacy of Kuda Bank.

Is Kuda Bank Legit Or Scam?

As answered earlier, Kuda Bank is definitely not another digital facade. It is 100% legit.

However, it is important for every new customer to understand how it works before signing up to use the bank.

This bank has already proven itself as a legitimate bank but it’s important the customers abide by every term and condition to avoid any glitches while using the app.

FAQs On Kuda Bank Review: Is Kuda Bank Legit Or Scam?

Here are some frequently asked questions related to the Kuda Bank review, “Is Kuda Bank legit or scam” with answers respectively:

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Is Kuda legit or scam?

Kuda Bank is a legitimate digital bank and not a scam. 

It is fully registered and licensed by the Central Bank of Nigeria (CBN), making it a reliable and regulated financial institution.

Is my money safe on Kuda?

Yes, your money is safe with Kuda Bank. The bank uses high-security encryption, similar to traditional banks, to ensure the security of your funds. 

Additionally, Kuda Bank is insured by the Nigerian Deposit Insurance Corporation (NDIC), providing added protection for your deposits.

What are the disadvantages of Kuda Bank?

While Kuda Bank offers numerous benefits, some potential disadvantages include its primarily digital presence, limited physical branches, and the need for an internet connection to access services. Additionally, as with any financial institution, users should be mindful of potential transaction fees and limits.

Which bank is Kuda using?

Kuda Bank operates independently as a licensed digital bank, and it does not rely on another traditional bank for its operations.

Is Kuda only for Nigerians?

Yes, Kuda Bank’s services are exclusively available to Nigerian residents. 

The bank caters to individuals within Nigeria, providing them with digital banking solutions and innovative financial services.

Does CBN approve Kuda Bank?

Yes, Kuda Bank is approved and regulated by the Central Bank of Nigeria (CBN). 

It holds a microfinance banking license from the CBN, which signifies its legal and legitimate status.

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