Is Kuda Bank Legit? Everything To Know

Is Kuda Bank legit? At least that’s what hundreds of people have been asking. In this article, we take a deep dive into Kuda and its origins.

There are a lot of mixed opinions online concerning Kuda bank, we will clear all doubts by finding out everything you need to know about Kuda Bank, including whether or not it is a safe way to handle your money, if it has been registered with the Central Bank of Nigeria, and steps on how to get started with Kuda bank.

We’ll also answer some of the most common questions people have asked about Kuda Bank so you can decide if Kuda Bank is suitable for you.

Contents

• Who is the owner of Kuda Bank?
• Is Kuda Bank registered with CBN?
• Does Kuda Bank have an office?
• How safe is the Kuda Bank mobile app?
• Benefits of using Kuda Bank
• Kuda Bank Reviews
• How to get started on Kuda Bank
• Final thoughts on “Is Kuda Bank legit?”

Who is the owner of Kuda Bank?

The first on the list of questions is usually related to the founders. Most times, if the founders have a clean record, there’s a high likelihood that their business would be a legitimate one.

Kuda Bank is owned by Babs Ogundeyi and Musty Mustapha (a software developer). It is a digital-only bank that offers various services, from savings and loans to insurance and investment policies. 

Babs Ogundeyi attended the prestigious Brunel University, London, where he obtained his BA honours) in Accounting and Business studies.

He has vast knowledge of finance, having previously occupied the position of auditor and advisor to some of the biggest banks in Africa. 

Babs Ogundeyi started his career working with Motortrader, an ad car magazine; he later worked at PricewaterhouseCoopers, PWC, as an audit and advisory manager, then moved to work at Redbrick limited as a financial advisor.

Babs Ogundeyi used his expertise as the special adviser on finance to the governor of Oyo state to establish the largest raise in the state’s history. 

Aside from his professional role, he is also a philanthropist. Kuda bank donated 1.5 million Naira during the Covid-19 pandemic to care for Covid-19 victims. Honestly, this is a very good track record.

Musty Mustapha is the Chief Technology Officer and Co-founder at Kuda Bank; He studied Computer Science at the University of Ilorin, where he graduated with a First-class degree. He also did his postgraduate studies at the University of Lagos, where he graduated with distinction.

Here’s where it gets really interesting…

Musty Mustapha and a team of computer programmers established De07 at the University of Ilorin. De07 is a program that enables electronic voting.

In July 2010, He began his early career at Xputer technologies; he worked there as a software developer.

In December 2011, Musty Mustapha taught data structure and algorithm courses at Obong University for almost a year.

In 2013, he worked as a software developer at CBC EMEA.

He worked at Keystone Bank between March 2014 to May 2014 as a Solutions Developer and worked at First bank from May 2014 to March 2015, where he used his expertise to build various banking applications, some of which you currently use.

In March 2015, Musty Mustapha started working with Stanbic IBTC as a Software Engineer. He was later promoted to Senior Software Development Engineer in January 2017. 

He met Babs Ogundeyi in 2017, formed a powerful alliance and established Kudi money, now known as Kuda Bank.

Both individuals have a beautiful, verifiable track record. Let’s move to learn more about Kuda Bank.

Is Kuda Bank registered with CBN?

Yes, Kuda Bank is licensed by the Central Bank of Nigeria.

It might interest you to know that they are registered as a microfinance bank. This means they are authorised to carry out banking services. 

Kuda Bank is registered with the Corporate Affairs Commission in Nigeria (RC 796975). It is the first Nigeria mobile bank that is solely digitised.

With your smartphone, With your smartphone, Kuda Bank allows you to store, send and receive money all in one place. It’s fast, easy to use, and completely secure. 

You can use Kuda Bank to pay for your groceries, bills, or anything else you might need. You can also withdraw cash with your card from any ATM.

Does Kuda Bank have an office?

Yes, Kuda bank has an office. Despite being a digital bank without physical branches, it has a head office address at 151 Herbert Macaulay Way, Yaba, Lagos, Nigeria. 

Kuda banking operations are mostly done online.

The digital-only features of Kuda Bank make it easier for customers to carry out any banking transaction online without having to go through the physical stress of standing in long queues or waiting at bank halls. 

Kuda bank has, over the years, quickly gained a following among Nigerians for its high-yield savings account and low-cost loans.

More readings: Chipper Cash vs. Kuda: Best Mobile Money Service?

How safe is the Kuda Bank mobile app?

Kuda Bank mobile app is safe and secure, thanks to the latest encryption technology. Don’t forget that its co-founder, Musty Mustapha is a software developer that has developed mobile applications for First Bank and Stanbic Bank

Your information is safe on the mobile app, so even if your device did fall into the wrong hands, they wouldn’t be able to have access to your personal information. 

Kuda bank protects its customers in several ways, They Include:

1. A unique six-digit pin is only accessible to the account owner when signing in. A transaction pin to secure transactions on the mobile app and a four-digit pin to protect your Kuda card

2. Biometrics capturing which includes both facial capturing and fingerprint scanning. This helps to add an extra layer of security to your account

3. Your unique password that includes a combination of numbers, letters, and symbols 

4. Secured personal information due to the end-to-end encryption on the mobile app. Your personal information is confidential and won’t be given to unauthorised third parties 

5. Ensure all your deposits in your Kuda Microfinance bank account are insured with the National Deposit Insurance Commission (NDIC). 

When an insurance claim on deposits is valid, you will receive at least 200,000 Naira as compensation from the Deposit Insurance Fund of the NDIC.

6. Kuda Bank Verifies identity documents using your Bank Verification Number and a valid identity card such as your N.I.N slip, driver’s license, voter’s card, or national identity card. This helps to confirm the identity of the potential account holder

7. Kuda Bank Confirms unsaved recipients or beneficiaries on your account. This helps to prevent fraud because transfers are impossible to reverse

8. Facial identity is mandatory on the mobile app to prevent impersonation or identity fraud.

9. 3D secure card payment provides a code through SMS or email when making payment online

10. Transaction alerts for a real-time transaction made on your account

11. Complete card control. You choose where to use your Card, whether online, at the ATM or even at the POS. You can also disable or block your card online to make it unusable when it gets missing.

Benefits of using Kuda Bank

There are numerous benefits of the Kuda Bank mobile app; some of the key benefits of using the Kuda Bank mobile app include the following-

1. You can open an account in minutes without having to visit a physical bank branch

2. There are no fees for withdrawing cash from an ATM or making bank transfers

3. You can get up to 15% interest annually when you save on the mobile app

4. Your money is safe and secured as Kuda bank is regulated by the Nigeria Deposit Insurance Corporation (NDIC)

5. You will be able to save easily with the budget and saving features

6. Get a precise analysis of your financial transactions

7. You can easily block your ATM card when it goes missing to protect your account

8. You receive a free debit card when you subscribe

So, if you are looking for a more convenient, affordable, and secure way to manage your finances, Kuda bank is worth considering.

Kuda Bank Reviews

So, is Kuda Bank legit or a scam? I believe you’re already getting an unbiased opinion about the platform.

 Let’s take a look at some reviews about Kuda.

With these reviews, it’s evident that Kuda Bank is here to stay. Its user-friendly interface makes it easy for an account holder to navigate their way around the mobile app easily.

Kuda Bank has quickly gained acceptance among Nigerians because people love the convenience and lack of fees. Kuda has dubbed itself as the bank of the free.

How to get started on Kuda Bank

Are you now a fan of Kuda? Interested in using the Kuda Bank mobile app for transactions? 

Follow these simple steps on how to get started on Kuda Bank

1. Download Kuda mobile app from the Google play store or the app store.

2. launch the mobile app on your device.

3. Tap on the sign-in option since you are a new user.

4. Input your email address, password, date of birth, and referral code if someone referred you.

5. On the next page, type in your first name and your last name and continue following the prompt as you fill in your basic information.

6. Verify your phone number through the OTP given.

7. Fill in the details of your street, state, and city.

8. You’ll be required to take a selfie and input your Bank Verification Number to verify your identity after which you will be given an account number.

9. Add money to your bank account to enjoy the mobile app’s benefits.

There are three types of accounts available on the Kuda mobile app. They include-

1. Lite account 

2. Basic account

3. Premium account

To open a Lite account, you require only your name and phone number, while to register on the Basic account, you need both your name, phone number and Bank Verification Number.

The Premium account is the highest account one can open on the Kuda mobile app. You’ll be required to provide a valid ID card, name, Bank Verification Number, and phone number to register on the Premium account.

A premium account allows you to transfer a maximum amount of 250,000 Naira at once including maximum transfers of ₦1 million per day but limited to 500,000 Naira when using the P.O.S.

Final thoughts on “Is Kuda Bank legit?”

Since its inception in 2017, Kuda Bank has been changing the way people think about banking and finances. It is quickly becoming a favourite and convenient way of banking, especially among youths, due to its user-friendly interface and great rates.

The mission of Kuda Bank is to provide reliable, accessible, and affordable banking services for Africans therefore if you are looking for a bank that offers great banking services, easy online banking, and accessibility, Kuda Bank is worth checking out.

Kuda mobile app is easy to download, and there are no monthly fees. It is easily accessible to anyone using a mobile phone (iOS/ android). 

You can also set up a recurring payment or transfer money to someone in seconds. Sounds great, right? 

So, what are your thoughts? Is Kuda Bank legit? I will be in the comment section

If you want to explore other mobile banking options, you can check out PalmPay and its alternatives.