Kuda Bank is a fast-growing, mobile-first challenger bank transforming digital banking access across Nigeria and the United Kingdom. In just 3 years since launch, they have onboarded over 4 million customers through intuitive apps packed with everyday banking features.
This comprehensive guide covers step-by-step process of opening a Kuda account in either country with eligibility criteria, documents required, operational essentials and additional resources for your reference.
Overview of Kuda Bank
Kuda Bank (“Kuda”) commenced operations in 2019 as a Nigerian digital-only bank without traditional brick-and-mortar branches. With VC-backing from renowned investors like Target Global, Kuda aims to deliver premium bank experiences engineered for mobile-first Generation Z and millennial customers.
Some key features offered to African and UK clients include:
- Local & International Money Transfers: Instant in-app money movement within 36+ countries
- Savings Tools: Fixed Savings and Flexible Goals with high-yield interest
- Spend Tracking: Personal finance management with automated categorization
- Debit Cards: Physical and virtual cards supporting Apple/Google Pay
- Overdraft Facility: Short term access to credit lines upto £2000/₦500,000
With no monthly account fees across services, easy onboarding requiring only government ID, and customer care support over chat/email and social media; Kuda empowers the next billion to take control of their finances.
Eligibility Criteria to Open Kuda
Kuda maintains clear and minimal eligibility mandates for prospective customers to open accounts remotely:
A) Kuda Nigeria Account Opening Requirements
- Nigerian citizenship with residence proofs
- Valid Bank Verification Number (BVN)
- Email address and personal phone number
- Minimum age 18 years at the time of application
B) Kuda UK Account Opening Requirements
- British citizenship proofs with residence permits
- National Insurance Number
- Email address and personal phone number
- Minimum age 18 years at the time of application
As long as above parameters are met, completing app-based account opening requires only device access with stable internet connectivity through steps illustrated below:
Step 1: Install Kuda Mobile App
- Nigeria Customers: Download latest “Kuda Microfinance Bank” app from Google Play Store or Apple App Store onto your smartphone.
- UK Customers: Download latest “Kuda Bank UK” app from Google Play Store or Apple App Store onto your smartphone.
Please select country-specific apps carefully before installing to avoid process disruptions later.
Step 2: Account Creation
Open installed app and tap “Create a personal account”. It guides through 5 minute process across following sub-steps:
1. Enter Phone Number: Provide valid Nigerian/British phone number.
2. Verify Number: Input 4-digit OTP received and ensure number is verified.
3. Personal Information: Share legal name, date of birth, home address details.
4. Identity Documents Submission: Capture and upload ID proofs including mandatory BVN (for Nigeria) or National Insurance Number (for UK).
5. Set Account Password: Create unique password adhering to complexity criteria prompted in-app.
Step 3: Video KYC / Selfie Capture
After the above steps complete successfully, a short Video KYC is conducted requiring account opener to:
a) Take a clear current selfie
b) Provide device access to camera/microphone
c) Answer a few profile verification questions asked by Kuda Bot
This instant video KYC replaces need for signatures, in-person verification or paperwork. It is enabled by AI/ML to meet KYC-AML compliances digitally improving efficiency.
Step 4: Account Approval
Post submission of all details, Kuda Bank directly approves basic accounts usually within 5 minutes through process automation.
One receives notification confirming account creation directly within app. Additional identity or income documents may occasionally be sought before final approval.
Step 5: Account Funding
To activate the created account, initial funding needs to be completed through:
- Debit/Credit Card Payments
- Bank Transfers from external bank
- Agent Banking Partners providing cash pay-in capability
Transfers from existing bank to new Kuda account is recommended method for initial funding.
Additional References
Here are useful links to help with your Kuda application:
- Kuda Website: https://kuda.com
- Nigeria Support: contact@kudabank.com
- UK Support: uksupport@kudabank.com
- Video Account Opening Guide: https://youtu.be/oMur-u3By0c
- NetBanking Activation: https://help.kuda.com/en/
- Fees: https://kuda.com/charges
Conclusion
So in summary, Kuda Bank offers next-generation digital banking services in Nigeria and UK through highly-intuitive mobile apps supporting extensive capabilities. Onboarding takes less than 5 minutes if eligibility criteria is met using 100% paperless video KYC replacing legacy account opening processes. Top funding options comprise cards, bank transfers or authorized agents.
Lack of physical touchpoints reduces operating costs significantly allowing the challenger bank to eliminate hidden charges – thereby passing on benefits to end consumers and driving speedy adoption. With premium features and zero minimum balances or maintenance fees, Kuda aims to accelerate consumer shift to mobile banking in emerging markets.
So don’t hesitate to install their app and open an account digitally in minutes following above guide!
Frequently Asked Questions
Q: How long is Kuda account approval?
Kuda aims to approve accounts instantly within 5 minutes through robotic automation. In certain cases additional verification is done within 24 hours through manual reviews before approval decisioning.
Q: Can I open multiple accounts with Kuda?
No. As per their terms and conditions, an individual can only open one Kuda Bank account per entity. However joint accounts with partners and enterprise accounts for businesses can be opened through separate workflows.
Q: What happens if wrong documents are submitted?
In case of incorrect documents submitted, approval is stalled requiring resubmission. One can directly edit pending account application from Profile section or contact Kuda support for guidance.
Q: Can I use Kuda without internet?
Given Kuda is a mobile-only digital bank without branches, reliable internet connectivity through wifi or mobile data is required to access the account using Kuda apps. It ensures robust real-time banking capability in your hands 24×7.
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