How to Open Kuda Bank Account: This post contains everything you need to know on how to open Kuda Bank account without BVN using just your phone.
In today’s fast-paced world, digital banking has become a necessity for most people. This is because one doesn’t need to visit a bank to carry out transactions. No matter how huge it is, it can be done online.
One of these digital banking platforms is Kuda. Kuda Bank provides Nigerians with the convenience of managing their finances from their mobile devices.
If you are looking for a hassle-free way to manage your finances, opening a Kuda Bank account is a great option. In this post, we’ll take you through the steps on how to create Kuda Bank account online, and the benefits that come with using the bank.
Without further ado, let’s get started!
What is Kuda Bank & How Does it Work?
Established in 2018, Kuda Bank is a digital-only bank in Nigeria that provides its customers with a range of financial services through its mobile app. Unlike traditional banks, Kuda Bank does not have physical branches.
That means, all banking activities, such as account opening, transactions, and customer support, are done through the app.
Kuda Microfinance bank offers financial services just like traditional banks. Its services include account opening, money transfers, savings, investing, money lending, foreign bank account, virtual card, sales of airtime and data, bill payments and lots more.
That simply means you can use kuda to receive and send money, save and invest, and also get loans for your business or personal use.
Related: List of Kuda Bank USSD Code
Requirements to Create Kuda Bank Account
First things first, there are two types of Kuda Bank accounts. The first is the Basic Account, while the second is the Complete KYC Account.
To open a Basic Kuda Bank account, you must meet the following eligibility requirements:
- You must be at least 16 years old to open an account.
- You must be a resident of Nigeria to open an account.
- A working phone number and/or email address is required.
- You’ll also need to provide your personal details.
That’s all the requirements for a basic Kuda Bank account registration. Below are the requirements to create a complete KYC Kuda bank account on your phone:
- You must provide your Bank Verification Number (BVN)
- A valid means of identification, such as a National ID card, NIN Slip, International Passport, or Driver’s License.
Once you have all the requirements ready, below is how to open Kuda Bank account online.
Read Also: How to Upgrade Kuda Bank Account
How to Open Kuda Bank Account
Opening a Kuda Bank account is a simple and straightforward process. Here are the steps to follow:
1. Download the Kuda Bank app
The first step to opening a Kuda Bank account is to download the Kuda Bank app. Android users can download the app from Google Play Store, while iPhone users can get it from Apple App Store.
All you need to do is to type in “Kuda Bank” in the search bar of Play Store or App Store, then click on the install button to download the app.
2. Fill in your personal information
Once you have downloaded the app, open it and click on the “Open An Account” button. You will be required to fill in your personal information, such as your name, phone number, and email address
You will also be asked to create a username and password that you will use to log into your account.
Once all that is done, your Kuda bank sign-up for a basic account is finished That’s simply how to open Kuda Bank account without BVN.
You can continue is if want to create a complete KYC account on Kuda.
3. Upload identification documents
After filling in your personal information, you will be required to upload a scanned copy of your valid means of identification. This could be a National ID card, NIN Slip, International Passport, or Driver’s License.
The bank may also request additional documents to verify your identity, such as a utility bill or bank statement.
4. Verify your identity
Kuda Bank will verify your identity using the information and documents you provided during the account opening process. This may take a few days depending on the bank’s workload.
5. Activate your account
The next step in opening a Kuda Bank account is to activate the account. You will need to activate it by following the instructions provided by Kuda Bank.
This usually involves setting up a PIN for your account, which you will use to authorize transactions on the app.
6. Fund your account
Once your account is activated, if you wish, you can fund it by transferring money from another bank account or using a debit card. Kuda Bank accepts transfers from other Nigerian banks and international banks.
That’s all on how to create Kuda Bank account. You can now start carrying out financial transactions on the app.
See Also: How to Check Kuda Bank Account Number
Benefits of Using Kuda Bank
Here are some of the benefits of registering an account with Kuda:
- Free transfers: Kuda Bank allows you to make free transfers to other Kuda Bank accounts or other banks in Nigeria.
- No hidden fees: Kuda Bank does not charge any hidden fees for its services. All fees are transparently displayed on the app.
- High-interest rates on savings: Kuda Bank offers high-interest rates on savings compared to traditional banks.
- 24/7 customer support: Kuda Bank has a dedicated customer support team that is available 24/7 to attend to any issues you may encounter while using the app.
Opening Kuda Bank Account – FAQs
What documents do I need to open a Kuda bank account?
To open a Kuda bank account, you will need to provide a valid means of identification, such as a National ID card, International Passport, or Driver’s License. You may also be required to provide additional documents to verify your identity, such as a utility bill or bank statement.
Can I open a Kuda account without BVN?
Yes, you can open a Kuda bank account without BVN. However, it is important to know that Kuda bank accounts created without BVN are limited to some services.
Can I open Kuda bank on my phone?
Yes, you can register Kuda bank account on your phone. All you need to do is download the app and follow the prompts.
How long does it take to open a Kuda bank account?
The account opening process on the Kuda Bank app usually takes a few minutes to complete. However, the verification process can take up to 48 hours.
Do I need to visit a physical bank branch to open a Kuda bank account?
No, Kuda Bank is a digital-only bank, which means that all banking activities, including account opening, are done through the Kuda Bank app.
Can I fund my Kuda bank account with a debit card?
Yes, you can fund your Kuda bank account using a debit card issued by any Nigerian bank. Simply enter your card details on the app to make a deposit.
What is the minimum amount required to open a Kuda bank account?
There is no minimum amount required to open a Kuda bank account. However, you will need to fund your account to be able to use Kuda Bank’s services such as transactions, savings, and lending.
Opening a Kuda Bank account is a quick and easy process that can be completed from the comfort of your home or office. With Kuda Bank, you can enjoy hassle-free digital banking services and manage your finances on the go.
With this post on how to open Kuda bank account with BVN, I believe you’ve known how to open Kuda bank account online using your phone.