Kuda prides its self as Nigeria’s first “mobile-only” bank licensed by the Central Bank of Nigeria (CBN).
Time and time, the bank has consistently ascribed the designation of “free banking” in notable statements such as “The bank of the free”, and “Free banking for Nigerians”.
Kuda is a financial technology (fintech) startup that carries most of its banking services digitally – This is accomplished through the application installed on smartphones (Android & iOS)
Here is what we understand as of the history of Kuda Bank:
In 2018, Babs Ogundeyi and Musty Mustapha decided to join forces to establish a bank that will free its customers from the frustration associated with excessive bank charges. The bank, according to their initiative, would be launched as a savings app for Nigerians. They came up with Kuda bank.
Since its launch, Kuda has made significant strides in the fintech industries. In 2019, the mobile-only bank raised $1.6 million in pre-seed funding (investment needed to get a startup business to develop its product). With an authorisation from CBN, the company has what it takes to be a key player in the fintech industry.
Moving on, Kuda bank represents a bank that will serve well for future purposes, even as most transactions are now being facilitated online: they is no need for physical visitations, eliminating the stress of long queues that characterise fully-fleged banks in Nigeria.
However, there are drawbacks: poor network conditions may sometimes prevent the customer from performing transactions. Moreover, Kuda bank “does not have branches”, it boldly justifies this by stating “customers don’t need branches”, which goes further to imply that they are not expecting physical visitations. So, as a customer, bear in mind that when there is an account issue, you can only send emails and make phone calls.
Should you bank with Kuda? You can, after all, the company is registered and licensed as a fintech company. But don’t get your hopes high, the bank has all there is to offer, but that doesn’t mean it is a perfect.