Kuda is a full service microfinance bank that is duly licensed by the Central Bank of Nigeria (“CBN”) and operating digitally.

The objective of establishing a relationship with Kuda is to receive special services on offer by Kuda for its customers. Kuda will manage a bank account for the customer, as well as provide additional financial services like savings and granting of credit facilities.

You can operate and manage your account via our Kuda app and the prerequisite for opening an account is a smartphone, with an active phone number, that meets our minimum technology requirements for operating system (iOS/Android) and supports the latest version of our Kuda app.

These terms are applicable when you choose to open an account with Kuda and Kuda generates an account number for you

We may, at any time, modify the terms and conditions of our relationship but we will not do this without first informing you of such modification. All updates will be detailed on our website and our app. You will be able to access the latest version of our terms at any given time.

Unless we indicate otherwise, the banking and related services we provide are and will remain subject to these terms and conditions as well as our Privacy Policy and Cookies Policy which are hereby incorporated by this reference. By proceeding to open an account with us, you are deemed to have accepted these terms and conditions.

You can open an account with us subject to your fulfillment of our on-boarding and Know-Your-Customer checks in line with applicable laws. For a start, you must be at least 18 years old, a Nigerian citizen, meet our technology requirements defined above and have not yet opened an account with us. We do not knowingly engage with people who don’t meet these conditions. Please note that these requirements may be updated or reviewed from time to time in line with applicable laws and our internal processes.

When you choose to open an account, you agree to us using your information to make and receive payments on your behalf through your Kuda account. If you would like us to stop doing this, we would have to close your account.

We are required to apply due diligence measures aimed at the prevention of fraud, money laundering and terrorist financing before you can open an account with us. Among other measures, we are required to identify and verify your identity and collect information about you, your proposed use of the services provided to you and related matters. At the minimum, you need to have an active phone number, your profile picture and BVN supplied. With more information supplied, such as valid identification documents, we will be able to open an account without any restrictions. Our accounts are tiered as follows:

In line with regulations, we perform due diligence on all accounts so it is your responsibility to ensure that all information and documents you provide to us (ID, Phone Number, mailing address, email address, physical address) and other contact information are up-to-date on your profile at all times. You may also be required to provide us with one or more answers to security questions that will be used as part of this process. You undertake that all information and documents which you present to us are true, accurate and up to date. If, at any point during the term of the Agreement, any of the information and documents presented to us should change or you identify that they were false, inaccurate and / or incorrect in any form, then you shall promptly present us with the respective updated information and documents. We also may contact you to update your identification documents or information at any time and you are bound by these terms to continue to provide us with correct and up-to-date information to ensure the continuous usage of your Kuda account. We may also contact third parties to collect and / or verify the information and documents presented by you. We may limit / restrict your usage of your Kuda Account and your access to funds held therein until such collection of information and / or verification is completed.

With your Kuda Spending Account, you can receive funds from third parties through bank transfers or fund the account yourself through various available means on the Kuda App. You can also carry out several financial transactions from this account such as: instant outward bank transfers, bill (airtime, electricity etc.) payments, manage your Kuda Card, using this account, all subject to these terms and conditions. Please note that this account is not an interest-yielding account.

Transactions on your Kuda Spending Account are subject to the following limits (which may be revised in line with applicable laws, regulatory directives and our internal processes):

Kuda Save helps you save money with minimal effort. To do this and depending on the option you select, we can either debit your Kuda Spending Account at user-determined frequencies or you can make a one-time lump sum savings. Upon expiration of the tenor (that is, the entire period you choose to save the specific sum(s) for), the accumulated funds (that is, the amount you have saved plus accrued interest, where applicable) will be transferred to your Kuda Spending Account.

Available Options:

1. As You Want - save whenever you want and withdraw whenever you want (without any charge). This is not interest-yielding.
2. Spend & Save - save a percentage of what you spend. This is debited from your Spending Account automatically once you apply the relevant settings. This is not interest-yielding and you can withdraw these funds at anytime (without any charge).
3. Flexible Save - save daily, weekly or monthly toward a target amount for a set duration and earn interest at applicable rates displayed on the Kuda App in line with applicable market rates. If you withdraw more than 20% of your saved sum at any time before the tenor, you will forfeit your total interest earned.
4. Fixed Save - save a specific sum for a fixed duration and earn interest at applicable rates displayed on the Kuda App in line with applicable market rates. If you make any withdrawals at any time before the expiration of the tenor, you will forfeit your total interest earned.

On the Kuda App, you can apply for a Card and once you complete the process, we will issue you a Card that can be used at ATMs, POS Terminals, Merchant websites amongst others all based in Nigeria which accept the use of the applicable Card Scheme’s cards, to obtain cash and/or make payments for goods and services, as applicable.  You may also use your Kuda Card for contactless transactions, subject to the transaction limit set by you on your Kuda App, which you may change anytime subject to applicable laws. When we issue you a Kuda Card, you must use it for only lawful transactions and in accordance with our Card Issuance Terms and Conditions. When you use your Kuda Card for transactions on other payment channels which are not owned or controlled by the Bank, the rules of use of that channel apply in addition to these rules.

You must take all reasonable precautions to keep any security information relevant to your Kuda Account safe and to prevent the fraudulent use of them. You must use reasonable endeavors to prevent any unauthorised access to, or use of, your Kuda Account and should notify us immediately by email at help@kuda.com of any such unauthorised access or use, or any suspicion of access or use.

Your login details for your Kuda Account should not be disclosed to anybody or kept in written form to prevent fraud and misuse of it. We also recommend that obvious passwords, such as your name or the phase “password”, should not be used.

Additionally, You should also:

1. take care to ensure that no one hears or sees your login details when you use it;
2. not disclose your full login details or password to anyone, including the police and us;
3. never write your password down, nor keep a record of it;
4. comply with all reasonable instructions we issue regarding keeping your login details and password;
5. change your login details and / or password immediately and telling us as soon as possible if you know, or even suspect, that someone else knows any of those details, or if we ask you to;
6. keep any computer / device you use to access the Kuda App secure and use up to date virus checking software and personal firewall software;
7. never access the Kuda App from any shared device (or any public internet access device or access point) or any device connected to a local area network;
8. make sure you always log out of the Kuda App, and never leaving your device unattended when you are logged in; and
9. never share your Kuda Account details or payment details on social media or any website.

If your Account login details are lost or stolen, or if you suspect that someone else knows your login details or your verified mobile phone and / or e-mail are compromised, you must contact us by email at help@kuda.com without undue delay. Kuda shall not be liable for any loss you suffer as a result of any unauthorised transactions carried out in respect of your Kuda Account by a third party that obtains your log-in or other personal details, as a result of your negligence.

You can conclude financial transactions (bank transfers, bill payments etc.) on the Kuda App by logging onto the Kuda App and following the on-screen instructions. You will need to enter the correct information with respect to every transaction you wish to undertake (counterparty bank account details, receiving payee for a bill information etc.). It is your responsibility to make sure that the details you input are accurate and entered correctly. You will be liable for any error in information that may result in the transaction being unsuccessful or paid to the wrong beneficiary. We shall not be liable for any losses you incur from entering incorrect information with regard to any transaction you undertake.

To protect your money, we need you to keep your card, phone and PIN safe at all times. If you lose your card or spot any suspicious transactions on your account, please freeze your card and inform us as soon as possible. You are responsible for maintaining the security and confidentiality of your passwords, PINs, or any other identifier that you use to access your bank account and our services. Use a strong password and a unique code as your transaction PIN and limit its use to your Kuda account. Do not allow anyone to have or use your password or transaction PIN details. If you share these details, we cannot and will not be liable for any loss or damage arising from your failure to comply.

You can close your Kuda Account at any time and at no cost. If you’d like to do this, please get in touch with us. You will, however, remain liable for any obligations that are outstanding related to your Kuda Account. Once the account is closed, you will not be able to access any Kuda services.

We reserve the right to close, suspend, freeze or limit access to your account, if:

• The information we obtain from you does not comply with regulatory requirements;
• You do not comply with, or are in breach of, the terms and conditions contained herein;
• You pose or create risk or possible legal exposure to us;
• We are required to do so by law; or
• We suspect that your account is being used for illegal or criminal activities and it is suspected, further to a money trail, that your account has received or harbors any proceeds of crime; or
• There is a report of, or our investigations reveal that you have engaged in, fraudulent or suspicious activity with your Kuda account.

Please note that the list above is not exhaustive. If a fraudulent activity is associated with the operation of your account, you agree that we have the right to apply restrictions to your account and report to appropriate law enforcement agencies. Where possible, Kuda will provide you with the relevant information regarding the actions imposed on or taken in relation to your account, but we may be unable to do so in accordance with the appropriate law including avoiding disclosing protected third party information or interfering in the course of an investigation.

As a bank, we are required to comply with the international sanction laws and regulations issued by the relevant regulatory bodies as well as local laws and regulations applicable to banks, including those issued by the Central Bank of Nigeria. Therefore, we reserve the right to terminate your relationship with us by closing your Kuda Account without incurring any liability. We are also under no obligation to make any payment under, or otherwise to open this account if you violate any sanctions or there is involvement by any person (natural, corporate or governmental) listed in any international or local sanctions lists, or any involvement by or nexus with any sanctioned countries, or any of their governmental agencies.

In addition, Kuda is required to comply with all extant laws in Nigeria, including the rules, regulations, guidelines, circulars and letters issued by the CBN and other regulatory bodies from time to time. In compliance with the applicable laws, Kuda does not deal in crypto currencies and does not facilitate payments for crypto currency transactions and other related transactions. You, therefore, confirm that you will not use your Kuda account to deal in, trade, transact or receive any payments relating to virtual currencies.

You further confirm that your account shall be used solely for legal purposes and shall not be used for illegal or criminal activities, including but not limited to obtaining funds under false pretences or any other fraudulent activity in contravention of extant laws in Nigeria.

Protecting your privacy is very important to us. Please review our Privacy Policy in order to better understand our commitment to maintaining your privacy and protecting your data, as well as our use and disclosure of your information.

By opening this account, you consent to us processing your personal information:

• to provide products and services to you in terms of this agreement and any other products and services for which you may apply;
• to carry out statistical and other analyses to identify potential markets and trends, evaluate and improve our business (this includes improving existing and developing new products and services);
• in countries outside Nigeria where the products or services are being used and where such countries do not have the same data protection laws as applicable in Nigeria, we will, where possible, ask the receiving party to agree to our privacy policies.

By opening this account, you also consent to us sharing your personal information with entities within the Kuda Group all in connection with the provision of financial services to you and related lawful purposes.

We may also use your personal or other information to share information with you on new products and services that may be of interest to you. By opening an account with us, you consent to us sending you updates about Kuda products. You can unsubscribe from our newsletters at any time using the opt-out link provided for this purpose in each newsletter we send.

By opening an account with us:

• You consent to us applying restrictions on your account and reporting to law enforcement agencies, including the Economic and Financial Crimes Commission, the Nigerian Financial Intelligence Unit, the Nigerian Police Force, e.t.c., if a fraudulent activity is associated with the operation of your account.
• You consent to us reporting to Nigeria Inter-Bank Settlement Systems Plc (NIBBS) for update on the Watchlist Database of the Nigerian Banking Industry and the CBN if a fraudulent activity is associated with the operation of your account.

All notices / communications made in respect of the Agreement, and any provided under it by us, will be in English.

We may provide you with notices/communications in connection with the services provided to you via:

1. the Kuda App – when you login to the App;
2. e-mail – to the most recent e-mail address you provided to us.

You undertake that the contact details provided to us are up to date and that you can be reached using these contact details. If the contact details should change, then you shall without delay provide us with your updated contact details.

Notices sent to you by us are deemed to have been received by you when:

1. sent by E-Mail – on the Business Day it is sent;
2. the Kuda App - on the Business Day it is viewed (and where necessary accepted) through the Kuda App.

The Bank’s Website (and any other website operated by us) may feature third party offers and enable product searches. We do not warrant that product descriptions, pricing, search results, user ratings and reviews or any other content on any such website is accurate, complete, reliable, or current. This information is provided for informational purposes only and does not constitute an endorsement by us of any product, service, or vendor.

Kuda.com,Kudamfb.com, Kuda, Kuda Bank and all related logos, products, and services described on any other operated by Kuda (including the Website) and any mobile application operated by Kuda (including the App) are either trademarks or registered trademarks of Kuda Technologies Limited or Kuda Microfinance Bank Limited or its affiliates or licensors. You may not copy, imitate, or use them without our prior written consent. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and / or trade dress of Kuda UK. You may not copy, imitate, or use them without our prior written consent. All right, title, and interest in and to any website operated by Kuda and any content thereon is the exclusive property of Kuda and its licensors. Certain other product or service names, brand names and company names may be trademarks of their respective owners.

English will be the primary language of our communication to you. We may use emojis or colloquialisms, but we will always communicate in English.

If you have any questions about your relationship with Kuda, you can contact us via email using the details below or at any of our other channels (in app messages or our verified social media handles):

• Email: help@kuda.com

By opening an account with us, you consent to receiving text (SMS), email and push notifications from us. These notifications are meant for your consumption only and we will not be held liable if you suffer any loss, or damage as a result of unauthorised access to the information sent.

In addition, by opening this account, you agree to opt out of mandatory SMS alerts directed by the CBN in favor of push notifications. You agree to indemnify Kuda against all losses, damages, claims, demands and expenses whatsoever which may be incurred, imposed or suffered by the Bank as well as against all actions, proceedings or claims (including attorney's fees) whether civil or criminal, which may be brought against Kuda by reason of such notifications.

These terms and conditions will be governed by the laws of the Federal Republic of Nigeria and the courts of Nigeria will have exclusive jurisdiction over any claim, dispute or matter related thereto.

By choosing to proceed, you agree that you understand that you are opening an account with Kuda Microfinance Bank and that all the information you have supplied is for this purpose. You agree to abide by the above listed terms and conditions, which govern our operations. You also agree that the information supplied is true and correct. By opening an account with us, you consent to our carrying out of regular identity and fraud prevention checks.

Finally, you agree to indemnify the bank for any loss suffered as a result of any false information or error in the information you have supplied us.