Kuda legal information

Terms & Conditions

Terms & Conditions

Business

Background

Theese terms and conditions will serve as a basis of your banking relationship with Kuda Microfinance Bank Limited (“Kuda” or the “Bank” ) and the Kuda Business Application (the “App” or “Application”). By choosing to open an account with us, you agree to the terms and conditions contained herein You also agree to comply with the following policies which also apply to your use of our services and incorporated by reference into these terms and conditions:

1. Privacy Policy
2. Cookies Policy

If you do not agree to these terms and conditions, please do not proceed and exit the mobile application or the Kuda website immediately and do not proceed with the account opening steps. Also, please be informed that we reserve the right to terminate your relationship with us if we believe that you have violated any of these terms.

Interpretation

For  ease of understanding, “You”, “your”, “Customer” means the person who seeks to enter into a banking relationship with Kuda and and agrees to these terms and conditions, while “We”, “us”, “our”,  shall mean Kuda, and following an assignment, any person or company to whom our rights herein are assigned to.

About Us

Kuda Microfinance Bank Limited is a full service microfinance bank that is duly licensed by the Central Bank of Nigeria (“CBN”) and operating digitally. Our deposits are also insured by the Nigeria Deposit Insurance Corporation (”NDIC”)

The Objective Of Our Relationship With You

The objective of establishing a relationship with Kuda is to receive special services on offer by Kuda for its customers. Kuda will create and manage a bank account for the customer, as well as provide certain financial services including but not limited to savings, the granting of credit facilities, bill payments and any other service we are permitted by law to provide.

You can operate and manage your account via the Kuda Business 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 Business App.

The Objective Of Our Relationship With You

The objective of establishing a relationship with Kuda is to receive special services on offer by Kuda for its customers. Kuda will create and manage a bank account for the customer, as well as provide certain financial services including but not limited to savings, the granting of credit facilities, bill payments and any other service we are permitted by law to provide.

You can operate and manage your account via the Kuda Business 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 Business App.

When are these terms applicable?

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 inform you of any modifications to these terms and conditions. These modifications may be as a result of changes in our business practices or service offerings or may be in response to changes in the applicable laws that we are regulated by, or for any other lawful reason.

After we notify you of such updates or modifications to these terms and conditions, your continued use of our services will constitute an acceptance of the modified terms. All updates will be detailed on our website and in the Kuda Business App. You will be able to access the latest version of our terms at any given time. If at any time the terms and conditions of these terms and conditions are no longer acceptable to you, you should immediately cease all use of the services provided by Kuda.

What is the scope of the relationship between Kuda & the customer?

Opening an Account

You can access the financial services we provide, subject to your fulfillment of our on-boarding and Know-Your-Customer (KYC) 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 with us 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.

Verifying your identity

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 collect information and documents relating to the business, identify the persons behind the business, and verify their identities, as well as collect information and documents relating to the proposed use of the services by the Customer and the business.

The Kuda Business App offers broadly two types of business accounts

The Kuda Business App offers broadly two types of business accounts

(1) Freelancer Accounts and

(2) registered / incorporated business Accounts.

Personal information

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 are up-to-date on your profile at all times.

To enable us to comply with our Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) obligations, we may require you to provide any or all the following:

(a) your full name;

(b) your phone number,

(c) a valid email address;

(d) your date of birth;

(e) your Bank Verification Number (“BVN”);

(f) your National Identification Number (”NIN”);

(g) your current residential address;

(h) your picture;

(i) copy of a valid Government issued ID (national ID, international passport, permanent voter’s card or driver’s license);

(j) a copy of a recent utility bill or such other bills not older than three months of our request, which carries your name and the residential address you have provided; and

(k) any other information or document as we may require for our internal risk assessment.

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.

To verify the accuracy and authenticity of the information and documents you provide to us, we will need to share them them with third parties (including government agencies). You hereby agree and authorise Kuda to verify information provided by you against the information held by any third party (including official databases).

You also agree and authorise Kuda to obtain and procure your personal information and documents from relevant sources (private and official databases) and you further agree and consent to the disclosure and provision of such personal information by us or our third party partners.

You agree to indemnify and hold Kuda harmless with respect to any claims, losses, liabilities and expenses (including legal fees and expenses) that may arise as a result of the disclosure and reliance on such personal information provided by you.

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.

Business information

In our commitment to comply with Know Your Business (KYB) and Anti-Money Laundering (AML) regulations, it is imperative that you, as our business client, ensure that all business-related information and documents you provide are accurate, complete, and updated as necessary. During the onboarding process and periodically thereafter, you will be required to provide business information as part of our due diligence. The required documents and information may include, but are not limited to, the following:

Admin Information: Details of the person managing the account on behalf of the business:

• Your CAC registration number
• Proof of address (e.g., recent utility bills or bank statements).

Business Information:

• Corporate Affairs Commission (CAC) registration number.
• Federal Inland Revenue Service (FIRS) or Joint Tax Board (JTB) Tax Identification Number (TIN).
• Detailed business ownership information.
• Certificate of Incorporation for Limited Liability Companies.
• Certificate of Registration for Business Names.
• Memorandum and Articles of Association for companies.
• Application for Business Name Registration – CAC/BN 1or CAC Status Report
• Particulars of Directors (Form CAC 7/7A) and Shareholders (Form CAC 2/2A).
• Current CAC Status Report.
• An Electronic Consent Form completed by all Proprietors/Partners/Directors or owners, which must be updated as necessary.
• Proof of address of your Company
• SCUML or any other required License/Permit depending on your business type
• BVN and Valid IDs for all Significant Shareholders (5% ownership) and Directors

We reserve the right to verify the authenticity of the documents and information provided by sharing them with third parties, including government agencies. You agree to update your business information promptly in the event of any changes to maintain the integrity and accuracy of your business profile.

By providing the required documents and information, you authorize Kuda to verify these details against records held by third parties. You consent to the acquisition and retrieval of further information from relevant databases to complete your business profile.

You agree to indemnify and hold Kuda harmless against any claims, losses, liabilities, and expenses arising from any inaccuracies or the provision of false information.

Upon successful verification of provided information, Kuda will activate your business account and notify you via the app or email.

Continued access and use of your account are contingent upon adherence to these terms, including timely updates of your business information.

It is your responsibility to ensure that all provided documents and information are true and accurate. Failure to provide required documents or provision of false information may result in limitations or restrictions on your account access and functionality.

Main Business account

Upon completing our KYC, KYB and AML checks, we will open an account for you and issue you with a dedicated bank account number. Subject to the limits applicable to your Kuda Business Main Account, you can receive funds from third parties through bank transfers or fund the account yourself through various available means on the Kuda Business App.

You can also carry out several financial transactions from this account such as: instant outward bank transfers, bill (airtime, electricity etc.) payments, apply for and 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.

Account limits

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

Transactions in excess of or in contravention of your account limits may be rejected or withheld in line with these terms and conditions. In such a case, you will be required to upgrade your account to accommodate the transaction(s), as applicable.

Kuda card

On the Kuda Business 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 Business 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 which you will have to accept at the point of applying for the Card. 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 our Card terms and conditions.

Transactions on your Kuda Account

You can conclude financial transactions (bank transfers, bill payments etc.) on the Kuda Business App by logging onto the Kuda Business 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.

Fees

We charge fees for certain services and these fees vary based on the services. Our fees are charged in line with applicable laws and in line with our company ethos, we try to keep fees to a minimum. We are committed to being transparent and will disclose all applicable fees before you finalise a transaction.

Prohibited Transactions

In addition to all transactions that are ordinarily prohibited by Nigerian law and activities not expressly permitted under these terms and conditions or any other terms we provide to you in connection with any services we provide, you are expressly prohibited from using your account to carry out transactions relating to any of the following:

(a) fraud, money laundering and terrorism financing;

(b) activity related to the making or receiving of payments relating to cryptocurrency and related digital currency transactions;

(c) any goods or services that are dangerous, violent, or present an unreasonable risk to consumer safety (e.g., firearms, weapons, explosives, ammunition, and related accessories.)

(d) activities related to pornography, pornographic subscriptions, prostitution, pay-per view, adult live chat, escort or companionship services, or any other obscene materials (including literature, imagery, and other media); any product or service that promotes underage, non-consensual, or other illegal sexual themes. Activity involving child endangerment, including anything that sexualizes minors or appeals to children but contains adult themes;

(e) activities with elevated financial risk, legal liability, or violates card network rules or bank policies. Activity involving unlawful or illegal goods or services, including any federal or state law, statute, regulation, or ordinance. Activity related to bribes and corruption Activity that may be in violation of applicable laws. Activity relating to unlicensed and illegal sports betting, casino games and poker games;

(f) pyramid selling or Ponzi schemes, or other “get rich quick” schemes; and

(g) any activities we notify you are prohibited.

If you use or attempt to use your account for any Prohibited Transactions or such other unlawful purposes, we reserve the right, without liability to:

– take any other lawful step in accordance with our regulatory obligations.

– restrict your account;

– refuse to process the transaction;

– report the transaction to the relevant regulator or law enforcement agency; and

Keeping Your Account Safe

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:

(a) take care to ensure that no one hears or sees your login details when you use it;

(b) not disclose your full login details or password to anyone, including the police and us;

(c) never write your password down, nor keep a record of it;

(d) comply with all reasonable instructions we issue regarding keeping your login details and password;

(e) keep any computer / device you use to access the Kuda Business App secure and use up to date virus checking software and personal firewall software;

(f) never access the Kuda Business App from any shared device (or any public internet access device or access point) or any device connected to a local area network;

(g) make sure you always log out of the Kuda Business App, and never leaving your device unattended when you are logged in; and

(h) 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.

Restrictions on the use of Kuda’s Services

We may withhold, delay, freeze or place such restrictions as we consider appropriate on any or all funds representing proceeds of payments relating to your account and/or withhold any payments due to you under this Agreement, if, in our judgment you are, or may be engaged in fraudulent or suspicious activity, and/or there is a risk that you will unwilling or unable to meet your contractual obligations under this Agreement.

In addition, we shall be entitled to take any further action we reasonably consider necessary for security reasons in order to combat the risk of fraudulent or suspicious activity, including but not limited to:

(a) suspending or terminating the provision of Services to you;

(b) refusing or rejecting instructions you provide in relation to the Services;

(c) suspending or stopping payments to you; and

(d) introducing additional authorisation procedures.

Provided we are permitted to do so under applicable law, we will give you notice of any suspension or restriction and the reasons for taking such action. If not permitted, we may notify you in writing of any action taken as soon as practicable after it has been taken, subject to applicable aw. Any suspension or restriction will be lifted as soon as reasonably practicable after the reasons for the action have ceased to exist. Please note that your account may also be restricted for on-going KYB / KYC related due diligence checks such as, for example, a mismatch of the information or documents you provide to us part of on-going due diligence or KYB / KYC reviews. In such a case, please follow the required steps to vacate such restrictions.

Customer Warranties

You hereby represent and warrant that:

(a)- you are using the Services for your personal benefit and are not accessing them for or on behalf of another person;

(b) – you have, and shall continue to have, the full right, power and authority to enter into and carry out your obligations under this agreement, and the provision of the Services will not result in a breach of any agreement to which you are bound; and

(c) – you shall keep the details of your Kuda Account safe and secure at all times from unlawful third party access and shall not compromise their security by sharing it over public channels, clicking of phishing or suspicious links or disclosing it to third parties.

Liability

Except where you have acted fraudulently, or negligently or contrary to these terms and conditions you will not be liable for any losses incurred in respect of a transaction on your Account which was not authorised by you which occurs after you have notified us, without undue delay, on becoming aware of the loss, theft, misappropriation or unauthorised use of the Kuda Business App.

You agree that we shall not be liable for the acts or omissions of any third party partner, nor its officers, employees or agents, in relation to their performance of any services under any third party terms. We shall not be liable for non-execution or defective execution in relation to a transaction we have made in accordance with a unique identifier given to us by you which proves to be incorrect.

We are not liable to you for the correct execution of an instruction, if we can prove to you (and where relevant, to any payee’s payment services provider) that the payee’s payment services provider received the payment within the appropriate time period. We will however, upon your request, make efforts to trace any non-executed or defectively executed payment transactions which were correctly executed to an account which is deemed fraudulent and notify you of any outcome involving our search.

We shall not be liable to you for any –

(i) delay or failure to perform our obligations under this Agreement (including any delay in payment) by reason of any cause beyond our reasonable control including but not limited to any action or inaction by you or any third party, bank delay, postal delay, failure or delay of any fax or electronic transmission, any accident, emergency, act of god or any abnormal or unforeseeable circumstances; or

(ii) losses as a result of a requirement imposed on us by applicable law or

(iii) any unauthorised transactions carried out on your Account as a result of the compromise of your Account details and related security information unless it is proven that such compromise is as a result of our direct actions or omissions.

You are responsible for all liabilities, financial or otherwise, incurred by Kuda, a Kuda customer, or a third party caused by or arising out of your breach of these terms and conditions, your use of Kuda services, and any use of your Kuda Account. You agree to reimburse Kuda, a Kuda customer, or a third party for any and all such liability, to the extent not prohibited by applicable law

You remain liable under these terms in respect of all charges and other amounts incurred through the use of your Kuda Account at any time, irrespective of termination, suspension or closure.

When things go wrong

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 block your Card from the Kuda Business App and inform us as soon as possible. You are responsible for maintaining the security and confidentiality of your passwords, PINs (including one-time-passwords – OTPs) 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.

Closing an account

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. These may include, any fees or charges that are due or if you have accessed any loans or an overdraft, the balance relating to the relevant credit facility. 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 or institute an action against you, if:

1. The information we obtain from you does not comply with regulatory requirements;
2. You do not meet, or are in breach of, the terms and conditions contained herein;
3. You pose or create risk or possible legal exposure to us;
4. We are required to do so by law;r
5. 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.

Data Protection

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, as the need arises.

Marketing and Promotion

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.

Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry

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, etc.., if a fraudulent activity is associated with the operation of your account; and
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.

Notifications

By opening an account with us, you consent to receiving text (SMS), emails 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.

All notices / communications made in respect of these terms and conditions, 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:

(a) the Kuda Business App – when you login to the Kuda Business App;

(b) 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:

(a) sent by e-mail – on the Business Day it is sent;

(b) e-mail – to the most recent e-mail address you provided to us.

Intellectual Property

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, 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.

General

Additional Services: From time to time, we may offer additional services through the Kuda Business App / Website with a view to improving the quality and type of Services we are currently able to provide you with. These additional services may be subject to separate terms and conditions which will be provided to you before you opt-in or a revision of these terms and conditions with notice to you. Where additional services include new fees, we will specify this to you and ensure that you first opt into any such additional fees.  If you choose to subscribe to an additional service, you agree to pay the relevant fees.

Severability: If any provision or part of a provision of these terms and conditions are found by any court of competent jurisdiction to be, invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions or parts of such provisions of this Agreement, all of which shall remain in full force and effect.

Taxes: Where applicable, certain payments made or received by you in connection with your Kuda Account or any Services provided to you by Kuda may be subject to taxes. If any taxes (whether in force now or introduced in the future) are payable in connection with these payments, you understand that you are liable for these taxes.

You hereby consent and agree that Kuda may withhold amounts in your Account if we are required to do so in accordance with the directives of any tax authority, regulator or by law or regulation. You will, however, be notified if such deductions are made or you will be able to see details of such deductions on your bank statements.

Entire Agreement: These terms and conditions constitute the entire agreement between You and Kuda and supersedes all previous agreements, representations and understandings between us, whether written or oral, relating to the provision of our services to you. You acknowledge that in entering into this agreement you have not relied on any statement, representation, assurance or warranty (whether made innocently or negligently) that is not expressly set out herein.

Funds in your Kuda Account are covered under the Nigeria Deposit Insurance Scheme subject to the prevailing limits imposed by the Nigeria Insurance Deposit Corporation.

Language and communication

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 

Applicable Law and Dispute Resolution

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. Notwithstanding the above, the Parties shall use their good faith efforts to resolve any dispute, controversy or claim of any nature whatsoever arising out of or in relation to or in connection with this agreement.

Cards

Terms & Conditions – Debit Card

The following Terms and Conditions (“T & Cs”) apply to any person who applies for, accepts and / or uses a Debit Card issued by Kuda Microfinance Bank Limited (hereinafter referred to as “Kuda” or the “Bank”). In these T & Cs, “we” “us” or “our” refer to Kuda and its successors, agents and assigns, while “you” or “your” refers to a Cardholder.

Please note that these T & Cs are in addition to the regular terms and conditions that regulate the usage of Kuda bank accounts as well as all other policies of the Bank. The Bank also reserves the right to determine the kind of Debit Card to issue to a customer depending on the customer’s account profile and other internal considerations.

You will be considered to have given your consent to us for the processing of your personal data when you accept these T & Cs as indicated below. If you do not agree with these T & Cs, do not click on accept below or use the Debit Card. These T & Cs apply to both physical and virtual Cards issued by the Bank.

1. Definitions

Account – means a bank account held or to be held with Kuda in the name of the Cardholder / Account Holder.

Account Holder – means an individual, sole proprietorship, partnership or company operating an Account with Kuda.

ATM – means Automated Teller Machine.

Card / Debit Card – means a Kuda debit card issued to the Account Holder, and any other person specified by the Account Holder to Kuda, including any renewal or replacement cards issued to the Account Holder.

Cardholder – means you or any person who applied for or uses a Kuda Card as well as the possessor of the card and/or persons having power alone to operate the Account in accordance with the Account’s mandate in respect thereof, having been so authorised by the Account Holder.

Card Expiration Date – means the last day on which the Card will be valid as stated on the Debit Card

Merchant – means a supplier of goods and services.

PIN – means the Personal Identification Number issued to the Cardholder for use with the Card.

POS Terminal – means the Point of Sale (POS) terminals at Merchant establishments in Nigeria, capable of processing card transactions and at which, amongst other things, the Cardholder can use his/her card to access the funds from the Account linked with the Card to make purchases.

Transaction – means any cash withdrawal or payment made using the Card, or any refund arising in connection with the use of the Card in any authorised manner for debit or credit to the Account.

2. Using your Kuda debit card

Should you accept these T &Cs and / or use the Card:

2.1 – 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 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.

2.2 – Upon setting up your Card, you shall comply with all instructions given to you regarding the activation, use and operation of the Card as stated in these T & Cs as well as other rules and guidelines provided by the Bank.

2.3 – Your Card shall not be used for any unlawful transaction including the purchase of goods and/or services prohibited by the laws of the Federal Republic of Nigeria. Kuda may refuse to authorise the use of the Card if the transaction does not comply with any applicable terms of this T & Cs as may be amended from time to time. Please note that all transactions shall be detailed in the monthly account statements.

2.4 – You agree not to attempt to withdraw cash using the Card unless sufficient funds are available in your Account. The onus of ensuring you have sufficient funds rests on you.

2.5 – You shall take all reasonable and necessary precautions to prevent the unauthorised use of the Card and you accept liability for any loss incurred or any other adverse situation arising from your failure to do so or your non-compliance with any of these terms in these T & Cs.

2.6 – In instances where the Account to which the Card is linked is jointly owned or operated, all your responsibilities as well as liabilities with respect to that Account and the Card shall be joint and several.

2.7 – In using your Card, you may need to access service points, websites or portals owned and controlled by third parties or requiring action or service(s) provided by third parties. You agree to be bound by the terms and conditions of such third party service providers or access and that the Bank is exonerated from any liability, loss or claim arising from such usage or transactions which require actions outside our exclusive control.

3. Personal Identification Number (PIN)

3.1 – You agree that upon receipt of your card, you shall activate your Card for use by setting your PIN which shall be used by you to authorise Transactions using your Card. You shall keep the Card and PIN secure at all times, and not disclose it to any other person(s). You agree that all Transactions made using your Card and with your PIN will be treated as having been authorised by you and in line with your account mandate. Kuda shall not accept any liability for any alleged unauthorised use of the Card. You acknowledge, represent, and warrant that the PIN was set up by you, and you accept to be responsible for its use, confidentiality, and protection, as well as for all orders and information changes entered into the Account using such PIN.

3.2 – Securing your PIN

Kuda has no further obligation to verify the authenticity of a Transaction instruction sent or purported to have been sent from the Cardholder other than by means of verification of the Cardholder’s PIN. You must, therefore, take all reasonable precautions to prevent your Card and PIN from being used fraudulently or you may be liable for any losses incurred by you. Reasonable precautions include but are not limited to:

Complying with any other reasonable instruction we may advise regularly on keeping your Card details and PIN safe.

Keeping your Card, PIN and other related details safe and secure at all times.

Not interfering with any magnetic stripe or chip in the Card;

Not disclosing the card number except when properly using the Card;

Destroying any notification of your PIN;

Not writing down or recording in any format your PIN or disclosing it to anyone else (other than any additional Cardholder for businesses and companies), including the police or bank officials and in response to any emails, SMS messages or calls;

Not using PINs that can easily be guessed by third parties;

Notifying us immediately your Card is lost or stolen;

4. Our rights

4.1 – Authority to charge your Account – Any Transaction you make using your Card will be charged to / debited from your Account. The Transaction is your irrevocable authority to us to debit the requisite sum plus any applicable charges from your Account and pay same to the appropriate party (i.e. other banks, POS Terminal owners or Merchants).
 

4.2 – Card Limits – We reserve the right to establish and change limits concerning your use of the Card or related services including but not limited to Transaction limits and thresholds, in accordance with applicable laws and regulations. You may be able to customise your card limits within the set limits and thresholds.

4.3 – We may refuse to authorise your use of the Card if: (a) the Transaction exceeds the available funds in your Account; (b) the Transaction does not comply with these T & Cs, any applicable laws and regulations or is in furtherance of any unlawful purposes; (c) we reasonably determine that a refusal is prudent or practical under the particular circumstance.

4.4 – We may take any precautionary measure(s) deemed necessary and appropriate for the protection of your Card and Account if there are any reasons to suspect an unauthorised, fraudulent or non-compliant Transaction. If any establishment requests for authorisation from us before accepting payment by the Card, we may decline if: (a) the Card has been reported as missing or compromised in any way; (b) You are in breach of these T &Cs

4.5 – Notwithstanding anything contained herein, we further reserve the right to exercise our discretion to limit, suspend or cancel your right or ability to use the Card. We may do this through any one or more of the following: (a) suspending or cancelling your right to use the Card, (b) refusing to approve a Transaction; (c) refusing to replace / renew your Card, (d) any other manner deemed appropriate and necessary by the Bank. These T & Cs shall be deemed to continue to subsist irrespective of the happening of any events stated in this clause.

4.6 – Card Requests – To prevent the potential use of our Cards for suspicious, fraudulent or other unlawful activities, each Customer will only be able to apply for and activate:

4.6.1 – One Virtual Card at any given time;

4.6.2 – Up to a certain number of cards (Physical or Virtual), irrespective of whether these are new applications or replacement applications, during a specific time period, as determined by the Bank from time to time, at its discretion.

5. Fees and charges

5.1 – Card Issuance Fee: Cardholders shall be charged a fee for card issuance and this will be deducted from your Account when you request a Card.

5.2 – Delivery Fee: In addition to this, where applicable, we will charge you a sum for delivering the Card to you personally at the address you have provided. You will also be charged an additional fee for every re-attempted delivery, where you are unavailable to receive your Card through no fault of ours.

5.3 – Other Charges: Charges which may be applicable to the Card include but may not be limited to: charges for Transactions carried out using the Card, charges for card replacement, renewal. These charges when applicable will be debited from your Account without further recourse to you. These charges could also be statutory in nature and may include charges imposed by other banks and financial institutions for the use of your Card on their payment platforms (such as ATMs).

5.4 – Transaction Fees: Kuda reserves the right to charge transaction fees on the use of your Card for cash withdrawals or bill payments completed at ATMs or POS Terminals and payments completed on Merchant websites in accordance with applicable laws / card scheme rules, where applicable. We accept no responsibility for any surcharge levied by any Merchant and debited to the Account linked with your Card with the Transaction amount. Any charge or other payment requisition received from a Merchant by us for payment shall be conclusive proof that the charge recorded on such requisition was properly incurred at the Merchant’s establishment or Website for the amount and by the Cardholder using the Card referred to in that charge or other requisition, except where the Card has been lost, stolen or fraudulently misused, the burden of proof for which shall be on the Cardholder.

5.5 – The above charges are subject to review at any time and we shall notify You of any such reviews or changes. You hereby exonerate the Bank from any liability for deducting such charges from Your Account where You continue to use the Card for Transactions after such notification

6. Limit on your right to use the card

6.1 – You agree that the Card is and shall remain the property of Kuda and may be withdrawn from you on demand. We may also withdraw your Card, if it is used for unlawful / fraudulent transactions

6.2 – Withdrawals from ATMs with your Card and PIN shall not exceed a maximum limit as may be specified by us and in accordance with applicable regulations from time-to-time with / without prior notice to you. We shall not be liable:

•  for any events that may occur after an ATM has successfully dispensed cash for withdrawal           transactions or a successful acknowledgment of a POS transaction;
• if a circumstance warrants the card to be trapped by an ATM;
• for any machine malfunction, strike, disputes or any other circumstances affecting the use of your Card.

6.3 – Expiration – Your Card shall expire on the Card Expiration Date stated on it and the re-issuance of another is at our discretion. The Card must not be used after the Card Expiration Date. You would have to initiate a request for the reissuance.

6.4 – Compromised Cards – In certain circumstances we may discover that your Card and the details relating to your Card have been compromised and will do our best to notify you as soon as we discover this and will place a temporary restriction on your Card to protect the funds in your Kuda Account. When we notify you of a compromised Card, you will be required to give us your consent to deactivate the Card as there are inherent risks to your Kuda Account if you continue to use a compromised Card. Where, however, you elect to continue to use the compromised Card and direct us to lift the temporary restriction, you will be required to provide us with an indemnity in respect of any potential losses or claims you or the Bank may suffer as a result of your decision.

6.5 – In relation to a Cardholder’s use of the Cards we issue, we reserve the right to take any lawful steps necessary to protect the integrity of our systems and customer funds, including but not limited to placing temporary restrictions on your Card pending the outcome of any investigations or extended due diligence exercises relating to your Kuda Account, Card or any transaction.

7. Disputed transactions / chargebacks

Chargeback situations may occur due to disputes, unauthorised transactions, non-compliance with Card Scheme Rules, or other valid reasons. In such cases, we aim to provide a seamless and efficient chargeback process to address any concerns promptly. Disputed Transactions / Chargeback claims must be reported to the Bank by a Cardholder as soon as possible to enable us to consider and investigate the claim and initiate a chargeback process where we deem that the claim is valid and justified. You will be requested to provide us with full details and where necessary documentation relating to any Transaction which you have disputed or reported in this regard. Working with the relevant Card Scheme and other stakeholders, we aim to process chargebacks within the stipulated time as prescribed from time to time by the Relevant regulatory authority, where a valid claim is established. We will credit your Account with a refund for any successful chargeback claim.

8. Failed card transactions – insufficient funds

8.1 – Failed Card Transactions in this context, refer to Transactions that are not completed as a result of insufficient Funds in your Kuda Account. This can occur in respect of web payments, ATM transactions as well as POS Terminal transactions.

8.2 – Web and Certain Platform Usage – You may add your Kuda card as a payment option on certain merchant websites and platforms (“Subscription Billers”) for regular, fixed or periodic payments (usually in the form of subscriptions or payments for goods or services) (“Recurring Payment(s)”).This authorises these merchant’s to automatically debit the agreed sum from your Kuda Account on set-dates subject to your agreed terms and conditions with them. Any fees that are incidental to this process, will be borne by you and will be charged to your Kuda Account.

8.2.1 – Where your Kuda Account is not sufficiently funded to enable us honour a Recurring Payment this payment will not be completed. Most times, the Subscription Billers will continue to attempt to debit your Kuda Account using your Kuda Card for this payment, thereby generating several failed transactions in the process.

8.3 – ATM and POS Terminal Usage – Failed Card Transactions also occur when you attempt to withdraw funds from or use your Kuda Card at ATMs and POS Terminals when there is insufficient funds in your Kuda Account.

8.4 – What this means for you – Service providers charge us a fee for authorizations relating to each Failed Card Transaction and we may have to pass on these costs to you. We may also be constrained to disable / block your card where there are continued cases of Failed Card Transactions despite our notices to You. To prevent this, you should always ensure that your Kuda Account is sufficiently funded before any date on which a Recurring Payment is due to be debited from your Kuda Account or before you attempt to use your Card at payment terminals (ATMs or POS). If you do not wish to continue using the services for which Recurring Payments are debited from your Kuda Account, you are advised to remove / delist your Card from the website or platform of the Subscription Biller(s).

9. When you should notify us – stolen / missing card

9.1 – You should notify us in any of the following instances as soon as possible:

(a) Immediately your Card is lost or stolen, or you believe your Card may be compromised or if the PIN is disclosed to any unauthorised persons or suspected to have been compromised. Also, endeavour to block / disable the Card on your Kuda App. We will stop the use of your Card and “hotlist” it as soon as reasonably possible after being advised to do so. You must also report any loss or theft of your Card to the Nigerian Police Force and file the relevant report.

(b) If your account statement includes a Transaction, particulars or details which you think are wrong or inaccurate.

(c) Immediately you change your name, phone number or address.

10. Limitation of liability

10.1 – We do not warrant that the services that we provide pursuant to this T & Cs will always be available. We reserve the right to withdraw or vary these services at any time. We will not be liable to You or anyone if we are unable to carry out our responsibilities under these T & Cs as a result of the fault of a third party or anything that we cannot reasonably control or that does not fall within our purview. These include but shall not be limited to: network downtime or failures, system downtimes or maintenance issues, delays or malfunctions or any other related event arising from an external interface; the actions or omissions of any telecommunications authority, processor, failure of ATM/POS Terminal to work or our supporting or shared networks, strike, industrial action/disputes, natural disasters, acts of God etc.

10.2 – Kuda disclaims any liability for any Transaction related to or arising from fraud or such other illegality. Except when caused by the Bank’s proven misconduct or negligence, we shall not be liable or responsible for any loss, injury, or damage whether direct or indirect, special or consequential caused by or arising from the use of the Card including any loss or financial fraud arising from loss, unauthorised initiation of Transactions. You shall indemnify and hold us harmless from and against any losses, damages, fines or related claims related to this. Furthermore, You undertake to indemnify and hold us harmless against any claims or losses arising from the unlawful use of your Card on any platform or in any manner whatsoever.

10.3 – If the Bank provides any information to you via email, telephone or other channels, the details of which You provided to the Bank, the Bank shall not be liable if the information is intercepted, altered or misused by any unauthorised person.

10.4 – Until you notify us that your Card is lost, stolen or at risk of being misused or block / disable the Card on yourKuda App, you will be liable for Transactions carried out through it, before we acknowledge receipt of the notification.

11. Deactivating your card

11.1 – You have the right to deactivate your Card and terminate these T &Cs by writing to us using the email stated below. You may also deactivate your Card, yourself, on your Kuda App by blocking the Card and thereafter accepting the cancel and delete prompt. A Card not deactivated correctly may still be used. Should this happen, you will be responsible for any Transactions the Card is used. The deactivation of your Card will not operate to discharge you of any liability or sums owed to us prior to the deactivation.

11.2 – Without prejudice to any other provision in these T & Cs, the Bank may terminate these T & Cs and / or withdraw the services provided hereunder upon giving notice to You. We reserve the right to terminate this Agreement at any time and your access to our Cards if we suspect or establish that you have used your Cards for suspicious, fraudulent or unlawful activity contrary to these T & Cs or applicable laws.

12. General terms

12.1 – We may, at any time, modify, revise and make changes to the provisions of these T&Cs and we will notify you of such changes after which they will become effective. All updates will be detailed on our website and the Kuda App. You will be able to access the latest version of our terms at any given time. Without prejudice to the other provisions of these T and Cs and any of our other rights, if you do not wish to accept any amendments we make to these T and Cs in the future, you will be able to opt out of these T and Cs and deactivate your Card without any penalty. Non-acceptance of updates to these T and Cs also gives us a right to deactivate your Card.

12.2 – No delay in the enforcement of any clause contained in these T & Cs shall be deemed to be a waiver of the Bank’s rights under these Terms, nor shall the Bank be prevented from enforcing its rights under these T and Cs at a later date. For the avoidance of doubt, any delay by the Bank for any reason whatsoever in debiting a customer’s account for any fees or lawful charges incurred by the customer as a result of either an application for a Debit Card or the customer’s use of the Debit Card shall not constitute a waiver of the Bank’s right to deduct that fee at any time from the Customer’s account even after the service in question has been provided by the Bank. The Customer hereby consents to the Bank’s ability to make such lawful deductions from their bank account.

12.3 – Your rights under these T & Cs are personal to You and cannot be assigned or transferred to a third party.

12.4 – You hereby consent to the Bank’s collection, storage and processing of your personal data provided by You in connection with the services provided under these T&Cs.

12.5 – You authorise us to exercise a right of set-off at any time we deem fit in respect of your Account or any other account you maintain with us to settle any of your outstanding payments to us.

12.6 – Notice

Please contact us if you need further explanation on anything related to the use of your card. You may contact us at help@kuda.com or speak to our customer care representatives on 0700022555832. We may notify you about any changes or information by: (a) Sending you in-App messages or emails, (b) advertising in the press, our website any other means of public notification; (c) including messages in your account statements (d) any other means of communication that we deem appropriate.

12.7 – These Terms and Conditions shall be governed by the laws of the Federal Republic of Nigeria.

Retail

Introduction

These terms and conditions will serve as a basis of your banking relationship with Kuda Microfinance Bank Limited (“Kuda” or the “Bank” ). By choosing to open an account with us, you agree to the terms and conditions contained herein You also agree to comply with the following policies which also apply to your use of our services and incorporated by reference into these terms and conditions:

(a) Privacy Policy;

(b) Cookies Policy.

If you do not agree to these terms and conditions, please do not proceed and exit the mobile application or the Kuda website immediately and do not proceed with the account opening steps. Also, please be informed that we reserve the right to terminate your relationship with us if we believe that you have violated any of these terms.

Interpretation

For ease of understanding, “You”, “your”, “Customer” means the person who seeks to enter into a banking relationship with Kuda and and agrees to these terms and conditions, while “We”, “us”, “our”, shall mean Kuda, and following an assignment, any person or company to whom our rights herein are assigned to.

About Us

Kuda Microfinance Bank Limited is a full service microfinance bank that is duly licensed by the Central Bank of Nigeria (“CBN”) and operating digitally. Our deposits are also insured by the Nigeria Deposit Insurance Corporation (”NDIC”)

The Objective Of Our Relationship With You

The objective of establishing a relationship with Kuda is to receive special services on offer by Kuda for its customers. Kuda will create and manage a bank account for the customer, as well as provide certain financial services including but not limited to savings, the granting of credit facilities, bill payments and any other service we are permitted by law to provide.

You can operate and manage your account via the 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.

When are these terms applicable?

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 inform you of any modifications to these terms and conditions. These modifications may be as a result of changes in our business practices or service offerings or may be in response to changes in the applicable laws that we are regulated by, or for any other lawful reason.

After we notify you of such updates or modifications to these terms and conditions, your continued use of our services will constitute an acceptance of the modified terms. All updates will be detailed on our website and in the Kuda App. You will be able to access the latest version of our terms at any given time. If at any time the terms and conditions of these terms and conditions are no longer acceptable to you, you should immediately cease all use of the services provided by Kuda.

What is the scope of the relationship between Kuda & the customer?

Opening an account

You can access the financial services we provide, subject to your fulfillment of our on-boarding and Know-Your-Customer (KYC) 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 with us 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.

Verifying your identity

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 a Bank Verification Number (BVN) supplied. Our accounts are tiered as follows:

Personal Information

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 are up-to-date on your profile at all times.

To enable us to comply with our Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) obligations, we may require you to provide any or all the following:

(a) your full name;

(b) your phone number,

(c) a valid email address;

(d) your date of birth;

(e) your Bank Verification Number (“BVN”);

(f) your National Identification Number (”NIN”)

(g) your current residential address;

(h) your picture;

(i) copy of a valid Government issued ID (national ID, international passport, permanent voter’s card or driver’s license);

(j) a copy of a recent utility bill or such other bills not older than three months of our request, which carries your name and the residential address you have provided; and

(k) any other information or document as we may require for our internal risk assessment.

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.

To verify the accuracy and authenticity of the information and documents you provide to us, we will need to share them them with third parties (including government agencies). You hereby agree and authorise Kuda to verify information provided by you against the information held by any third party (including official databases).

You also agree and authorise Kuda to obtain and procure your personal information and documents from relevant sources (private and official databases) and you further agree and consent to the disclosure and provision of such personal information by us or our third party partners.

You agree to indemnify and hold Kuda harmless with respect to any claims, losses, liabilities and expenses (including legal fees and expenses) that may arise as a result of the disclosure and reliance on such personal information provided by you.

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.

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.

If your application to open an account is successful, we will open an account in your name and send you a confirmation through the App and or via email. Once we have activated the full functionality of your account you may login to access your account via the App or through our website.

Spending Account

Upon completing our KYC and AML checks, we will open an account for you and issue you with a dedicated bank account number. Subject to the limits applicable to 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, apply for and 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.

Account Limits

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):

Transactions in excess of or in contravention of your account limits may be rejected or withheld in line with these terms and conditions. In such a case, you will be required to upgrade your account to accommodate the transaction(s), as applicable.

Kuda Save – Savings Product

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:

(a) As You Want – save whenever you want and withdraw whenever you want (without any charge). This is not interest-yielding.

(b) 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).

(c) 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.

(d) 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.

Kuda Card

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 which you will have to accept at the point of applying for the Card. 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 our Card terms and conditions.

Transactions on your Kuda Account

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.

Fees

We charge fees for certain services and these fees vary based on the services. Our fees are charged in line with applicable laws and in line with our company ethos, we try to keep fees to a minimum. We are committed to being transparent and will disclose all applicable fees before you finalise a transaction.

Prohibited Transactions

In addition to all transactions that are ordinarily prohibited by Nigerian law and activities not expressly permitted under these terms and conditions or any other terms we provide to you in connection with any services we provide, you are expressly prohibited from using your account to carry out transactions relating to any of the following:

(a) fraud, money laundering and terrorism financing;

(b) activity related to the making or receiving of payments relating to cryptocurrency and related digital currency transactions;

(c) any goods or services that are dangerous, violent, or present an unreasonable risk to consumer safety (e.g., firearms, weapons, explosives, ammunition, and related accessories.)

(d) activities related to pornography, pornographic subscriptions, prostitution, pay-per view, adult live chat, escort or companionship services, or any other obscene materials (including literature, imagery, and other media); any product or service that promotes underage, non-consensual, or other illegal sexual themes. Activity involving child endangerment, including anything that sexualizes minors or appeals to children but contains adult themes;

(e) activities with elevated financial risk, legal liability, or violates card network rules or bank policies. Activity involving unlawful or illegal goods or services, including any federal or state law, statute, regulation, or ordinance. Activity related to bribes and corruption Activity that may be in violation of applicable laws. Activity relating to unlicensed and illegal sports betting, casino games and poker games;

(f) pyramid selling or Ponzi schemes, or other “get rich quick” schemes; and

(g) any activities we notify you are prohibited.

If you use or attempt to use your account for any Prohibited Transactions or such other unlawful purposes, we reserve the right, without liability to:

(i) – restrict your account;

(ii)- refuse to process the transaction;

(iii)- report the transaction to the relevant regulator or law enforcement agency; and

(iv)- take any other lawful step in accordance with our regulatory obligations.

Keeping Your Account Safe

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:

(a) take care to ensure that no one hears or sees your login details when you use it;

(b) not disclose your full login details or password to anyone, including the police and us;

(c) never write your password down, nor keep a record of it;

(d) comply with all reasonable instructions we issue regarding keeping your login details and password;

(e) 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;

(f) keep any computer / device you use to access the Kuda App secure and use up to date virus checking software and personal firewall software;

(g) 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;

(h) make sure you always log out of the Kuda App, and never leaving your device unattended when you are logged in; and

(i) 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.

Restrictions on the use of Kuda’s Services

We may withhold, delay, freeze or place such restrictions as we consider appropriate on any or all funds representing proceeds of payments relating to your account and/or withhold any payments due to you under this Agreement, if, in our judgment you are, or may be engaged in fraudulent or suspicious activity, and/or there is a risk that you will unwilling or unable to meet your contractual obligations under this Agreement.

In addition, we shall be entitled to take any further action we reasonably consider necessary for security reasons in order to combat the risk of fraudulent or suspicious activity, including but not limited to:

(a) suspending or terminating the provision of Services to you;

(b) refusing or rejecting instructions you provide in relation to the Services;

(c) suspending or stopping payments to you; and

(d) introducing additional authorisation procedures.

Provided we are permitted to do so under applicable law, we will give you notice of any suspension or restriction and the reasons for taking such action. If not permitted, we may notify you in writing of any action taken as soon as practicable after it has been taken, subject to applicable aw. Any suspension or restriction will be lifted as soon as reasonably practicable after the reasons for the action have ceased to exist.

Customer Warranties:

You hereby represent and warrant that:

(a) you are using the Services for your personal benefit and are not accessing them for or on behalf of another person;

(b) you have, and shall continue to have, the full right, power and authority to enter into and carry out your obligations under this agreement, and the provision of the Services will not result in a breach of any agreement to which you are bound; and

(c) you shall keep the details of your Kuda Account safe and secure at all times from unlawful third party access and shall not compromise their security by sharing it over public channels, clicking of phishing or suspicious links or disclosing it to third parties.

Monitoring Fraud, Anti Money Laundering and Countering Financing of Terrorism

To comply with relevant AML obligations, we may request information on the transactions carried out on your Account such as

(a) details of the recipient

(b) source of funds being transferred

(c) purpose of the transfer or payment being made. You confirm that you will provide all requested information required in respect of the transaction in this regard.

You also agree that we may cancel any transaction, suspend your Account or refuse to open an Account in your name if you refuse to provide the requested information or if any information provided is untrue or inaccurate.

Please note that for certain transactions, we or our Third-Party Partners may be required to file AML or related reports (without notice to you) with the relevant regulators. These reports may include details of your personal information, transactions or other activities relating to your Account.

Liability

Except where you have acted fraudulently, or negligently or contrary to these terms and conditions you will not be liable for any losses incurred in respect of a transaction on your Account which was not authorised by you which occurs after you have notified us, without undue delay, on becoming aware of the loss, theft, misappropriation or unauthorised use of the Kuda App.

You agree that we shall not be liable for the acts or omissions of any third party partner, nor its officers, employees or agents, in relation to their performance of any services under any third party terms. We shall not be liable for non-execution or defective execution in relation to a transaction we have made in accordance with a unique identifier given to us by you which proves to be incorrect.

We are not liable to you for the correct execution of an instruction, if we can prove to you (and where relevant, to any payee’s payment services provider) that the payee’s payment services provider received the payment within the appropriate time period. We will however, upon your request, make efforts to trace any non-executed or defectively executed payment transactions which were correctly executed to an account which is deemed fraudulent and notify you of any outcome involving our search.

We shall not be liable to you for any –

(i) delay or failure to perform our obligations under this Agreement (including any delay in payment) by reason of any cause beyond our reasonable control including but not limited to any action or inaction by you or any third party, bank delay, postal delay, failure or delay of any fax or electronic transmission, any accident, emergency, act of god or any abnormal or unforeseeable circumstances; or

(ii) losses as a result of a requirement imposed on us by applicable law or

(iii) any unauthorised transactions carried out on your Account as a result of the compromise of your Account details and related security information unless it is proven that such compromise is as a result of our direct actions or omissions.

You are responsible for all liabilities, financial or otherwise, incurred by Kuda, a Kuda customer, or a third party caused by or arising out of your breach of these terms and conditions, your use of Kuda services, and any use of your Kuda Account. You agree to reimburse Kuda, a Kuda customer, or a third party for any and all such liability, to the extent not prohibited by applicable law.

You remain liable under these Terms in respect of all charges and other amounts incurred through the use of your Kuda Account at any time, irrespective of termination, suspension or closure.

When things go wrong

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 block your Card from the Kuda App and inform us as soon as possible. You are responsible for maintaining the security and confidentiality of your passwords, PINs (including one-time-passwords – OTPs) 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.

Closing Your Account

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. These may include, any fees or charges that are due or if you have accessed any loans or an overdraft, the balance relating to the relevant credit facility. 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 or institute an action against you, if:

(a) – the information we obtain from you does not comply with regulatory requirements;

(b) – you do not comply with, or are in breach of, the terms and conditions contained herein;

(c) – you pose or create risk or possible legal exposure to us;

(d) – we are required to do so by law;

(e) – 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

(f) – 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.

Data Protection

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, as the need arises.

Marketing and Promotion

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.

Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry

By opening an account with us:

(a) 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, etc.., if a fraudulent activity is associated with the operation of your account; and

(b) 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.

Notifications

By opening an account with us, you consent to receiving text (SMS), emails 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.

All notices / communications made in respect of these terms and conditions, 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:

(a) the Kuda App – when you login to the Kuda App;

(b) 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:

(a) sent by e-mail – on the Business Day it is sent;

(b) the Kuda App – on the business day it is viewed (and where necessary accepted) through the Kuda App.

Intellectual Property

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, 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.

General

Additional Services: From time to time, we may offer additional services through the Kuda App / Website with a view to improving the quality and type of Services we are currently able to provide you with. These additional services may be subject to separate terms and conditions which will be provided to you before you opt-in or a revision of these terms and conditions with notice to you. Where additional services include new fees, we will specify this to you and ensure that you first opt into any such additional fees.  If you choose to subscribe to an additional service, you agree to pay the relevant fees.

Severability– If any provision or part of a provision of these terms and conditions are found by any court of competent jurisdiction to be, invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions or parts of such provisions of this Agreement, all of which shall remain in full force and effect.

Taxes– Where applicable, certain payments made or received by you in connection with your Kuda Account or any Services provided to you by Kuda may be subject to taxes. If any taxes (whether in force now or introduced in the future) are payable in connection with these payments, you understand that you are liable for these taxes.

You hereby consent and agree that Kuda may withhold amounts in your Account if we are required to do so in accordance with the directives of any tax authority, regulator or by law or regulation. You will, however, be notified if such deductions are made or you will be able to see details of such deductions on your bank statements.

Entire Agreement– These terms and conditions constitute the entire agreement between You and Kuda and supersedes all previous agreements, representations and understandings between us, whether written or oral, relating to the provision of our services to you. You acknowledge that in entering into this agreement you have not relied on any statement, representation, assurance or warranty (whether made innocently or negligently) that is not expressly set out herein.

Funds in your Kuda Account are covered under the Nigeria Deposit Insurance Scheme subject to the prevailing limits imposed by the Nigeria Insurance Deposit Corporation.

Language and communication

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

Applicable Law and Dispute Resolution

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. Notwithstanding the above, the Parties shall use their good faith efforts to resolve any dispute, controversy or claim of any nature whatsoever arising out of or in relation to or in connection with this agreement.

Savings

Background

The  following Terms and Conditions (“T & Cs”) apply to any person who applies for or uses a savings product (“Kuda Save”) issued by Kuda Microfinance Bank Limited (hereinafter referred to as “Kuda” or the “Bank”) on the Kuda application. In these T & Cs, “we” “us” or “our” refer to Kuda and its successors, agents and assigns while “you” or “your” refers to a Customer.

By clicking accept at the bottom of these T & Cs, you agree that you have read, understood and agree to be bound by the terms contained herein and any subsequent amendments we make to them. In addition, you also agree to comply with the applicable laws, rules and regulations, currently in force or as may be enacted that relate to savings and interest in Nigeria.

Please note that these T & Cs are in addition to the regular terms and conditions that regulate the usage of your Kuda account (hereinafter referred to as your “Kuda Spending Account”) as well as all other policies of the Bank.

You will be considered to have given your consent to us for the processing of your personal data when you accept these T&C’s as indicated below. If you do not agree with these T&Cs, do not click on accept below.

Kuda Save

Kuda Save helps you save money with minimal effort to a dedicated account for saving (Kuda Save Account). To do this and depending on the option you select, we can either debit your Kuda Spending Account at set frequencies, chosen by you or you can make a one-time lump sum savings from your Kuda Spending Account. There are no third-party fees incurred by you when transferring from your Kuda Spending Account to your Kuda Save Account. 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:

Fixed Deposit – 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.

As You Want – save whenever you want and withdraw whenever you want (without any charge). This is not interest-yielding.

Spend & Save – save a percentage of what you spend. This is debited from your Kuda 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).

Save Frequently – save daily, weekly or monthly toward a target amount for a set tenor and earn interest according to the 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.

Withdrawals

You may choose to withdraw your money saved from any Kuda Save Account, at any time you prefer. For interest-earning savings, your interest will be forfeited where you choose to withdraw your money before the expiration of the tenor, as stated above in 1c and 1d.

Financial advice

Kuda is a licensed microfinance bank and not a financial adviser, and the Kuda Save product was designed to encourage its Customers’ savings habits, and earn interest where applicable. We do not make any representations, warranties, or guarantees of any kind that the Kuda Save product is appropriate for you and you acknowledge that you are using the product voluntarily. Before using Kuda Save, you may consider obtaining additional information and advice from a financial adviser.

Interest

For Kuda Save products which are tenor-based i.e. Flexible Save and Fixed Save, you are entitled to earn interest, as prescribed by the applicable market rates and as displayed on the Kuda App at the time of saving. Interest is only paid upon completion of the tenor without withdrawals.

Interest earned shall be displayed on your Kuda App and shall be updated daily, weekly or monthly (where applicable). You agree that if you do not comply with the applicable saving tenor, your interest earned shall be forfeited.

Fees

There are no fees (transaction fees, third-party fees) charged to you for your use of Kuda Save. We, however, reserve the right to charge fees for the Services in the future, at our sole discretion, upon which we will provide you with prior written notice.

Use of Kuda save

You agree that your use of Kuda Save shall be only for your personal use and not for commercial use, nor shall you authorise any other person to use Kuda Save on your behalf.

You shall be solely responsible for protecting your account information, password and mobile device from unauthorised use of Kuda Save, and you shall be solely responsible for any transactions involving your Kuda Save account, whether authorised or unauthorised.

We shall not be responsible to you for any loss arising from transactions involving your Kuda Save account, where your account information and password were provided to us, or where your account was compromised, without any negligence or fault of ours or our employees.

You agree to notify us immediately by e-mail: help@kuda.com or by phone: 0700022555832 where you suspect or realise that your account information or mobile phone has been compromised or any unauthorised activity has occurred.

Limitation of liability

We do not warrant that the Kuda Save that we provide pursuant to this T & Cs will always be available. We reserve the right to withdraw or vary these services at any time. We will not be liable to You or anyone if we are unable to carry out our responsibilities under these T & Cs as a result of anything that we cannot reasonably control. These include but shall not be limited to: network downtime or failures, system downtimes or maintenance issues, delays or malfunctions or any other related event arising from an external interface; the actions or omissions of any telecommunications authority, processor, strike, industrial action/disputes, natural disasters, acts of God etc.

Kuda disclaims any liability for any transaction related to or arising from fraud or such other illegality. Except when caused by the Bank’s proven misconduct or negligence, we shall not be liable or responsible for any loss, injury, or damage whether direct or indirect, special or consequential caused by or arising from the use of Kuda Save including any loss or financial fraud arising from loss, unauthorised initiation of Transactions. You shall indemnify and hold us harmless from and against any losses, damages, fines or related claims related to this.

Until you notify us that your account has been compromised, you will be liable for all transactions carried out through it, before we acknowledge receipt of the notification.

General terms

We may, at any time, modify, revise and make changes to the provisions of these T &Cs and we will notify you of such changes after which they will become effective. All updates will be detailed on our website and the Kuda App. You will be able to access the latest version of our terms at any given time. Without prejudice to the other provisions of these T and Cs and any of our other rights, if you do not wish to accept any amendments we make to these T and Cs in the future, you will be able to opt out of these T and Cs and deactivate your Kuda Save without any penalty. Non-acceptance of updates to these T and Cs also gives us a right to deactivate your Kuda Save.

No delay in the enforcement of any clause contained in these T & Cs shall be deemed to be a waiver of the Bank’s rights under these Terms, nor shall the Bank be prevented from enforcing its rights under these T and Cs at a later date.

Your rights under these T & Cs are personal to You and cannot be assigned or transferred to a third party.

You hereby consent to the Bank’s collection, storage and processing of your personal data provided by You in connection with Kuda Save provided under these T &Cs.

You authorise us to exercise a right of set-off of your Kuda Save account at any time we deem fit in respect of your Account or any other account you maintain with us to settle any of your outstanding payments to us.

Please contact us if you need further explanation on anything related to the use of your card. You may contact us at help@kuda.com or speak to our customer care representatives on 0700022555832. We may notify you about any changes or information by: (a) Sending you in-App messages or emails, (b) advertising in the press, our website any other means of public notification; (c)including messages in your account statements (d)any other means of communication that we deem appropriate.

These Terms and Conditions shall be governed by the laws of the Federal Republic of Nigeria.

Policies

Cookie Policy

What are cookies anyway?

kuda.com uses cookies, which are small pieces of data saved on your phone or computer, to improve your browsing experience.

Please, keep reading to learn what information we collect with cookies, how we use that information, why we sometimes store it and how you can disable cookies on your browser.

Cookies we set

When You Sign In
We use cookies to save your login information so you don’t have to sign in all over again every time you go to a new page.

We typically clear these cookies when you sign out to prevent access to features that require signing in.

Email Newsletters
We use cookies to save information you give us when you subscribe to our emails. This helps us avoid duplicate subscriptions and controls the notifications you see.

Forms
We set cookies to remember your user information when you fill a form on the website.

Third-Party Cookies
Sometimes, we set cookies from trusted third parties.

Please, keep reading to learn about third-party cookies on kuda.com.

Google Analytics
We use cookies from Google Analytics to help us understand how you use this website and how we can improve your experience. These cookies collect information including how much time you spend on this website and the pages you visit.

For Testing
We often make changes to this website and add new features, and while we’re texting them, we may use cookies to learn the optimisations you prefer.

Disabling cookies

To disable cookies, please check your browser settings. Please, note that disabling all cookies may affect your experience on this website.

We hope we’ve clarified how we use cookies to your satisfaction and you feel comfortable using this website. If you need more information, please send a message to hello@kuda.com and we’ll get back to you as soon as possible.

Information Security Policy

Integrated Management System (IMS) Policy

Introduction

Kuda is committed to providing secure, resilient, and high-quality financial services to our customers, stakeholders, and partners. To fulfill this commitment, Kuda has established, implemented, and maintains an Integrated Management System (IMS).

This policy consolidates our strategic objectives across information security, business continuity, and IT service management into a unified governance framework. By breaking down operational silos, this policy ensures that Kuda operates with maximum efficiency, transparency, and structural resilience.

Scope

This IMS policy applies to all Kuda staff, contractors, consultants and any third party with access to Kuda information assets.

IMS objectives

The purpose of IMS is to ensure Kuda Microfinance Bank can meet its defined business objectives. Accordingly, the organization has agreed on objectives for the year.

Information Security (ISMS)

Kuda shall protect its information assets against evolving cyber threats and unauthorized access.

Information Security Objectives.

Protect customer data end-to-end (CIA): Safeguard the confidentiality, integrity, and availability of customer, employee, and business data across all information assets, systems, and processes supporting Kuda products and internal operations.

Strengthen API and application security (customer and internal platforms): Reduce API/app attack surface and prevent, detect, and remediate exploitation of customer-facing and internal applications (Nerve, Suites, web/mobile, K4B services).

Third-party and vendor security governance for strategic growth: Reduce risk from third parties supporting core objectives (K4B/POS ecosystem, critical SaaS, infrastructure providers) through consistent onboarding due diligence, ongoing assurance, and timely remediation.

Build a security-aware culture that supports speed and quality: Improve security decision-making across Engineering, Product, CX, Ops, and vendor-facing teams so teams ship safely by default and reduce repeat security incidents caused by human/process gaps.

Business Continuity (BCMS)

Kuda shall maintain organizational resilience to ensure critical banking functions remain available during disruptions.

Ensure critical business services, applications, infrastructure, and data can be recovered within agreed recovery time and recovery point objectives, minimizing disruption to customers, employees, and business operations during incidents or disasters.

Maintain and continuously improve the effectiveness of business continuity and disaster recovery arrangements through regular testing, validation, and remediation of identified gaps.

Service Management (SMS)

Kuda shall deliver IT services that meet or exceed customer and business expectations.

Ensure critical customer-facing and internal services remain available, performant, and reliable through proactive monitoring, operational excellence, and timely issue resolution.

Enhance the efficiency and effectiveness of service delivery, change management, and incident response processes to reduce service disruptions and improve customer experience.

Policy statement

This Policy Statement demonstrates Top Management’s commitment to establishing, implementing, maintaining, and continually improving the Integrated Management System in support of Kuda’s strategic objectives, regulatory obligations, and commitment to secure, resilient, and high-quality financial services.

Kuda’s Integrated Management System comprises the following internationally recognized management systems:

Information Security (ISO/IEC 27001:2022): To protect the confidentiality, integrity, and availability of information assets and customer data.

Business Continuity (ISO 22301:2019): To safeguard critical operations against disruptions and guarantee resilience.

IT Service Management (ISO/IEC 20000-1:2018): To deliver high-quality IT services aligned with Service Level Agreements (SLAs).

Under this IMS framework, Kuda Top Management commits to:

Protect Information: Safeguard the confidentiality, integrity, and availability of information assets through effective information security practices.

Ensure Business Resilience: Maintain the capability to prevent, respond to, and recover from disruptions to critical business operations.

Deliver Quality Services: Provide reliable, secure, and customer-focused IT services that meet agreed business and service requirements.

Ensure Compliance: Comply with all applicable legal, regulatory, contractual, and other requirements, including applicable industry standards and frameworks such as PCI DSS, where relevant.

Promote Competence and Awareness: Ensure employees, contractors, and relevant stakeholders understand their IMS responsibilities and are equipped to fulfill them.

Apply Risk-Based Thinking: Identify, assess, and manage risks and opportunities to support informed decision-making and the achievement of IMS objectives.

Provide Resources and Leadership: Ensure adequate resources, governance, and management support are available to establish, maintain, and continually improve the IMS.

Drive Continual Improvement: Continually improve the suitability, adequacy, and effectiveness of the IMS through monitoring, measurement, internal audits, management reviews, corrective actions, and ongoing improvement initiatives.

IMS governance and responsibilities

Top Management has assigned the necessary roles, responsibilities, and authorities to establish, implement, maintain, monitor, and continually improve the Integrated Management System. Individuals appointed to IMS governance roles are provided with the authority, resources, and organizational support required to fulfill their responsibilities and report on the performance of the IMS.

These individuals are responsible for coordinating the establishment, implementation, maintenance, monitoring, reporting, and continual improvement of the Integrated Management System and their respective management systems. They are empowered to promote compliance with applicable standards, facilitate awareness, coordinate audits and reviews, monitor performance, and report on the effectiveness of the IMS to Top Management.

Top Management shall ensure these individuals receive the necessary authority, resources, cooperation, and organizational support required to effectively discharge their responsibilities and achieve the objectives of the Integrated Management System.

A shared responsibility

Operational excellence and institutional resilience are shared responsibilities. Every employee, contractor, and partner is required to understand their role within our IMS, follow standard operating procedures, and actively support the effectiveness and continual improvement of the Integrated Management System.

In support of the IMS, all employees, contractors, and relevant third parties are required to familiarize themselves with the Integrated Management System Policy and associated management system policies applicable to their roles. Upon communication and whenever significant updates are made, personnel shall read, understand, and acknowledge these policies, and comply with their requirements to support the effective operation, maintenance, and continual improvement of the Integrated Management System.

Privacy Policy

1. Background

We’re Kuda Microfinance Bank Limited (‘we’, ‘our’, ‘us’) and operate under the brand name Kuda or Kuda Bank.  We’re registered with the Corporate Affairs Commission with the number RC796975 and licensed by the Central Bank of Nigeria as a microfinance bank.

This Privacy Policy describes what information we collect about our customers, how we collect and use the information you share with us, and with whom we share that information.  You don’t have to share any information with us, but to use our services, we’ll need some information from you. This policy also contains information about when we share your personal information with third parties (such as our service providers and credit bureaus).   References to “you” or “your” throughout this policy shall refer to our customers (individuals or businesses) or persons who use or try to use any of our services through any of our platforms.

This Privacy Policy does not apply to services that are not owned or controlled by Kuda including third-party websites and the services of other Kuda partners, or merchants. This Privacy Policy applies to all forms of systems, operations and processes within the Kuda environment that involve the processing of personal data.

By using or accessing any of our services, you agree to the collection, use, and disclosure of your personal data as described in this Privacy Policy. Your use of our services is also subject to our regular terms and conditions for account opening.

Should you disagree to abide by such terms, or if you revoke your consent to the processing of your personal data, your account will be disabled and you will no longer be able to access or interact with us on any of our platforms.

2. What information do we collect?

Information you give us on Kuda Applications.

We collect and use any information you supply when you interact with any of our touch points. When you open an account with us, you share details like your names, Bank Verification Number (BVN), identification documents, address and pictures. By using our card or any Kuda Application to transact, you also share details of your transactions with us.

Other details we collect and what we do with them include:

• Details you give when you sign up for a Kuda account, like your BVN, names, date of birth, gender, phone number, residential address, and email address are in fulfillment of regulatory requirements.
• Your profile picture.
• We collect a video of your face during a liveness check done to confirm that you’re the one opening or upgrading your Kuda account. We share this video with a third-party service provider to facilitate our liveness check.
• You may choose not to upload a video of your face on the Kuda app, however, this will limit what you can do with your Kuda account as the identification and verification will be incomplete.
• We will not share the video of your face that we collect during a liveness check with advertisers or anyone else other than the third-party service provider that facilitates the liveness check process.
• If at any time you choose to withdraw your consent for us to use this video for your liveness check, we will delete it. However, please note that this would affect your ability to use your account as certain services are dependent on us processing your video for the liveness check.
• Information you give us through the in-app chat so we can help you.
• To help protect you against fraud by tracking the location of your phone if you’ve authorised it.
• View your contact list for airtime purchases or access your SMS and related data.

The above is not exhaustive as we may need to collect additional information and data as our services evolve or as a result of changes in regulatory requirements.

Additionally, we may collect special or sensitive data about you such as gender/sex, personal identifiable information and sensitive financial information. Additionally and with particular reference to credit applications you make to us, from your device, we may collect your SMS logs, contacts, location and applications, to enable us to determine your creditworthiness, handle credit related fraud cases  or comply with KYC requirements, as applicable.

Information you give us when you contact us through other channels

If you contact us via other means than the in-app chat, we collect the following information so we can answer your questions or take action

• The phone number you’re calling from and information you give us during the call
• The email address you use and the contents of your email (and any attachments) sent to us.
• Public details from your social media profile like Facebook, Instagram or X (formerly Twitter).  if you reach out to us via these platforms, and the contents of your messages or posts to us

Information we collect when you use Kuda channels

• The mobile network operator and the operating system that you use,
• Your IP addresses and device ID
• Your phone contacts so you can make airtime purchases or pay contacts on Kuda

Information we get from third parties

As part of our Know Your Customer (KYC) process, we run checks on the identity information you supply during signup. We will verify the authenticity and validity of the identification document that you have provided, either directly from the issuing authorities or through authorized service providers. We may also retrieve or verify information about you from public sources such as government databases.

Also, when you request for credit or lending related products and services, we run further checks with the licensed credit bureaus for eligibility checks in line with regulations.

3. How we use your information: grounds for processing of personal data

The Nigeria Data Protection Act, 2023 (NDPA) and the Nigerian Data Protection Regulations 2019 (NDPR) requires that we have a lawful basis for processing your personal data.  At least one of the following lawful basis (key basis explained in detail in the next paragraphs) must apply before we process your personal information:

• you have given us consent to do so;
• contractual or legal obligations require us to do so;
• legitimate interest of the data controller;
• processing is necessary for the performance of a task carried out in the public interest;
• processing is necessary to protect the vital interest of the data subject or of another natural person.

(a) Contractual Obligation

We collect certain data from you to fulfill the contract we have with you, or to enter into a contract with you. We use this data to:

• Give you the services we agreed to in line with our terms and conditions.
• Send you messages about your account and other services you use if you get in touch, or we need to tell you about something..
• Exercise our rights under contracts we’ve entered into with you, like managing, collecting and recovering money you owe us.
• Investigate and resolve complaints and other issues.

(b) Legal Duty

We have to ensure we aren’t breaking any laws by offering our banking and related services to by preventing illegal activities like money laundering, terrorism financing and fraud. To do this, we need to process your data to:

• confirm your identity when you sign up or get in touch.
• prevent illegal activities like money laundering, tax evasion and fraud.
• keep records of information we hold about you in line with legal requirements.
• adhere to banking laws and regulations (these mean we sometimes need to share customer details with regulators, tax authorities, law enforcement or other third parties).

(c) Legitimate Interest of the data controller

In some instances, we need to use the data you supply us for our legitimate interests. This means we’re using your data in a way that you might expect us to, for a reason which is in your interest and doesn’t override your privacy, interests or fundamental rights and freedoms

4. Who do we share your information with?

Kuda will not share or disclose your personal data with a third party without your consent except as necessary to provide our services or as described in this Privacy Policy.

• Financial and Related Services and Payment Processing. When you provide payment data, we will share payment and transactional data with banks and other entities as necessary for payment processing, fraud prevention, credit risk reduction, or other related financial services
• Third Party Service providers – We share personal data with vendors or agents working on our behalf for the purposes described in this statement. For example, companies we engage to provide external services, customer service support, card delivery services, address verification services, to assist in protecting and securing our systems and services, or to perform sanctions screening and identity verification services may need access to personal data to provide those functions.  The processing by such third parties shall be governed by a written contract with Kuda to ensure adequate protection and security measures are put in place for the protection of your personal data in accordance with the terms of this Privacy Policy.
• Related group companies and affiliates – We support and enable access to personal data across our subsidiaries, affiliates, and related companies in certain necessary circumstances, for example, where we share common data systems or where access is necessary to provide our services and operate our business.
• Law enforcement – We may access, disclose, and preserve personal data in accordance with applicable law and when we believe that doing so is necessary to comply with applicable law or respond to valid legal process, including from law enforcement or other government agencies.
• Security, safety, and protecting rights – We will disclose personal data if we believe it is necessary to:
  • protect our merchants and others, for example to prevent fraud, or to help prevent the loss of life or serious injury of anyone;
  • operate and maintain the security of our services, including to prevent or stop an attack on our computer systems or networks; or
  • protect the rights or property or ourselves or others, including enforcing our agreements, terms, and policies

In some cases, third party analytics and advertising companies also collect personal data through our website and apps including, marketing and communications data, demographic data, content and files, geolocation data, usage data, and inferences associated with identifiers and device information (such as cookie IDs, device IDs, and IP address) as described in the Cookies section of this policy.  These third party vendors may combine this data across multiple sites to improve analytics for their own purpose and others.

5. How we protect your personal information

Kuda has set up secure adequate technical and organisational controls to protect the integrity and confidentiality of our customer’s personal data, both in digital and physical format, with the aim of preventing personal data from being compromised.  We protect our customer’s personal data using physical, technical, and administrative security measures to reduce the risks of loss, misuse, unauthorised access, disclosure and alteration, we also use industry recommended security protocols to safeguard personal data we receive or access relating to our customers.

Other security safeguards include but are not limited to data encryption, firewalls, and physical access controls to our building and files and only granting access to Personal Information to only employees who require it to fulfil their job responsibilities.

In compliance with the Payment Card Industry Data Security Standards, we implement access control measures, security protocols and standards including the use of encryption and firewall technologies to ensure your card information is safe and secure in our servers, additionally, we implement periodical security updates to ensure that our security infrastructures are in compliance with reasonable industry standards.

We also maintain a data breach procedure in order to deal with incidents concerning personal data or practices leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data transmitted, stored or otherwise processed.

You may contact our DPO upon becoming aware of any breach of your personal data or if your access credentials have been compromised, to enable us to take the necessary steps towards ensuring the security of your personal data or account.  We will report any breaches that will compromise your rights and freedoms to the relevant regulatory authority within 72 hours of discovery

6. What are your rights?

You have the right to access and request the information that we have on you in our records, and you may receive the information in a structured, commonly used, machine-readable format, and also ask us to transfer it to another data controller (this is the right to the portability of data).

You may also ask us to delete your information on our record, restrict the way in which we use your personal information, ask that we update the personal information we hold about you or correct such personal information which you think is incorrect or incomplete, and we will grant this request as long as we’re legally allowed to.

You also have the right to object to us using your information for our marketing purposes or any additional services we may be offering you.

You may request that we restrict the processing of your data while a request or objection is being resolved, or during legal proceedings.

You also have the right not to be subject to decisions based solely on automated processing and request for human intervention, express your views, and contest the decision, unless it is necessary for a contract, authorized by law, or based on your explicit consent.

You may also withdraw any consent you’ve previously given us.

7. Transfer of personal data

As part of our service provision, we may rely on third-party servers, databases co-located with hosting providers, resident in foreign jurisdictions, which constitutes the transfer of your personal data to computers or servers in foreign countries. We take steps designed to ensure that the data we collect under this Privacy Policy is processed and protected according to the provisions of this Policy and applicable law wherever the data is located.

Where personal data is to be transferred to a country outside Nigeria, Kuda  shall ensure adequate measures are put in place to ensure the security of such personal data. Any transfer of personal data outside of Nigeria will be in accordance with the provisions of relevant data protection regulations. In particular, Kuda shall, among other things, use contractual terms to ensure protection of the data or ensure the recipient country has adequate data protection laws that would afford the same level of protection of our customer’s personal data.

Should you wish to transfer personal data to a country deemed to have inadequate data protection laws, Kuda will take all necessary steps to ensure that informed consent is obtained from you, and you are aware of the risks entailed with such transfer.  We will ensure personal data is transmitted in a safe and secure manner.  Details of the protection given when your personal data  is transferred abroad, and details of the basis of such transfers shall be provided to you upon request.

8. Cookies

We and our partners use cookies and similar technologies on our website and on other platforms to help collect information and operate the site.  We use cookies to: remember visitors to our websites or other platforms; make your user experience easier; customise our services, content and advertising; help you ensure that your account security is not compromised, mitigate risk and prevent fraud; and to promote trust and safety on our website. Cookies are small text files placed by a website and stored by your browser on your device.  Our cookies hold a unique random reference to you so that once you visit the site we can recognise who you are and provide certain content to you.  Most web browsers are set to accept cookies by default. If you prefer, you can go to your browser settings to learn how to delete or reject cookies. If you choose to delete or reject cookies, this may impact your experience using our website.

9. How long do we keep your data?

Kuda will retain your personal information for the following periods:

• as long as reasonably necessary for the purpose of providing our services to you;
• for the duration your account is active and we have your consent;
• for the period needed to comply with our legal and statutory obligations;
• as needed to verify your information with a financial institution

We are statutorily obliged to retain the data you provide in order to process transactions, ensure settlements, make refunds, identify fraud and to comply with applicable laws and regulatory guidelines, as applicable.

Under the Central Bank of Nigeria’s Customer Due Diligence Regulations and Guidelines we are mandated to retain transactional records (customer and beneficiary names, addresses, identification number etc) for at least five years following the completion of the transaction or the cessation of the legal relationship with a customer.  Therefore, even after closing your Kuda account, we will need to retain certain personal data and transaction data to comply with these obligations.

The length of storage of personal data shall, amongst other things, be determined by:

Whether Kuda has another lawful basis for retaining that information beyond the period for which it is necessary to serve the original purpose

The contract terms agreed between Kuda and the customer or as long as it is needed for the purpose for which it was obtained;

Whether the transaction or relationship has statutory implication or a required retention period;

Whether there is an express request for deletion of personal data by the customer, provided that such request will only be treated where the customer is not under any investigations which may require us to retain such data or there is no subsisting contractual arrangement with the customer that would require the continuous processing of the personal data; or

10. When do we delete your data?

We are basically storing and processing your personal data only as long as it is necessary to perform our obligations under the agreement with you or as long as the law requires us to store it. That means, if the data is not required anymore for statutory or contractual obligations, your data will be deleted.

If you choose to delete your Kuda account, we will delete any data you have previously given us, including the video of your face uploaded during the liveness check. However, this is subject to the retention provisions of this policy.

11. How to lodge a complaint

At Kuda, we’re extremely committed to respecting and protecting your personal information. If you have any worries, reservations or complaints about your personal information, please contact our Data Protection Officer by:

• Sending a message via the app
• Emailing us at dpo@kuda.com
• Writing to us at 1-11 Commercial Avenue, Yaba, Lagos

After we receive any complaints from you, we will do our best to fix the problem.

12. Changes to this document

This document will be reviewed on a yearly basis, or more frequently if occasioned by changes or amendment to applicable data protection regulations. If we make any changes, we’ll add a note to this page and if there are significant changes we’ll let you know by email.

This document was last updated in May 2025.

Whistleblowing Policy

We are committed to running our business with the utmost integrity and transparency, and we will always operate in full compliance with required legal, ethical and regulatory standards. As a financial institution focused on making a positive impact on the lives of our customers and our surrounding community, our reputation and success are built on a foundation of compliance.

Our employees, customers, vendors and other stakeholders should please let us know of any wrongdoing that they observe or come to know about. If you are aware of any wrongdoing, please send a message to whistleblower@kuda.com. We will treat your report with absolute confidentiality.

We will make sure that the identity of any whistleblower is protected and that they are shielded from any retaliation in the form of an adverse employment action, termination, compensation decrease, victimisation, harassment, physical harm or mental harm

Disclaimers

Investments

Arrangement with Bamboo

DISCLAIMER

IMPORTANT: You must read the following disclaimer carefully before opening an account with Bamboo Systems Technology Limited (“Bamboo”) and purchasing or dealing in any shares or other form of securities or investment products (“Products”) using Bamboo’s platform. The Kuda application and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person.

Nothing in this electronic transmission constitutes an advertisement of, or offer to buy or sell, the Products by Kuda Technologies Limited or Kuda Microfinance Bank Limited (together “Kuda”). The Products are being offered and sold by Bamboo. [Bamboo has confirmed to Kuda that it has obtained all regulatory permits and licences required to offer the Products on its platform].

The terms and conditions governing the purchase of the Products are as set out by Bamboo on its platform. Please read Bamboo’s terms and conditions thoroughly before you proceed to purchase any Product. Any information regarding the Products which can be accessed through Kuda’s application is not specifically tailored to your individual investment objectives, financial situation, characteristics or needs, and is not intended to be a substitute for professional advice. Please note that Kuda has not conducted any due diligence or investigation with respect to such information. You are, therefore, advised to seek professional legal, tax, investment and financial advice before purchasing any Product from Bamboo using your Kuda account.

Payment for the Products shall be done in Nigerian Naira and following your authorisation, will be paid directly to Bamboo. No representation or warranty, express or implied is, or will be, given by Kuda or its employees, officers or directors or any other person as to the validity or fairness of the price of the Products.

You undertake that you will not, in connection with your consideration of the possible purchase the Products, approach or enter into discussions with any director, officer or employee of Kuda. All approaches by you should be directed to Bamboo.

There will be no purchase of the Products in any jurisdiction in which such a purchase may be restricted by law. You are, therefore, obligated to inform yourself about and observe any such restrictions. Any failure to comply with these restrictions could result in a violation of the laws of such jurisdiction.

Kuda will not be liable (either civil or criminal) for any loss that you may suffer by reason of your purchase of any Product that is being offered by Bamboo through the Kuda app. All recourse available to you shall be as set out in the terms and conditions as issued by Bamboo. In addition, all customer service support in relation to the use of the Products shall be provided to you directly by Bamboo.

You acknowledge and agree that no person in Kuda has nor is held out as having any authority to give any statement, warranty, representation, or undertaking on behalf of Kuda in connection with the Products. Kuda shall have no responsibility or liability whatsoever for any errors, omissions, misstatements, negligence or otherwise, relating to the Products.

You confirm that you shall not engage in any fraudulent activity or breach any Anti-Money Laundering laws applicable in any jurisdiction, in your dealings with the Products.

By processing payment, you confirm that you have read our disclaimer and Bamboo’s terms and conditions thoroughly and have accepted the contents contained therein.

Gift Cards

Arrangement with Nomiworld Limited

DISCLAIMER

IMPORTANT: You must read the following disclaimer carefully before purchasing any of the Giftcards. The Kuda application and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person.

Nothing in this electronic transmission constitutes an offer by Kuda Technologies Limited or Kuda Microfinance Bank Limited (together “Kuda”) to sell the giftcards. The giftcards are being offered and sold by Nomiworld Limited. Nomiworld Limited has confirmed to Kuda that it properly acquired the giftcards and that it has the right to resell the gitftcards using digital platforms. The terms and conditions governing the purchase and use of each giftcard is as set out by the respective retailer, vendor or service provider whose giftcards you have purchased (the “Retailers”). Please visit the website of the Retailer(s) whose giftcard(s) you wish to purchase and review the terms and conditions applicable to the giftcards thoroughly before you proceed to purchase any giftcard.

Kuda will not be liable (either civil or criminal) for any loss that you may suffer by reason of your purchase of a giftcard that is being offered by Nomiworld Limited through the Kuda app. All recourse available to you shall be as set out in the terms and conditions as issued by the respective Retailers. In addition, all customer service support in relation to the use of the giftcard shall be provided to you directly by the Retailers.

You acknowledge and agree that no person in Kuda has nor is held out as having any authority to give any statement, warranty, representation, or undertaking on behalf of Kuda in connection with the sale of the giftcards.

No representation or warranty, express or implied is, or will be, given by Kuda or its employees, officers or directors or any other person as to the validity or fairness of the price of the giftcards. Kuda shall have no responsibility or liability whatsoever for any errors, omissions, misstatements, negligence or otherwise, relating to the giftcards.

You confirm that you shall not resell, in whole or in part, any of the giftcards that you purchase through the Kuda app and you shall not engage in any fraudulent activity or breach any Anti-Money Laundering laws applicable in any jurisdiction, in your dealings with the giftcards.

By processing payment, you confirm that you have read our disclaimer and the terms and conditions issued by the Retailers thoroughly and have accepted the contents contained therein.

FAQs

General questions about Kuda

Is Kuda a registered bank?

Yes, we have a national microfinance banking license from the Central Bank of Nigeria. Our registration number is RC 796975.

How is Kuda different from other banks?

We’re digital-first, so almost everything you’d queue up for at a traditional bank happens right on your phone. Open an account, send money, pay bills, freeze your card, or get help, all on the Kuda app. We’ll even deliver your debit card to any address in Nigeria.

We also won’t charge you unnecessary fees for banking with us and if you’d rather talk to someone in person, you can visit our branch at 1-11 Commercial Avenue, Yaba, Lagos, Nigeria.

Does Kuda have a physical branch I can visit?

Yes. We’re digital-first, so most things are faster on the Kuda app. If you’d rather sort something out in person, you can visit us at 1-11 Commercial Avenue, Yaba, Lagos, Nigeria.

You can also reach us at selfhelp.kuda.com, email help@kuda.com, or call 0700022555832.

What fees do you charge?

You can make unlimited free transfer from your Kuda account to other Kuda accounts.

We’ll give you 25 free transfers to any other bank every month if you sign up with your Bank Verification Number (BVN) or National Identification Number (NIN).

Extra transfers will cost you 10 naira each.

How does Kuda make money?

We make money by using collective deposits to make investments and issue credit.

We also make money from commission on airtime purchases and from service fees sellers pay us when people like you shop with their Kuda Card.

Do you give loans?

We give overdrafts, and you’ll be eligible to take an overdraft if you use your Kuda account regularly. Term loans are launching very soon.

What do I need to open a Kuda account?

To open a Kuda account, you must be at least 16 years old and you must have an email address and a phone number.

What kind of account will I get?

If you sign up with your name, phone number and BVN (Bank Verification Number), you’ll get an account limited to a maximum balance of 300,000 naira, a maximum deposit of 50,000 naira at a time and a maximum transfer of 50,000 naira at a time.

If you add a government-issued ID (like your driver’s license, national ID card or international passport) to your Kuda profile, we’ll remove those limits from your account.

Why do you need my BVN?

We ask you to confirm your BVN so we can be sure no one is pretending to be you.

When you confirm your BVN, we match your details with the information on the national BVN database owned by the Central Bank.

We won’t use your BVN to access your other bank account(s).

Is there a minimum balance?

No, we don’t have a minimum account balance.

Is my money safe with Kuda?

Yes, your money is safe with us. We secure all accounts with the same high-security encryption used by all banks.

For extra protection, we insure every deposit you make into your Kuda account with the Deposit Insurance Fund of the National Deposit Insurance Commission (NDIC).

How will I get my card?

We’ll deliver your Kuda Card to you anywhere in Nigeria or you can pick it up from one of our branches.

How can I add money to my Kuda account?

There are several ways to add money to your Kuda account:

You can transfer money to your Kuda account from any Nigerian bank with a bank app or through internet banking.

You can also add money to your upgraded account with a Nigerian debit card. Tap Add Money on your Kuda dashboard and choose the Add By Card option.

If you have cash, you can deposit it into your Kuda account at our partner banks. Tap Add Money on your Kuda dashboard and choose the Add By Deposit option to get instructions.

Will I get account statements?

Yes, you can request an account statement for a specific time period.

To request an account statement, tap More on the app then tap Statements & Reports.

Where’s your office?

We’re at 1-11 Commercial Avenue, Yaba, Lagos.

What should I do if I need help?

The easiest way to reach us is to tap More on the Kuda app then tap Chat With Us.

You can also send an email to  help@kuda.com or call 01 633 5832 between 8:00 am and 5:00 pm on weekdays.

Questions about Kuda Business

What kinds of accounts does Kuda Business offer?

Kuda Business offers two kinds of accounts:

• Freelancer Account
This kind of account is for individuals running very small-scale businesses or freelancing, who need business banking services that can help them set up quickly.

• Full Business Account
This kind of account is for a fully registered company running large-scale operations that requires services to meet their extensive business needs. Kuda currently serves Business Names and Limited Liability Companies.

What are the requirements for opening a Kuda Business account?

• Freelancer Account

To open a Freelancer account, you need the following:
• A photo of your face
• Your BVN and a valid, government-issued ID
• Detailed information about your business
• Proof of address of your business
 
• Full Business Account

To open a Full Business account with just your business name, you need the following:
• Your FIRS Tax Identification Number (TIN)
• Your CAC registration number
• Certificate of Incorporation
• CAC Registration Form – CAC BN/1
• Proof of address of your business

To open a Full Business account with as a Limited Liability Company, you need the following:
• Certificate of Incorporation
• Memorandum and Articles of Association
• Particulars of Directors – CAC 7/7A or CAC 1.1
• Particulars of Shareholders – CAC 2/2A or CAC 1.1
• Board Resolution – This document should mention the signatory (admin) who will use your Kuda Business account.
• Proof of address of your company

How do I open a Freelancer account on my phone?

1. Download the Kuda Business app on your app store.
2. Tap Sign up with Kuda if you have a personal Kuda account or tap Sign up with email if you don’t have a personal Kuda account.
3. Follow the prompts on your screen.
4. Tap Freelancer Account on the app dashboard.
5. Fill in the required details.
6. Review and submit your application.

How do I open a Freelancer account on a browser?

1. Go to business.kuda.com/get-started
2. Click Sign up with Kuda if you have a personal Kuda account or click Sign up with email if you don’t have a personal Kuda account.
3. Follow the prompts on your screen.
4. Click Freelancer Account.
5. Fill in the required details.
6. Review and submit your application.

How do I open a Full Business account on my phone?

1. Download the Kuda Business app on your app store
2. Tap Sign up with Kuda if you have a personal Kuda account or tap Sign up with email if you don’t have a personal Kuda account.
3. Follow the prompts on your screen.
4. Tap Full Business on the app dashboard.
5. Fill in the required details.
6. Review and submit your application.

How do I open a Full Business account on a browser?

1. Go to business.kuda.com/get-started
2. Click Sign up with Kuda if you have a personal Kuda account or click Sign up with email if you don’t have a personal Kuda account.
3. Follow the prompts on your screen.
4. Click Full business.
5. Fill in the required details.
6. Review and submit your application.

Why is my Full Business Account application pending after submission?

Your application is pending because we’re reviewing your information. We’ll let you know if your application is approved or not in the next 72 working hours.

Can a business owner have more than one signatory to an account?

A business account can only have one primary signatory/admin. This signatory or admin has to be the business owner, a director of your company, or someone authorised by the company or business to run the account. The admin can add teammates to operate the account on their behalf.

Can I change my personal Kuda account to a Kuda Business account?

No, you can’t. You’ll need to open a separate business account. However, you can use your personal Kuda account credentials to open a Kuda Business account much faster. Please, note that you’ll have to sign in to your personal and business accounts separately.

Can I make foreign transactions with my Kuda Business account?

No, you can only make local transactions with your account.

Can I be given a loan as a small business?

Yes, you can. Please, send your loan request to sales@kuda.com.

Can I open multiple Kuda Business accounts?

Yes, you can.
Note: You can open just one Freelancer account, but you can open multiple Full Business accounts.

Does Kuda Business assign account officers to customers?

No, we don’t assign account officers to customers but our customer service team is available to attend to you.

Will I be charged a fee for opening a Kuda Business account?

No, opening a Kuda Business account is free, but you might need to pay a legal search fee when opening a Full Business account.

Does Kuda charge an account maintenance fee on corporate accounts?

No, we don’t charge an account maintenance fee at the moment.

Can I use Kuda Business if I haven’t registered my business with the CAC?

You can open a Kuda Business Freelancer account if your business isn’t registered with the CAC. To open a Full Business account, you’ll need to register your business name or company with the CAC.

What are the minimum and maximum daily transaction limits?

There’s no minimum limit for transactions, but there’s a daily limit of 10 million naira on the Freelancer account. The Full Business account has a daily transaction limit of 250 million naira.

What are the minimum and maximum single transaction limits?

There’s no minimum single transaction limit, but there’s a limit of 5 million naira per transaction on the Freelancer account. The Full Business account has a limit of 25 million naira per transaction.

Can I send money to more than one person at the same time?

Yes, you can. You can use the Multiple Transfer feature to send money to up to twenty people at once on the Kuda Business mobile and web apps. If you need to send money to more than twenty people, you can use the Bulk Transfer feature on the Kuda Business web app.

Can I pay salaries with Kuda Business?

Yes, you can use the Kuda Payroll feature or the Payroll with Bento feature to pay salaries. Kuda Payroll currently supports payments to Kuda accounts exclusively while Payroll with Bento supports payments to all banks. You can use these features only if you have a Full Business account.

How do I add money to my Kuda Business account?

To add money to your Kuda Business account, make a transfer from any Nigerian bank account or use USSD.

How do I change my Kuda Business password?

You can change your password easily by using the password reset option on the Kuda Business mobile or web app.

What is a board resolution?

A board resolution is a resolution passed in a board meeting authorising certain people in a company to open and operate a bank account for the company.

How do I submit a board resolution?

You’ll upload a copy of your board resolution on the Kuda Business mobile app or web app when you’re opening a Full Business account.

Do I need to submit a reference to open a business account?

No, you don’t.

Can I update my company’s registered address on the Kuda Business app?

No, you can’t, but you can send an address update request to business@kuda.com.

Can I change or update my company’s name on the Kuda Business app?

No, you can’t, but you can send a company name update request to business@kuda.com.

How do I request my bank statement?

1. Sign in to your Kuda Business app, then tap More.
2. Tap Account Statement.
3. Choose a timeframe for your statement, then choose a format for the statement – a PDF file or an Excel spreadsheet.
4. Tap Get and we’ll send you your account statement by email.

Can I add my employees or team members as users and what is the maximum number I can add?

Yes, as the account admin (primary signatory), you can add other users to your account. You can also manage the access level that other users have. There’s no limit to the number of users you can add.

Can I create sub accounts on Kuda Business?

Yes, you can create up to five sub accounts at a time on Kuda Business. Sub accounts are useful for managing your finances – you can easily allocate money for different uses to different sub accounts.

What is Kuda Business POS?

Kuda Business POS is a suite of products that help businesses get paid easily. It includes a physical POS terminal and Virtual POS – a dedicated account number that makes it easy for salespeople to confirm transfers instantly.

What do I need to get access to Kuda Business POS?

To get access to Kuda Business POS, you need to open a Full Business account.

I have a Full Business account. How do I access Kuda Business POS?

To access Kuda Business POS on the Kuda Business mobile app, follow the steps below:
1. Sign in to the Kuda Business mobile app.
2. Tap Hub on the app dashboard, then tap POS.

To access Kuda Business POS on the Kuda Business web app, follow the steps below:
1. Sign in to the Kuda Business web app here.
2. Tap Hub on the app dashboard, then tap POS.

What is the POS Dashboard?

The POS Dashboard is a feature on the Kuda Business mobile and web apps for managing and monitoring your POS terminals, viewing your POS transaction history, and generating POS transaction reports.

How do I track my sales with the POS Dashboard?

You can track your sales and monitor your business performance all on the POS dashboard.

Questions about our open API

How does Open API work?

Open API provides 3rd party access to the kuda internal system by using a series of protocols, a client_id, public_key, private_key.

How secure is the Open API?

The Open API is very secure, before data is sent across the system, developers are expected to encrypt their data in a request to us using a protocol, and decrypt our response using the same protocols.

What is Open API?

Open API is a collection of API services custom built for businesses who want to layer financial services onto their products/businesses offerings. The Open API is built on Kuda payment rails, it will enable businesses to do transfers, open virtual accounts and check balances programmatically.

How do I register a profile to start using the APIs?

To begin using the Kuda APIs, you will need to register a profile here. Once you register, you can start testing out the APIs in our sandbox.

What sort of documents do I need to start using the APIs?

You will need to be able to provide evidence of a business registration and address, utility bills and all that we can use to do a complete kyc or kyb of your business.

How do I access the set of services and API offerings?

To access the APIs, you will need to read through our documentation here.

I have an app and I want to connect the API to test out my product. What do I need?

We do not have an option to allow developers to “test out applications”. Alternatively, you can register a profile and test out your app in our sandbox.

Must I be registered in Nigeria to start using the APIs?

For the purpose of doing a full kyc/kyb, it is required that a business is registered in the country where the APIs are domiciled.

Can I build a remittance product with the APIs?

We provide APIs to allow business layer financial services on top of their businesses/products. The APIs may allow you to layer a disbursement service model as long as you are a registered Nigerian company.

Are there any charges while using the APIs?

At the moment, we charge for transfers (NIP transfers, transferring from Kuda to another bank)

Are there any limitations while using the APIs?

There are really no limitations when using the APIs. We have set regulations on transfers out of a kuda virtual account.

How do I go live?

Once you are done testing out the processes of the APIs, you will need to connect your Kuda business account number and then toggle to live.

How do I get a Kuda for Business Account number?

Please visit the Kuda for business website to register your business and obtain a business account number.

Download the app

Join the millions of people who use Kuda to spend, save, borrow, and get more from their money every day.