Kuda is a full service digital microfinance bank that is duly licensed by the Central Bank of Nigeria (“CBN”). Our registered office is at 1-11 Commercial Avenue, Yaba, Lagos, Nigeria.

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

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

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

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

You can open an account with us on the condition that you are 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.

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

Banking regulations require us to verify your identity before we can open an account for you. At the very least, there needs to be an active phone number, your profile picture and BVN supplied. With more information supplied, such as valid identification documents, we will be able to open an account without any restrictions. Our accounts are tiered as follows:

In line with regulations, we perform due diligence on all accounts so it is your responsibility to keep your mailing address, email address, physical address and other contact information up-to-date in your profile.

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:

• Email: help@kuda.com

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

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

With the Kuda spending account, you will be able to fund your Kuda account via bank transfers, cash at selected partner banks, and a stored card. You will be able to pay bills, make instant transfers, manage your Kuda card and save as you spend. These activities are subject to the following limits:

Upon enrolment in Spend & Save, we will transfer a user-determined percentage of any user-induced debit on your account to an interest earning sub-account. This feature can be enabled and disabled from the Spend & Save section of the app.

We issue the Kuda card, pursuant to a license from Visa International. When we issue you a card, it must be used for only lawful transactions within Nigeria. The card will have an expiry date and is valid until the last day of the month shown on the card. Your card will be auto-renewed upon expiration, unless your account is closed or the card is revoked.

The PIN issued with your card enables you to carry out transactions such as withdrawals and purchases from ATMs, Point of Sale terminals and Web/Online platforms.

When you use your card for transactions on other channels which are not owned and controlled by the Bank, the rules of use of that channel apply in addition to these rules.

Kuda Save helps you save money with minimal effort. To do this, we can either debit your Kuda Bank account at user-determined frequency or you can make a one-time lump sum savings. Upon expiration of the tenor, the accumulated funds will be transferred to your Kuda Bank account. You can make withdrawals prior to the expiration of the tenor. This can be done at no charge for recurring savings, but for one-time lump sum savings, there will be a charge. This charge is either the interest earned if fixed or 5% of the amount withdrawn if flexible.

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

You can close your 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 related to your account with us. Once the account is closed, you will not be able to access any Kuda services.

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

• The information we obtain from you does not comply with regulatory requirements;
• You do not meet, or are in breach of, the terms and conditions contained herein;
• You create risk or possible legal exposure to us;
• We are required to do so by law; or
• There is a report of, or our investigations reveal that you have engaged in, fraudulent or suspicious activity with your Kuda account.

Please note that the list above is not exhaustive.

As a bank, we are required to comply with the international sanction laws and regulations issued by the United States of America’s Office of Foreign Assets Control (OFAC), European Union (EU), United Nations (UN), the United Kingdom’s Treasury (HMT) ,as well as local laws and regulations applicable to issuing banks, including those issued by the CBN. Therefore, we reserve the right to terminate your 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 OFAC, EU, UN and HTM sanctions or there is involvement by any person (natural, corporate or governmental) listed in the OFAC, EU, UN, HMT or local sanctions lists, or any involvement by or nexus with Cuba, Sudan, North Korea, Iran or Myanmar or such other countries as may be included from time to time in the sanctions list, or any of their governmental agencies.

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

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

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.

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 the Kuda product. You can unsubscribe from our newsletter using the link provided for the purpose in each newsletter we send.

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

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

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