NigeriaTerms & Conditions

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.

By clicking accept at the bottom of these T & Cs, you agree that you have received, 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 Card issuance and usage in Nigeria.

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.

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.


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.


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.


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.

You also grant express authority to Kuda for carrying out transactions and instructions authenticated by the PIN and shall not revoke the same except in accordance with these T & Cs.

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:

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

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

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

d. Destroying any notification of your PIN;

e. 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;

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

g. Notifying us immediately your Card is lost or stolen;

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


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.


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. 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.

5.2 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.

5.3 - 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.

5.4 - 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


6.1 - 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.


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.


8.1 - 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).


9.1 - 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.


10.1 - 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.

10.3 - If the Bank provides any information to you via email, telephone or other channels, the details of which You provided to the Ban, 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.


11.1 - 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.


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.

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 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.

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