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, you are required to provide all the documentation set out in the table below:
|Account Type||Required Documentation|
|Sole Trader||• Name |
• Phone Number
• Bank Verification Number
• Valid Means of Identification (International Passport, National ID Card, Voters Card or Drivers License)
• Proof of address(Utility Bill)
|Business Name||• Tax Identification Number (“TIN”) |
• Certificate of Registration of Business Name from the Corporate Affairs Commission (“CAC”)
• Proof of address(Utility Bill)
|Limited Liability Company||• CAC Registration (RC) Number |
• Certificate of Incorporation,
• Memorandum and Articles of Association duly certified by the CAC Application Form / Form CAC 1.1, duly certified by the CAC
• Particulars of Directors / Form CAC 7/ CAC 7A, duly certified by the CAC
• Particulars of shareholders / Form CAC 2 /2A, duly certified by the CAC
• Board resolution authorising the opening of the bank account
• Proof of Address(Utility Bill)
The above documentary / information request may not be exhaustive and we may require further documents and information from you before opening a business account for you.
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:
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:
|Limit||Full (tier 3)|
|Daily Minimum Balance||₦0|
|Maximum Single Deposit||N/A|
|Maximum Total Balance||N/A|
|Maximum Single Transaction Limit||Set by Admin (Maximum of ₦1,000,000)|
|Daily Transaction Limit||₦10,000,000|
Kuda has an associate license with Visa which permits us to issue Visa cards only and gives us control over the production of the cards as well as processing of transactions with the card. 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. You will be notified before your card expires and the card reissuance will be done with your consent.
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.
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.
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.