Terms & Conditions

Business

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.

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