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Review: Kuda Bank Is Redefining The Future Of Banking in Nigeria



Kuda Bank, Nigeria

The world is now leaning towards a full-fledged digital future, more than ever before. With the massive population of Nigeria’s internet-savvy youth, digital transformation is rapidly seizing a golden spot in the Nigerian financial sector. Nigerian CBN-licensed digital bank, Kuda Bank, is leveraging on technology to provide millions of Nigerians with access to full banking services with just a smartphone-based software application. In a nutshell, the bank is situated in your mobile phone. 

The bank is believed to be the bank of the future. Considering that its average user is between the age of 18 and 25 years old, it truly is on the course of sealing a golden spot in the future of Nigerian banking.  Kuda Bank seems to understand the importance of convenience to its customers, especially the youths who despise stress, and are also the bank’s predominant customers.

Signing Up

Registration with Kuda Bank is an extremely stress-free experience and can be done within 5 minutes. All that needs to be done is to sign up on the mobile app and fill in basic details like name, address, email, a picture, Bank Verification Number (BVN), if the BN is available, phone number, etc, to get a basic account with a maximum balance limit of ₦300,000 and a single deposit limit of ₦50,000. The account can be upgraded to an unlimited account, upon the provision of a government-issued ID.

With convenience at its core, Kuda understands the stress, cost and time associated with getting a debit card in Nigeria. As a result, the bank’s users can easily apply for a debit card, track its progress from the time of application, and still have it delivered at their doorstep, without paying any fee. It is absolutely free of charge. The card also has no maintenance fee, therefore, users do not have to worry about the annoying card-maintenance-deduction custom of traditional banks. The obtained ATM card can be used to withdraw cash, free of charge, at over 3000 Access and Diamond Bank ATMs in Nigeria. 

Since it is a digital-only bank, how can I deposit money into my Kuda bank account? 

The bank has sealed partnerships with other traditional banks to increase the ease of access to financial services for its customers. Currently, the bank is in partnership with GTBank and Zenith Bank to enable its users fund their Kuda Bank account via over-the-counter deposits. This transaction attracts no fee.

Most people prefer to send money via bank transfers and this attracts an additional cost of as much as ₦50 for transfers involving over ₦50,000 and a minimum of ₦10 for transfers below ₦5,000 with traditional banks. Kuda Bank allows customers to make up to 25 charge-free bank transfers in a month, after which they are charged ₦10 per transfer. Through Kuda’s free transfers, this initiative would save users ₦1,312.5 monthly and ₦15,250 in a year if they made the same 25 bank transfers every month via traditional banks.

The maximum amount that can be transferred at once in a day is ₦250,000 for a basic account, and ₦1,000,000 for an upgraded account. The bank application has a mechanism of understanding the behaviour of users. If a customer usually makes a transfer of ₦80,000, and, suddenly, a transfer a ₦750,000 is made, this transaction will be automatically flagged and prohibited as a security control measure to combat frauds or a potential mistake in entering the transaction amount.

Kuda bank full stack approach and savings feature

According to a medium post by Kuda Bank, “We have built our core systems from the ground up, based on 21st century technology, rather than simply building over existing legacy software. This “full stack” approach means we can process enormous amounts of data in real time and send you actionable information and analytics that help you stay on top of finances. All whilst staying secure and reliable.”

This kind of full stack design approach enables speedy processing of transactions. The bank has also created an easier means for complaint resolution by providing a 30-digit ID for each transaction. This way, issues with transactions can be easily resolved without stress. 

The bank also has a savings feature on its mobile application. There are multiple facets of the savings feature. There’s the Spend+Save feature. This allows users to automatically save money as they spend. For every debit transaction, a particular portion of the money in their account is automatically saved and locked away from them.

This makes it easier for users to cultivate the habit of constantly saving money and not spending their entire savings on expenses. Additionally, there is a Flexible and Fixed savings plan. The Fixed plan allows users to lock down a specific amount of money and get up to 15% annual interest on it. The Flexible plan slightly differs from the Fixed plan. This plan allows customers to save money automatically at a specified interval (daily, weekly or monthly) and get up to 10% annual interest. 

Kuda Bank is not relenting on churning out innovative developments to the services they offer. Virtually all of their banking services can be accessed with ease. A minor problem with Kuda Bank, however, is the dependence on traditional banks for users to get a Bank Verification Number (BVN). The bank is exploring innovative means of assigning BVN to its customers without them having to open an account with a traditional bank to get this. Hopefully, the bank will subsequently offer a feature that solves this issue. With each innovative stride, Kuda bank is gradually making access to banking services more convenient for each of its customers.


Kehinde is a driven human who is passionate about leveraging technology to transform the future of humanity and the way we all live. His interest lies in constantly getting valuable information and being part of a mission that seeks to create a transformative radical shift.

Crypto Assets

Crypto prices drop as global market fear increases



Top cryptocurrency prices have fallen amidst a drop in stocks and fears over China’s Evergrande debt crisis. In the last 24hour, Bitcoin dropped from $47,772 to $42,630 shedding about 8.58%. this is the lowest in price since another bull run began on Sept 5 after the April crash.

El- Salvador’s President, Nayib Bukele sees the fall as an opportunity to invest more. Recall that the country adopted Bitcoin as a legal tender on September 7. Despite the adoption, the price of Bitcoin has fallen by almost 14% since then.

Other coins have experienced dramatic crashes within the last 24hours. Solana, a coin that has experienced 355% growth within the last 3 months fell from $162 to $130 shedding about 11.39% within the last 24hours. Solana’s fall may be categorized by the 17-hour outage which the founder, Anatoly Yakovenko said was caused by bots “flooding the networks”

Ethereum fell by 9.37% while Dogecoin and Axie Infinity fell by 11.22% and 14.14% respectively within the last 24hrs hours. While crypto experiences dark Monday, El-Salvador keeps investing more money in Bitcoin.

A look at the global market

The global market is experiencing fear due to the Evergrande debt crisis. A report published by the University of Michigan shows that consumer’s sentiment is beginning to decline. This trend alone may impact the crypto market as well.

On the other hand, the global market downturn must have been spurred by the Evergrande debt crisis. The company grew to be one of China’s biggest companies by borrowing more than $300bn. Last year, Beijing made rules to control the debt owed by big real estate developers. This led Evergrande to offer its properties at major discounts to raise more money to keep the business afloat. Right now, the company is struggling to meet the interest on payment of debts.

Why would it matter if Evergrande fails?

The collapse of the multi-million dollars company would affect the global market; including the crypto market. Many people bought properties from Evergrande and they expect to make gains. If Evergrande falls, crypto investors will be forced to withdraw more money to keep their business running without the means to invest more. When one business fails, the other gets affected indirectly. This also applies to other firms that do businesses with Evergrande.

The potential impact on China’s financial system is another effect of Evergrande’s fall. In his statement to BBC, Mattie Berkink, the Economist Intelligence Unit (EIU), said that “the financial fallout would be far-reaching. Evergrande reportedly owes money to around 171 domestic banks 121 other financial firms” if the company fails, other lenders or businesses may be forced to lend less. Thereby leading to a credit crunch- a situation where companies struggle to borrow money.


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Bitcoin in Africa

The rise of CBDC in African economies



Many nations have taken cues from the world of crypto and its resounding successes over the last decade. In order to avoid getting left behind, governments worldwide are increasingly turning their attention towards implementing some form of digital currency, a CBDC which in full is Central Bank Digital Currency. Although inspired by cryptocurrencies, CBDC’s are quite different from traditional crypto platforms. The main differences are that CBDC’s are unlikely to be decentralized, the supply of this currency regulated by the host’s country’s central bank as the CBDC is designed to operate as a sovereign legal tender, the digitized form of the host country’s fiat currency. Thus, a central bank may issue digitized tokens of its currency of which their value is pegged to the fiat currency of the nation in question, making CBDC’s stablecoins.

Africa has seen a rise in the use of cryptocurrencies and it’s still pushing frontiers in this sector. Although the use of crypto in many African nations is becoming more and more pervasive by the day, the tone of governments in many of these countries toward the sector is cautious at best and threatening at worst. However, a few nations have voiced interests in creating digitized versions of their legal tender to function as a CBDC. Amongst these are Ghana, Nigeria, Morocco, Kenya and Tunisia.

Many of these projects are still in the research phase or developmental phase however. A good example is Ghana’s proposed CBDC, the E-cedi being developed in partnership with German company, Giesecke + Devrient. Nigeria’s CBDC project, the eNaira has been announced and according to Nigeria’s central bank, this CBDC will be launched sometime in 2021. To that end, the CBN has partnered with fintech company, Bitt Inc. to serve as the technical partner in the eNaira’s development. Reportedly, the CBN had made the decision to digitize the Nigerian Naira in 2017.

While the pursuance of digital currencies in African nations is a welcome development, implementation of these schemes isn’t without challenges. Chief among the issues countries in Africa face would be the already existing financial service inequality and poor penetration of internet access in the continent. These challenges must be tackled in order to allow for mainstream adoption of CBDCs and the subsequent provision of financial inclusion. The benefits largely depend on the peculiarities of the nation deploying them. For instance, a digital currency is thought to help Nigeria increase foreign remittances, it’s second largest source of forex after oil. Whatever the outcome of these projects, it is becoming apparent that CBDC’s have come to stay.

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Decentralize Brief

Bitcoin trades above $51k ahead of El Salvador’s adoption



Bitcoin growth

Bitcoin price has rallied above $51,000 ahead of El Salvador’s adoption. The immediate surge in price may be due to the social media campaign that everyone should buy sats of Bitcoin to support El Salvador’s plan to make the coin a legal tender or it may be due to the news of El Salvador’s adoption of the coin as a legal tender on September 7. Users of social media platforms like Twitter and Reddit are discussing how they will buy Bitcoin of $30 each to mark the new El Salvador Bitcoin law.

The surge in Bitcoin’s price began in the last 24hrs with the price rallying around $51,955 with a 3.37% increase. This is an all-time high after the April crash that brought the price of Bitcoin from $64k down to $28k. The move by El Salvador to be the first country that accepts Bitcoin as a legal tender and the social media campaign that leads to a surge in price ahead September 7 are a repetition of events that occurred late last year and early this year with regards to institutional investors and how the price of Bitcoin skyrocketed.

El Salvador, a country in Central America, has been preparing heavily to adopt Bitcoin by installing ATMs to allow citizens to convert the token into US dollars. Last week, the country’s Legislative Assembly passed a law to allow for the creation of a $150m Trust to support the conversion of Bitcoins to US dollars.

To promote the use of Bitcoin, the government states that it will give the adult population of El Salvador $30 in Bitcoin once they download “Chivo” the wallet issued by the government. This was confirmed by the Finance Minister, Alejandro Zelaya.

What this means for Bitcoin investors

Apart from the adoption by Salvadorians, on-chain analytics show that Bitcoin is in high demand. The fourth halving that occurred will make Bitcoin become a scarce token in the nearest future. Thereby increasing the price sporadically.

With El Salvador’s interest in Bitcoin, other countries are likely to follow suit- Panama is considering following El Salvador’s lead. History will repeat itself as this development will serve as another crypto rout that occurred early this year when Tesla and MicroStrategy announced their support for Bitcoin.

El Salvador’s new law allows the use of Bitcoin as a legal tender it can be used to buy goods, pay for taxes and bank loans. This means more demand for Bitcoin, with the fourth halving that occurred, it means less supply. A common rule of economics for demand and supply will apply. Prices are projected to keep rising. At the time of writing this report, Bitcoin is trading at $51,839 with a projection of $52k before the end of today and higher tomorrow when Salvadorians begin to use the token.

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