Kuda is a Nigerian neobank that launched in the UK in November 2022. Its parent company, Kuda Technologies Limited, was founded in 2019 by two Nigerians, Babs Ogundeyi and Musty Mustapha. <\/p>
Kuda aims to help save UK Nigerians millions of pounds when sending money from the UK to Nigeria. Here, we take a closer look at how it works.<\/p>
The Kuda money app is a mobile-first financial platform that\u2019s designed to let users send money within the UK, as well as transfer money to Nigeria at low cost. More African destinations are planned for the near future. <\/p>
The app is available on iOS, Android and the web and you can open an account in a matter of minutes. <\/p>
The Kuda app enables users to send money to Nigeria at low cost \u2013 you can schedule future transfers and recurring payments with ease. You can also create a Kuda username to send money within the Kuda community. <\/p>
You can send up to \u00a310,000 to Nigeria each day \u2013 the beneficiary can receive the money in their Nigerian bank account or they can pick up cash at selected Nigerian banks. There\u2019s a flat fee of \u00a33 for each transfer to Nigeria, but this is considerably less than many other providers charge.<\/p>
On top of this, you can make transfers to any UK bank account for free, and you can schedule future transfers and recurring payments to make life a bit easier.<\/p>
There are plans to offer further features for UK customers in the future.<\/p>
The Kuda app is designed for those living in the UK who want to send money to family and friends in Nigeria on a regular basis without paying extortionate fees.<\/p>
The biggest benefit of the Kuda money app is that it only charges a flat fee of \u00a33 for money transfers from the UK to Nigeria. What\u2019s more, customers can send up to \u00a310,000 per day. <\/p>
To apply, you\u2019ll first need to download the Kuda app from the Apple Store or Google Play. To sign up, you\u2019ll need a valid UK ID such as a passport, a driving licence or national identity card, and proof of a UK address, such as a utility bill or bank statement.<\/p>
You can add money to your account from any UK bank account through the Kuda app or internet banking.<\/p>
The Kuda money app could certainly be worth downloading if you regularly send money back home to Nigeria and want to save on fees. Currently, there\u2019s no other reason to sign up, but there are plans to add more features for UK customers in the future so it\u2019s worth keeping an eye on.<\/p> \n