Hello guys! In this article, I'll walk you through everything you need to know about Kuda Bank Domiciliary Account and why the service has stopped for Nigerians in the diaspora. So without much ado, let's get straight into business.
Kuda technologies is a London-based Nigeria operating financial institution. Kuda Bank is well known in Nigeria for its mobile-only banking services it's offerings to the people. The digital bank tag itself as bank of the free simply because it allows all it users to perform 25 free transfers every month and then follows by N10 per transfer to any bank in Nigeria once the free tiers have been exceeded.
In 2022, Kuda extended it financial services to Nigerians living in United Kingdom. With requirements like International passport, residential permit, proof of UK valid address, a working UK phone number, a Nigerian BVN and a SWIFT Code, Nigerians living in the UK could create a UK bank account with Kuda - allowing them to send money home easily and seamlessly.
Nigerians using the Kuda UK account then can benefit from enhanced financial inclusion and global opportunities. With Kuda's seamless integration of services, Nigerians in the UK can enjoy straightforward banking with features like free money transfers, smart budgeting, and instant credit access.
The ability to send up to £10,000 daily to Nigeria at a low transaction fee of £3 is particularly valuable, ensuring that families and businesses in Nigeria can receive funds easily. This service bridges the gap between Nigeria and the UK, offering Nigerians a reliable and cost-effective way to manage their finances across borders.
Furthermore, the Kuda UK account opens doors to global investment opportunities, allowing Nigerians to invest in successful companies and startups at a fraction of the usual cost. This feature helps Nigerians protect their wealth from local inflation and work towards financial freedom.
Combined with user-friendly app features designed for simplicity, Kuda empowers Nigerians to take control of their finances, save efficiently, and access a world of financial possibilities, both locally and internationally.
However, do note that Kuda Bank UK was introduced due to significant success the financial institution has seen since it's incepted in Nigeria in 2019. In 2022, the digital bank claims to have reached 5 million users, more than three times the number it had in August 2021 during its $55 million Series B round funds which were initially intended for expansion into African countries like Ghana and Uganda, but instead, Kuda launched in the U.K. as part of a broader global expansion strategy.
In addition to Kuda Domiciliary Account, Kuda Bank secured a payment license in Canada in 2024. The License secured allows Kuda Bank to provide remittance and multi-currency wallet services to Nigerians living/working in Canada. However, the Kuda-Canadian Account (CAD) is still on waitlist at the time this article is published.
Kuda Domiciliary Account
As of now, Kuda is no longer offering UK bank accounts to Nigerians. Initially, Kuda launched in the UK as part of its global expansion efforts, but the service targeted UK residents rather than directly offering UK bank accounts to users in Nigeria. Kuda Bank launched its services in the UK in 2022 and put an end to it in 2023. Kuda cited that it need to focus more on serving the underbanked communities in African.
At the time Kuda UK Bank Account is till fully functioning, Nigerians get UK-virtual account and virtual card which is domiciled in GBP and can be used for any international transactions including USD, GBP, CAD, AUD, EUR and many more.
However, do note that since Kuda secured Canadian's payment service license, the remittance product has not been launch for Nigerians in the country. Who knows, there may be some hinderance stopping the bank of the free from accomplishing it mission in the North America country or the bank want to stop any diaspora remittances for now and focus more on African communities.
Hence, if you're looking to open a domiciliary account to save your NGN to USD or CAD or EUR or GBP, then you need to explore other options like Chipper Cash, Wise and Grey.Co. Kuda is no longer offering a domiciliary account to Nigerians in the Diaspora.
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