If you are interested in becoming a Kuda bank aggregator or agent and you need proper guidance, then you are at the right place, in this piece, we would discuss and highlight everything relating to enrolling as a Kuda bank agent or Aggregator, but before we dive into the main topic, let’s first of all, go through what kuda bank is and what types of services it offers.
Kuda bank is a digital banking app that offers multiple types of financial services, ranging from; Airtime top up, money transfer, lending services, bill payments, and savings.
Who is a Kuda Bank Aggregator?
A Kuda Bank Aggregator is an individual or an organization, whose sole purpose is to act on behalf of Kuda Bank, in order to reach out to more customers, who don’t have access to digital financial services, An Aggregator also has people who act on their behalf, they are called “network of agents” their work is to provide financial services, on behalf of Kuda bank to customers. Aggregator also earns a commission, for each transaction made on their network.
Who is a Kuda Agent?
A Kuda bank agent is an individual who provides financial services on behalf of an aggregator for Kuda Bank. An agent can provide several types of financial services such as; deposits, withdrawals, account opening, bill payments, airtime top-up, and so on, provided one is eligible for a loan, they can also help in facilitating the lending process. There is also a commission an agent made on each transaction.
Requirements are needed to become a Kuda Bank Aggregator or Kuda Bank Agent.
The below are the core requirements needed for one, to become a Kuda bank Aggregator or Agent. In order for a flexible and simple application, It is very necessary to meet all these requirements;
Means Of Identification
A means of identification means be provided in order to start your application, you can provide any of the following; Driving license, Passport, National Identity card, Voters card, or any other generally accepted means of identification.
Both agents and aggregator would be required to provide their contact information, Aside from physical address, they would be also required to; provide their age, date of birth, mobile number, e.t.c
In your application, you would be required to provide your Bank Verification Number, this is to enable Kuda Bank to capture and retain your data for reference and validity purposes.
Before one can operate as an Aggregator or Agent, it is very crucial to ensure that, they have access to the internet, for the Aggregator, internet access is needed to enable them to monitor their sales, while for the agent internet access is needed to carry out various financial services.
Becoming a Kuda Bank Aggregator or Agent isn’t complicated, as long as you fulfill the necessary requirements and criteria set by the company. It presents a fantastic opportunity for individuals aiming to grow their businesses and earn extra income.
How To Become A Kuda Bank Aggregator
First and foremost, if you intend to apply as a Kuda Bank Aggregator, you must ensure that your business is registered with the Corporate Affairs Commission (CAC), alongside maintaining a good credit score.
Despite the fact, that there isn’t any certified link or page on their website that one can access in order to apply as an Aggregator, aspiring aggregators can also contact Kuda Bank directly for further guidance.
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By providing Kuda Bank with standard, up-to-date, and accurate information, your chances of getting approved are high. After submitting all your info, Approval isn’t immediate. Your info has to be cross-examined and re-examined, this is done to ensure that there isn’t any falsehood whatsoever. kuda reserves the right to either Approve or decline your request.
Provided Kuda has approved you, you can now integrate their payments system on your platform, allowing customers to receive payments directly into their respective Kuda bank accounts.
How To Become Kuda Bank Agent
Gather all your necessary information, which includes; means of identification, Corporate Affairs Commission (CAC), and physical location details.
Just like I said in the Aggregator’s part, the best way to apply as a Kuda Bank Agent is to contact them directly through any of their mediums or give them a call. I believe the representative at the end, would give proper insights and guidance.
In order to be approved, you must give out accurate information, it is essential to do this, so your application won’t be stroked out.
After providing the necessary details, your approval isn’t immediate, Kuda would have to review your application first, this would enable them to determine whether or not if you would be approved.
How much does Kuda Business charge?
Kuda Business charges a flat rate of ₦10 ($0.022) for each transfer made from their business accounts. This change took effect from March 17, 2023, as the company discontinued the previous policy of providing 25 free monthly transfers. In addition to this transfer fee, Kuda also introduced a ₦50 (11 cents) stamp duty charge on deposits exceeding ₦10,000 ($21.73)
How to start POS business with Kuda?
To begin a POS business with Kuda, first, download the Kuda Business mobile app on your smartphone as a new user. Open the app and tap on “Sign in here” to access Kuda Business in Sales Mode. Enter the provided access code and tap “Sign In”. Finally, enable Sales Mode by tapping on “Start”. This will initiate the POS functionality and allow you to start accepting payments through the Kuda Business app.
Can I open a company account with Kuda?
Yes, you can open a company account with Kuda. The requirements to open a business account include having a personal Kuda account on Tier 3, which should be upgraded with your Bank Verification Number (BVN) and a valid identification document. These prerequisites are necessary in order to proceed with opening a Kuda Business account for your company.
Is Kuda Bank better than Opay?
The preference between Kuda Bank and Opay depends on individual needs. Opay offers saving and interest features, along with free ATM withdrawals and no card maintenance fees. Meanwhile, Kuda Bank provides free transfers, up to 15% interest on savings, free withdrawals, and expense tracking. Consider specific banking requirements and features when choosing between the two.
What is the maximum amount for Kuda account?
The maximum amount for a Kuda account is subject to the daily transfer limit set by the user. By default, the daily transfer limit on a Kuda account is 1 million naira. However, users have the option to increase their daily transfer limit beyond 5 million naira by following the instructions provided within the Kuda mobile app. This flexibility allows users to customize their daily transfer limit according to their specific needs and preferences.
Is Kuda CBN licensed?
Yes, Kuda is a Central Bank of Nigeria (CBN) licensed digital microfinance bank. The company operates as a full-service digital bank and is authorized and regulated by the CBN. Kuda’s registered office address is located at 151 Herbert Macaulay Road, Yaba, Lagos State, Nigeria. This licensing ensures that Kuda operates within the regulatory framework established by the CBN, providing customers with a secure and compliant banking experience.