These terms mean you have an agreement with Kuda Microfinance Bank Limited aka Kuda, us and we.

They are enforceable by Nigerian law and if there’s any dispute over them, it’ll be settled in a Nigerian court.

Using Kuda Overdraft means you agree to every part of these terms.

It’s a short-term credit to help you keep your life running smoothly.

If your Spend account balance is ever too low for comfort, you can always trigger your overdraft to cover your expenses and pay back when you get paid.

If giving you an overdraft requires a credit check, we may charge you a fee for that service.

We’ll charge you 0.3% of the amount you borrowed every day till you pay back the entire amount.

We’ll charge you interest if you do not pay back before midnight on the day you borrow.

The interest will accrue till you pay back.

If you don’t pay back your overdraft and we’re forced to take legal action, we’ll bill you for all expenses involved in the legal process.

Repayments are made automatically from your Spend account.

If you don’t have enough money in your Spend account to repay the entire overdraft when it’s due, repayment will be made in bits every time money is added to your account until everything you borrowed has been repaid.

If you take too long to pay back your overdraft, we might automatically add up all your balances to settle what you owe. Agreeing to these terms means you can’t stop us from recovering your overdraft this way.

Taking an overdraft means you’re giving us the right to save and process information about you.

The information we save and process might include your personal information and it might be seen by third party partners who use that information to help us decide if we should give you an overdraft.

If we need to, we’ll share information about you and your account with credit reference agencies and creditors.

Agreeing to these terms means you accept that we can freely use your information in the ways we’ve previously explained.

If we can’t give you an overdraft, agreeing to these terms means you can’t hold us responsible for any direct or indirect action of the government or local authorities, any strike, boycott, blockade, act of god, civil disturbance or any other act out of our control that is a fallout of us not giving you an overdraft.

Yes, we have the right to cancel your overdraft at any time.

We will let you know if your overdraft is cancelled and it will be cancelled from the moment we let you know.

Using Kuda Overdraft means you agree to pay us back.

If you can’t pay back your overdraft, we have the right to report you to the Central Bank of Nigeria through the Credit Risk Management System or any other way.

We can also ask the Central Bank to direct other banks and financial institutions you have accounts with to pay back your overdraft from those accounts.

Agreeing to these terms gives the Central Bank the power to pay back your overdraft from any of your accounts or financial assets at any bank in the Central Bank’s control.

We have the right to make changes to these terms without notice.