Your Identity Documents
We ask everyone who opens a Kuda account to give us their BVN (Bank Verification Number) and a valid ID issued by the government (driver’s license, voter’s card, national ID card or NIN slip). This helps us prevent identity fraud by confirming that everyone who uses Kuda, including you, is who they say they are.
Your Facial Identity
It’s mandatory for anyone opening a Kuda account to take a photo of their face during the account opening process so that we can confirm they’re opening the account themselves. This also helps prevent identity fraud.
When you’re opening your Kuda account, we ask that you create a password (with any combination of letters, numbers and special characters) to secure your account. We may ask for your password to authorise any changes you make to your account information.
Every Kuda account is secured with a unique six-digit PIN that only the account holder should have access to. You can’t use your Kuda account without first setting your sign-in PIN. Your transactions on the app are also secured with a transaction PIN, and your Kuda Card has its own four-digit PIN.
The Kuda app is enabled for biometrics (fingerprint and Face ID options) to add an extra layer of security when you’re signing in to the app or authorising transactions if your device has a fingerprint scanner or Face ID.
Confirming Your Unsaved Beneficiaries
When you’re sending money to a beneficiary you haven’t saved, we ask you to confirm that you’re sure you want to make the transfer. We do this to give you some time to double-check that you’re not being scammed - completed transfers are almost impossible to reverse.
We send you real-time alerts (in the form of app notifications and emails) for transactions on your account. This keeps you up to date on what’s happening with your money.
On the Kuda app, you can choose where your Kuda Card works - POS, online and/or ATM. If your card is missing or you suspect that it has been stolen, you can block or cancel your card on the app so that no one can use it.
3D Secure (3DS) Card Payments
3D Secure is an extra layer of security for card payments you make online. When paying with your card online, we’ll send you a code by SMS and/or email to authorise the payment.
Your Personal Information
We use the highest level of encryption to protect your personal information including your identity and confidential account details. We don’t share your information with unauthorised third parties, we would never sell your information and we don’t use your BVN to access any other bank account(s) you may have.
Insuring Your Money
We insure all deposits you make into your Kuda Microfinance Bank account with the National Deposit Insurance Commission (NDIC).
If you make an insurance claim on a deposit and the claim is successful, the Deposit Insurance Fund of the NDIC is expected to pay you up to 200,000 naira in compensation.
I’m not sure I made a card transaction I was charged for.
If you’re not sure you made a card transaction you were charged for, please block your card on the app immediately.
Before you reach out to us about the transaction, please take these steps:
1. Confirm that the merchant or vendor’s name isn’t actually correct. Some merchants use a different name on their POS terminals or online payment gateways. Search for the name on the transaction online to be sure.
2. Confirm that you haven’t subscribed to any free trial that has expired and become a paid subscription.
3. Confirm that you don’t have any recurring online payments that you’re charged for automatically. You may have added your card to one or more apps that charge you at regular intervals eg. Netflix, Spotify or Apple Music.
If you’re still not sure about the card transaction, please call 016335832 or send an email to email@example.com or firstname.lastname@example.org.
My card is missing or has been stolen.
If your Kuda Card is missing or you suspect it has been stolen, please block it on the app immediately.
You can unblock your card if you find it, or you can cancel it and request a replacement card on the app.
If you can’t access the app to block your card, please call 016335832 or send an email to email@example.com immediately.
I’m being asked to pay some money quickly. What should I do?
Scammers often try to create panic and pressure their victims into making a payment without thinking carefully first.
If you’re not sure of the person or organisation asking you to pay or you suspect that they could be a scammer, please don’t make the payment.
Instead, send the account details of the person or organisation to firstname.lastname@example.org and we’ll look into them for you.
How can I spot a payment scam before it happens?
Payment scams take several forms. Some of the most common ones include:
1. A text message or an email asking you to click or tap a link to update your account information.
2. A text message, an email or a phone call asking you to pay to get a Kuda Overdraft.
3. A text message, an email or a phone call asking you to share confidential account details like your password, PIN or Pay ID.
4. An unknown or unverified merchant or vendor asking you to pay before receiving your order.
Generally, any text message, email or phone call about your Kuda account that you cannot confirm is from us is definitely dangerous and must be ignored.
If you are in doubt about any text message, email or phone call, please call 016335832 or send an email to email@example.com or firstname.lastname@example.org before taking any other action.
How do I report a suspected scam?
If you’re not sure about any transaction on your account or you suspect you have been scammed, please call 016335832, send an email to email@example.com or firstname.lastname@example.org, or chat with us on the app immediately.
Please, don’t post details of suspected scams or suspicious transactions on social media because we will not be able to respond to you there for security reasons. Instead of posting on social media, please reach out to us directly by phone or email, or chat with us on the app.
Please, note that when you report a suspicious transaction or a suspected scam, we’ll lock your account temporarily to protect your money while we investigate your report.