1. Dial *737*50*amount*416# from the phone number linked to the account.
2. Follow the prompts on your screen to complete your transfer.
To send money from Kuda Bank account with Kuda Bank USSD code
Move money around, buy airtime and pay bills with the Payments button at the bottom of your Kuda dashboard.
Tap the Payments button.
Tap Send Money.
Fill in the details of the transfer.
Confirm the transfer.
To add money to Kuda Bank account with cards
Each time you add money with a credit or debit card, Kuda Bank charges a fee through a payment gateway (eg. Paystack, Flutterwave, Interswitch) that initiates the transfer between your bank card and kuda account.
However, because it is hard to trace the source of credit or debit card funds, fraudsters prefer this method to cover their tracks when transferring stolen money.
Therefore, Kuda has made adjustments to its rules for security reasons:
Rule #1: You must upgrade your Kuda account to add money with a card.
To keep everyone and their money as safe as we can, we cannot compromise on this.
Without a Bank Verification Number (BVN) and a government-issued ID, you can add money to your account strictly by transfer or cash deposits.
Tap More at the bottom of your Kuda dashboard then tap Identification to add your BVN and ID.
Rule #2: Kuda Bank will stop paying the payment gateway fee after you’ve added up to 100,000 naira to your account with a card.
This means that once you’ve hit the 100,000 naira limit for free top-ups, you’ll have to pay a payment gateway fee every time you add money to your Kuda Bank account with a card.
The payment gateway fee for local cards is 100 naira + 1.5% of the amount you’re adding.
Please, this fee isn’t from Kuda Bank but Kuda Microfinance Bank will let you know how much it is before you move money from your card to your accounts.
Cash deposits and transfers to your account are always free.
Kuda Bank will make sure we send you a message when you’re approaching the free limit.
Rule #3 — You will pay the payment gateway fee whenever you top up your Kuda account with an international card.
The payment gateway fee for international cards is 100 naira + 4% of the amount you’re adding.
If your card is from a bank outside Nigeria, you will have to pay the payment gateway fee every time you use it to add money to your account.
kuda Microfinance Bank USSD Code, Kuda Bank code, Kuda USSD transfer code.
Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.
Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.
Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.
This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.
The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.
Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.
The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.
Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.
The prevalence of fraud and forgery in Nigeria’s payment system has shown a significant shift in the first quarter of 2024, with Point-of-Sale (POS) transactions experiencing the highest increase in fraudulent activities.
According to the “Fraud and Forgeries Report in Nigerian Banks” for Q1 2024 by the Financial Institutions Training Centre (FITC), POS fraud cases surged by 31.12%.
In Q4 2023, there were 2,683 reported cases of fraud associated with POS terminals. However, this number escalated to 3,518 cases by Q1 2024.
POS fraud cases made up 30.67% of the total fraud cases (11,472) recorded in the quarter under review.
Financial Impact of POS Fraud
While there was a rise in fraud cases, the amount of money involved in POS fraud declined. In Q4 2023, the total amount involved in POS fraud was NGN604.91 million.
This amount decreased by 37.74% to NGN376.59 million by Q1 2024.
Also, the amount of money lost to POS fraud saw a significant decline, falling from NGN14.62 million by 68.34% to NGN4.63 million on a quarterly basis.
The decrease in financial losses may indicate improved detection and prevention measures, but the overall rise in fraud cases highlights the need for continued vigilance.
Adoption of POS Terminals
The rise in POS fraud cases is attributed to the widespread adoption of these terminals by merchants and consumers alike.
As a cash-driven Nigerian economy, the convenience and efficiency of POS transactions have made them a popular choice.
However, this widespread adoption has also made them a target for fraudsters seeking to exploit vulnerabilities in the system.
In Q1 2023, the number of registered POS terminals increased by 218,475, from 2,318,947 in January 2023 to 2,537,422 by March 2023.
By the same quarter in 2024, the number of registered POS terminals had increased by 289,154, from 3,441,287 in January 2024 to 3,730,441 by March 2024.
Overall, between the end of Q1 2023 and Q1 2024, Nigeria witnessed an additional 1,193,019 POS terminals, marking a 47.02% increase.
Despite this increase in the number of registered POS terminals, the first quarter of 2024 saw POS transaction volumes reach 314 million, which is a significant drop of 73.81 million, or 19.03%, from the 387.81 million transactions recorded in the first quarter of 2023.
Regulatory Measures and Industry Response
The Corporate Affairs Commission (CAC) recently stated that POS agents of major fintechs in Nigeria, including OPay, Palmpay, and Moniepoint, among others, must have registered their businesses by July 7, 2024.
However, it extended the deadline by 60 days, giving operators until September 5, 2024. The CAC said the registration is aimed at safeguarding the businesses of fintechs and customers, as well as strengthening the economy.
Meanwhile, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) condemned the mandated registration, describing it as an attempt to tax more Nigerians to generate revenue for the government.
PalmPay has announced a firm deadline of July 7, 2024, for all Point of Sale (POS) operators using its platform to register with the Corporate Affairs Commission (CAC) or submit their CAC certificates.
This mandate aims to ensure compliance with Section 863 (1) of the Companies and Allied Matters Act 2020 and the 2013 Central Bank of Nigeria (CBN) guidelines on Agent Banking.
In a statement released on Thursday, PalmPay emphasized the importance of adhering to these legal requirements.
“Following CAC’s directive for POS operators to register and submit their CAC details on or before July 7, 2024, PalmPay is encouraging its business users who have not yet complied with the directive to do so promptly,” the statement read.
This initiative comes in the wake of a two-month registration deadline issued by the Federal Government through the CAC, mandating POS companies to register their agents, merchants, and individuals.
The directive is part of broader efforts to bring regulatory compliance and transparency to Nigeria’s burgeoning fintech sector.
To facilitate the registration process, PalmPay has integrated the CAC registration portal into its Business App.
This integration allows operators to seamlessly register their businesses and submit the required documents, ensuring a smoother compliance process.
Umuteme Enakeno, Head of Marketing and Communication at PalmPay, reiterated the company’s support for the CAC directive.
“PalmPay fully supports the CAC’s directive. We provide 24/7 customer support and conduct weekly meetings to guide operators through the process,” Enakeno stated.
He also highlighted that operators can seek assistance through PalmPay’s customer support channels, including phone, email, or in-person visits to any of the 36 state offices across Nigeria.
PalmPay has urged all its business customers to submit or register their CAC details before the deadline.
“Register your business via the PalmPay Business App: Ensure that all necessary documents and information are provided accurately before submitting your application. Update your PalmPay account once you get the certificate to reflect your new corporate status,” Enakeno advised.
Failure to comply with the CAC registration requirement will result in the freezing of PalmPay accounts, the company warned.
This stringent measure underscores PalmPay’s commitment to aligning with national regulatory standards and fostering a compliant fintech ecosystem.
Meanwhile, the Association of Mobile Money and Bank Agents in Nigeria, representing POS operators, has indicated plans to challenge the mandatory CAC registration in court, questioning its legality and potential impact on their operations.
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