Kuda is a digital bank that offers a range of services to both individuals and businesses.
Founded in 2019 by Babs Ogundeyi and Musty Mustapha, Kuda Technologies is a fintech company that operates in both Nigeria and the UK.
The company is commonly referred to as Kuda.
With Kuda Business, business owners can easily manage their finances, including payments, payroll, and expenses, all from their mobile phones.
In this guide, we will walk you through the steps of creating a business bank account using Kuda Business.
Download the Kuda Business App:
The first step in creating a business bank account with Kuda is to download the Kuda Business app from either the Google Play Store or the Apple App Store.
Create an Account:
After downloading the app, the next step is to set up an account.
To do this, simply follow the prompts in the app and provide the required information, including your email address, phone number, and business name.
Verify Your Identity:
To complete the account setup process, Kuda will need to verify your identity.
This involves providing some additional information, such as your BVN, business registration number, and your government-issued ID card.
Fund Your Account:
Once your identity has been verified, you can now fund your account.
You can do this by transferring money from another bank account or by using a debit card.
Set Up Your Business Profile:
After funding your account, you will need to set up your business profile.
This involves providing some additional information about your business, including your business address, industry, and number of employees.
Set Up Payment Gateway:
To enable your business to accept payments from customers, you will need to set up a payment gateway.
Kuda Business supports several payment gateways, including Paystack and Flutterwave.
Set Up Payroll:
If you have employees, you can set up payroll on Kuda Business.
This will enable you to pay your employees directly from your Kuda Business account.
Set Up Expense Management:
You can also use Kuda Business to manage your business expenses.
This involves setting up categories for your expenses, such as office supplies, rent, and travel expenses, and tracking your expenses within the app.
Apply for Loans:
Kuda Business offers business loans to eligible customers.
You can apply for a loan directly from the app, and if approved, the loan will be disbursed to your Kuda Business account.
Monitor Your Account:
Finally, it is important to monitor your Kuda Business account regularly.
This will enable you to keep track of your cash flow, payments, and expenses, and make informed decisions about your business finances.
Different between Kuda and Kuda Business.
Kuda and Kuda Business are both digital banking platforms by Kuda technologies, but they have different features.
Here are some of the key differences between Kuda and Kuda Business:
- Target Market: Kuda is primarily targeted at individual customers, while Kuda Business is designed for businesses.
- Account Types: Kuda offers individual accounts, while Kuda Business offers business accounts.
- Features: Both offer features like bill payments, transfer of funds, and card management, Kuda Business offers additional features like payroll management, expense tracking, and loan applications that are specific to businesses.
- Requirements: The requirements for opening an account on Kuda and Kuda Business are also different. For example, to open a Kuda Business account, you need to provide your business registration number, while an individual account on Kuda only requires your BVN.
- Transaction Limits: Kuda Business has higher transaction limits than Kuda. For example, Kuda Business allows for higher daily ATM withdrawals and transfers.
Kuda is designed for individual customers, while Kuda Business is targeted at businesses and offers more business-specific features.
Also Read: How To Get/Check Kuda Bank Account Number
Creating a business bank account using Kuda Business is a simple and straightforward process.
By following these steps, you can easily manage your business finances, accept payments from customers, pay your employees, and track your expenses, all from your mobile phone.