Every time you add money with a card, we are charged a fee by the payment gateway (eg. Paystack, Flutterwave, Interswitch) that connects any bank card to your Kuda account.
It’s really hard to trace the source of the money being moved from a card, so fraudsters love using this method to cover their tracks and transfer stolen money.
For these reasons, we’ve made three new rules we need you to know:
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: We 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 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 us but we 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.
We’ll 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.