Is Kuda Bank Insured by NDIC?
Kuda Bank, often referred to as Nigeria’s first digital-only bank, has quickly become a popular choice for individuals looking for flexible banking options without traditional brick-and-mortar branches. But many users ask: Is Kuda Bank insured by the Nigeria Deposit Insurance Corporation (NDIC)?
What Is Kuda Bank?
Kuda Bank is a fully licensed microfinance bank regulated by the Central Bank of Nigeria (CBN). It offers:
- Zero account maintenance fees
- Free monthly transfers
- Smart budgeting tools
- Loan services
- Debit cards
Yes, Kuda Bank Is NDIC-Insured
Kuda Bank is officially insured by the NDIC. As a licensed microfinance bank, Kuda is listed on the NDIC’s register of insured institutions. This means your deposits are protected under Nigeria’s deposit insurance scheme.
How Much Does NDIC Cover for Kuda Bank?
For microfinance banks like Kuda, the NDIC insures up to ₦200,000 per depositor per account in the event the bank fails.
What Is Covered by NDIC in Kuda?
- Funds in your Kuda savings account
- Money in your Kuda current account
- Deposits held for transactions
What’s Not Covered?
- Bonus or promo funds
- Non-deposit services or rewards
- Funds lost to user negligence or fraud
How to Confirm Kuda’s NDIC Status
You can verify that Kuda Bank is insured by checking the official NDIC list of insured institutions at NDIC.gov.ng.
Other Safety Measures Used by Kuda
- Biometric and 2FA security
- Fraud monitoring systems
- Instant transaction alerts
- Encrypted user data
Conclusion
Yes, your money is safe with Kuda Bank. As an NDIC-insured microfinance institution, your funds are protected up to ₦200,000 in the event of a bank failure. Kuda also employs strong technology-based security measures to safeguard your finances.
So, if you use Kuda for savings, payments, or everyday banking, you can rest assured your deposits are secure under Nigeria’s financial safety net.
Related FAQs:
