Kuda is a digital microfinance bank licensed by the CBN.
It’s one of the best mobile banking app in Nigeria, that you can use to make transactions without paying huge fees.
Babs Ogundeyi and Musty Mustapha founded Kuda bank in 2019, with up-to $91.5m from investors.
It is solely an online bank, and it stands out from the competition while appealing to large majority of Nigeria’s young population.
Kuda bank is similar to a conventional bank, but without any physical branch, and also for serving smartphone users only.
It means that, without a smartphone and reliable internet connect, you may not be able to use this online banking app.
As you may have known already, CBN banned financial institutions from engaging in any cryptocurrency transaction.
Though Nigerians are free to do whatever they wish with crypto, they’re not allowed to use their local banking accounts.
In this article, you will be guided safely on how you can buy cryptocurrency with Kuda as a Nigerian.
How to buy Bitcoin with Kuda
To make this tutorial simple, we will show you how to buy BTC on Binance P2P with Kuda bank transfer as payment method.
If you don’t have account with the exchange already, then click here to create an account and complete the KYC verification.
If you use the link provided, you will get life-time discounts on your transaction fees while using the platform.
Afterwards, follow the processes below to purchase Bitcoin with Kuda…
- Log into your Binance account
- Select ‘P2P Trading’ from the navbar
- Select an ad on the P2P page
- Click ‘Buy’ option and choose crypto to purchase
- Enter your desired amount in Naira
- Tap on the ‘Next’ button to process
- Find a vendor that matches your preference
- Follow the seller’s payment process
- Transfer exactly the equivalent of crypto in Naira
- Wait for the vendor to confirm the payment.
Once the seller confirms reception of your transfer alert, the crypto will be released from the escrow to your exchange account wallet.
In compliance with the applicable laws, Kuda does not deal in cryptocurrencies, and does not facilitate payments for crypto and other related transactions.
It’s because is easy and very fast to use in receiving and sending money in crypto P2P transactions.
No, the Kuda bank card does not allow payment beyond the Nigeria banking system borders.
Kuda is the first registered Nigerian bank to be added as a Binance P2P exchange payment option.
To add your Kuda bank account details Binance, please use the following processes:
- Go to p2p.binance.com
- Under the ‘Fiat’ options, select ‘NGN’
- Click the drop-down
- Scroll and select ‘Kuda Bank’
- Enter your account details
- Click the ‘Confirm’ button
- Verify your ID using 2-FA.
Once it’s added, you can now see it on the list of accounts you can use for crypto P2P transactions on the platform.
Since crypto transactions are banned for Nigerian banks, the safest way to buy crypto is through Brokers or P2P marketplaces.
To avoid your bank account from getting frozen, make sure you don’t mention blockchain and crypto related words in your transfer description.
CBN asked financial institutions to do so for any crypto related transaction.
However, you should always use a secure crypto wallet to keep your investment safe from cyber-theft.
Based on my experience, hardware wallets are the best for storing your crypto assets, and no need for internet connection.
I recommend Ledger Nano X wallet, due the security features without the need for internet connection.