Kenya’s Central Bank to Raise Minimum Capital Requirement for Commercial Banks Tenfold The Central Bank of Kenya (CBK) is set to significantly increase the minimum capital requirement for commercial banks, raising it tenfold to $77.8 million (KES 10 billion), Finance Minister Njuguna Ndung’u announced on Thursday, 13 June 2024. This development will: increase stability: With … Read more
Checking Bank Verification Number (BVN) can be done easily in three various ways: checking BVN in the Kuda Banking App, checking BVN using USSD Code and checking your BVN via Bank Account Statement. In this article, we’re going to explain how you can easily and successfully check your BVN using any of the mentioned methods. … Read more
Many bank account holders think Kuda Bank has a dedicated USSD code that can be used to carryout offline transactions within the banking system. But it’s a big NO. Although, Kuda allows you to use USSD codes to add money to your Kuda account from other banks in Nigeria, but the bank itself doesn’t actually … Read more
Many Kuda Bank customers complain that they don’t get ccount numbers after registering for the bank account. The fact is that, when you register your Kuda Bank Account, you’ll only have permission to create Kuda tag. To get Kuda Bank Account Number, you’ll have to push your Kuda Account to Tier 2 KYC. Once you … Read more
Kuda operates as a financial technology company, offering mobile banking services in Nigeria. Just like PalmPay and Moniepoint, the bank doesn’t utilize a traditional sort code. However, Kuda does have a 090267 NIBSS code which can also be refers to as Kuda Sort Code. A sort code is a unique identifier for a specific bank … Read more
PalmPay, similar to Moniepoint, actually doesn’t have a sort code in the traditional sense. Sort codes are typically used for transfers between accounts in physical branches of commercial banks. However, PalmPay, being a mobile payment platform, operates within the electronic transfer network and relies on a different system for routing funds. This system utilizes NIBSS … Read more
The NIBSS code, also known as the Nigeria Inter-Bank Settlement System code, is used for several purposes in Nigerian banking, primarily related to electronic transfers and account validation. The code is essential for sending and receiving funds electronically between accounts held in different Nigerian banks. When initiating a transfer, you’ll typically provide the recipient’s NIBSS … Read more
No, the Central Bank of Nigeria (CBN) didn’t completely blocked OPay, PalmPay, Kuda, Moniepoint and others in Nigeria. The apex bank partially banned these fintech companies from onboarding new customers. According to CBN, the reason behind the ban is not limited to the fact that those fintech accounts are being used for Foreign Exchange transactions … Read more
First of all, Moniepoint is one of the leading Financial Institution in Nigeria that offers financial services to the people in banked and unbanked area through it agency banking network – POS. Moniepoint offers three types of POS Machines to it agents; Traditional POS, Android POS and Smart/Mini POS. However, it’s crucial to understand how … Read more
A UBA Indemnity form is a legal document used by United Bank for Africa (UBA) to protect itself from liability in certain situations. There are different indemnity forms for various situations, but they all generally follow the same principle. UBA offers various Indemnity Forms for different customer’s situations. Some of these UBA Indemnity Forms are: … Read more