How To Receive Payoneer Payments In Nigeria Using Kuda
Just recently a friend of mine tagged me in a tweet about a new banking platform in Nigeria that makes transactions seamless and fast. What caught my attention was the fact that one could use the banking app to make international payments.
This banking platform is called Kuda and all you need to access its benefits is just with an app. If you are a freelancer or one who does a lot of paid gigs online, I bet Kuda will come in handy for you. It will interest you to know that Kuda’s exchange rate is equivalent to the current atm exchange rates (I stand to be corrected though).
What is Kuda?
Kuda is a bank but a virtual one. By virtual, I mean it does not have a banking hall where you can walk into to perform transaction. They claim to be Nigeria’s first mobile-only bank licensed by the Central Bank offering you 25 free monthly transfers, automatic savings with zero card and account maintenance fees. Another great thing about Kuda is that your ATM card is cost free and will be delivered to you wherever in Nigeria for free too.
What Kuda is Not
- A wallet
- It is not just a saving app
- It is not a regular banking app
How Do I Get a Kuda Account?
Getting a Kuda account is pretty easy and fast. You can get yourself a Kuda account in a few simple steps all you need is your mobile device.
- Download and install the app [ Android | iOS ]
- Sign up for an account by entering your bio
- Take a clear selfie for identification
- Order your ATM card
- Begin to carry out transactions
Yes, it’s that simple!
How Do I receive Payments on my Kuda Account via Payoneer?
So this is where it gets interesting. I decided to test this feature and it worked out just fine. I sent funds from my Payoneer to my Kuda account and it got completed within 24hours. Hence, I termed that as amazing!
Enough talk, here is how to send money from your Payoneer to Kuda account.
- Login to your dashboard (I want to assume you have an account already).
- Goto “Bank Accounts” under Settings
- Select “Add bank account”
- Enter the necessary details and select NGN as currency
- Under bank name, select Kuda Bank
- Fill in your Kuda Account details
- Confirm your Payoneer account details
- Enter the Kuda SWIFT code KUDANGBA234
- Wait for the account to be approved for transactions by Payoneer
Once the account has been approved, you can go ahead and use the withdrawal option to send money directly to your Kuda account. Payments will reflect in your Kuda account shortly.
Kuda is also in partnership with Transferwise and allows for international payments to be made possible using both parties also. Transferwise is a money transfer platform that aids the easy movement of money all over the world.
For further enquires, visit Kudabank.com or call (+234) 903 220 0350