Kuda, Nigeria’s first digital-only bank, has become the first registered bank in Nigeria to be added as part of the Binance P2P payment options.
This means that anyone buying or selling cryptocurrency through P2P trading on Binance can choose to pay or receive payments with a Kuda account.
SEE ALSO: Kuda, Nigeria’s First Digital-Only, Bank, Raises $1.6M Pre-Seed Funding
To use Kuda Bank as a payment option:
- Go to p2p.binance.com
- Under the ‘Fiat’ options, select ‘NGN’
- Click the drop-down, scroll and select ‘Kuda Bank’
The addition of Kuda Bank on Binance opens up crypto use cases in Nigeria using this new on and off-ramp feature. Crypto users can now indirectly use their crypto across a variety of outlets without actually cashing out, thanks to the Web Payment feature on Kuda.
To use the Web Payment feature:
- Visit a website that accepts payments through PayStack
- Select ‘Pay with Bank’ and select ‘Kuda Bank’
- Type in the phone number linked to your Kuda account. A Pay ID request will be initiated
- Open Kuda on your phone and tap ‘Payments’ > ‘Web Payment’
- On the next screen, tap the ‘Get Pay ID’ button and confirm your identification details as requested and copy the generated Pay ID
- Go back to the website and past your Pay ID to complete the payment
Since its launch sometime in 2019, Kuda has continued to build a robust platform with new upgrades being released every month. Some of the features of Kuda bank include:
- Nerve banking app – Kuda’s core banking app that manages your account information, routes money transfers, and connects with Kuda’s banking partners
- Ability to add money with a card at zero cost for up to 100, 000 Naira (appx $260)
- A free debit card
- Ability to use Kuda on websites that accept payments via PayStack using the ‘Pay With Bank’ checkout option
- A ‘Kuda for Web’ feature allowing you to access your Kuda account via the browser
- Ability to share your receipts by saving them on your phone as PDF or sending them via chat or email
- Offers 25 free transfers every month
- Ability to send money free of charge using a Payment Link
- Ability to save a percentage of your money as you spend using an interesting ‘Spend+Save’ feature
- Ability to report a transaction if it takes more than 2 hours to reflect
- Ability to make withdrawals and transfers with similar limits as other banks subject to Central Bank rules
With Kuda bank offering up to 25 free transfers, combined with free Binance P2P transactions, users now incur zero cost when it comes to sending out money to loved ones and friends via crypto in Nigeria.
Kuda digital bank is truly revolutionizing how Nigerians do banking and the addition of Binance onto its platform now means crypto traders and users now have an even more convenient way to cash in and out of crypto in the country.
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