Kuda Bank is a leading neobank, digital and online bank in Nigeria. The bank is operating with a micro finance banking license which it received from the central bank of Nigeria (CBN) in year 2019.
The bank started out as KudiMoney, offering lending services to users before it rebranded in 2019, same year it secured operating license as a digital bank in Nigeria.
Founded in 2016 by Babs Ogundeyi and Mustapha Musty, Kuda Bank has since been offering financial services and solutions to Nigerians. A good example of its offering is Virtual Card.
Kuda Bank Virtual Card is a product on the Kuda App that allows users to spend online without a US dollar card or using a traditional bank's domiciliary account.
The card works well on many foreign websites that accept naira as mode of payment in Nigeria. Some examples include Netflix, Spotify, YouTube Premium, Apple Music and others.
In this article, I’m going to work you through everything you need to know about Kuda Bank’s virtual dollar card, how it works and how to get a virtual card on the Kuda Bank app.
Kuda Virtual Dollar Card
In Nigeria, making payments on foreign websites have never been easy since the Nigerian government restricted the use of primary debit card for dollar-related transactions in the country.
This is why Kuda Bank came in and started offering a virtual card to users. The virtual card allows users to make payments on Spotify, Netflix, Prime Video, Showmax and everywhere else naira Visa cards are acceptable.
The Kuda Bank’s virtual card can be defined as a digital spending card that can be used to pay for anything online (shopping) anytime and anywhere naira is acceptable as mode of payment.
However, to request for your Kuda virtual, you will need to own a Kuda account and download Kuda Bank app from your device App Store. You can follow the instructions given below to request a virtual card on Kuda app.
How to get Kuda Virtual Card
To request a virtual Kuda card, follow these steps:
- Open the Kuda app and login to your account.
- Tap on "Card" at the bottom of the screen.
- Under the “Card” section, tap on “Request A Card”.
- Next, tap on “Get A Virtual Card”.
- Now, confirm the request with your Kuda transaction PIN, fingerprint, or Face ID.
- You will be asked to setup a transaction PIN for the virtual card. Therefore, create a PIN for the virtual card, confirm it, and tap on “Next”.
Once all of the steps are completed, your Kuda Bank’s virtual card details will be available on the app within 24 hours. The card will also be activated automatically upon the request completion.
Kuda Bank’s Virtual Card Spending Limits
The maximum daily spending limit for the virtual Kuda card is ₦1 million. However, on default, the one time spending limit for the virtual card is N50,000. You can increase this limit simply by:
- Logging to your Kuda Account via App,
- Tap on “Card” and “Manage Card”,
- Enter your “Card PIN” to access the Card Settings,
- In the virtual card settings, tap on “Limit” and drag the button to your preferred amount.
- Click on “Set New Limit” to complete your changes.
Once the limit is set, you can purchase as high as your spending limit but you can’t go beyond it. The card work only for online payments anywhere that accepts naira cards, including Spotify, Netflix, Prime Video, and Showmax. It can’t be used at any ATMs or POS terminals.
Does Kuda Bank have a Virtual Dollar Card?
No! Kuda Bank does not have a virtual dollar card or dollar card. The bank is currently offering two types of card;
- Physical Debit Card or ATM Debit Card
- Virtual Card otherwise known as Digital Card or Online Card.
Both cards are denominated in Nigerian naira, not US-dollars, and they’re issued by VISA - an American multinational payment card services corporation that’s headquartered in San Francisco, California.
At the time Kuda Bank expanded to United Kingdom (UK), it was offering a GBP-denominated card as part of its UK domiciliary bank for Nigerians in the diaspora. But since the financial company discontinued this service, no other foreign currency denominated card is issued.
In a nutshell, Kuda Bank doesn’t have a dollar denominated virtual card. You can only use its naira visa virtual card for online and international transactions but limited.
FAQs
Can I use Kuda Card for online payment?
Kuda Bank offers two kinds of spending cards; physical debit card which will be delivered to your preferred location and visa virtual card which can be used specifically for online payment.
Meanwhile, both Kuda debit card and virtual card can be used for online payment anywhere naira is acceptable as primary payment method or mode of payment.
What is the difference between Kuda virtual card and physical card?
Kuda virtual card is a type of spending card that's digitalized. Like ATM cards, virtual card has a card number, CVV code, and expiry date also issued by a bank or credit card issuer.
Kuda virtual card is provided digitally to be used for shopping online only. That is, no physical or in-person spending.
On the other hand, Kuda Bank's physical debit card can be used in-person at any retail shop. It can also be used at any POS terminal and ATMs for cash withdrawals, but virtual cards cannot be used at POS and ATM, they are more temporary and digital.
Is Kuda Virtual Card Free?
Yes, to request or create a virtual card on Kuda app is absolutely free of charge. However, you'll be charged N1000 for logistics to get a physical debit card.
How long does it take to get Kuda virtual card?
After you submit your virtual card request on the Kuda app, it may take 24 hours for the card details to generate. When the virtual card details are available for use, you will receive a email notification. The card will be activated automatically and it's effective immediately.
Can I use Kuda virtual card to pay for Facebook Ads?
Kuda Bank's virtual card is a visa card denominated with Nigerian naira. So, if your Facebook Ads Manager account is a Nigeria created account (not U.S or other country), Kuda virtual card will definitely work for the Facebook Ads.
Can I use Kuda virtual card on AliExpress?
No, Kuda virtual card does not works on Alibaba and AliExpress online shopping websites. These e-commerce websites charge currencies like US-dollsrs, Euro, Pounds, and Yen as their primary mode of payment. In other words, you cannot use the Kuda cards anywhere naira is not acceptable.
Can Kuda Virtual Card be used for international transactions?
Depending on the type of online international transactions. For instance, making payment on Netflix, Spotify, Apple Music and YouTube Premium from Nigeria is also part of international transactions. However, online transactions like Alibaba and Aliexpress is not acceptable by Kuda virtual card because the card can only be used on websites that accept naira as their primary mode of payment.
