Your Kuda Business account comes with flexible transfer limits to suit your business needs. Here's what you need to know:
Freelancer Accounts:
Default single transfer limit: ₦1,000,000
Default daily transfer limit: ₦2,000,000
Full Business Accounts:
Default single transfer limit: ₦5,000,000
Default daily transfer limit: ₦25,000,000
You can easily adjust your transfer limits within these ranges on the Kuda Business app:
Freelancer Accounts:
Single transfer: Up to ₦5,000,000 (with indemnity)
Daily transfer: Up to ₦10,000,000 (with indemnity)
Full Business Accounts:
Single transfer: Up to ₦25,000,000 (with indemnity)
Daily transfer: Up to ₦100,000,000 (with indemnity)
Here's how to view and adjust your limits:
Open the Kuda Business app
Tap the "More" icon at the bottom right of your screen
Select "Account Limits"
To adjust your limits:
Tap "Manage Single Transaction Limit" to change your per-transaction limit
Tap "Manage Daily Limit" to change your daily transfer limit
Choose your preferred limit
Confirm the change with your Face ID, fingerprint, or transaction PIN
Enter the verification code sent to your phone
Your new limit will be updated instantly
Remember, increasing your limits may require additional documentation or approval. If you need help, reach out to our support team through the app. To request a limit increase beyond what is available on the app, you may need to provide detailed documentation, such as:
Proof of Business Income: Documentation of all accounts receiving funds, supplemented with invoices or contracts as supporting evidence.
Nature of Business Transfers: A description of the transfers’ purpose, identification of recipients, and, where applicable, copies of paid invoices.
Regularity of Transfers: Information about transfer regularity and any anticipated frequency changes.
Reason for Increase: An explanation justifying the need for a higher transaction limit due to factors like business growth.
Additional Supporting Documents: Depending on your request, further evidence of income sources or other relevant documents may be required.
You can also get even higher limits. For even higher limits:
Freelancers: Up to ₦10,000,000 daily (maximum allowed for Freelancer accounts)
Full Business: Up to ₦250,000,000 per transfer and up to ₦250,000,000 daily
These higher limits require EDD (Enhanced Due Diligence) and compliance approval.Note that only Full Business Account holders are eligible to request transaction limit increases beyond ₦5,000,000.
Clarifications About Transaction Limits
Signing In on a New Device: Kuda Business imposes no restrictions on transactions once you are successfully logged in from any device. You can perform all permissible transactions within your account’s current limit.
Eligibility for Increasing Transaction Limits
When requesting a transaction limit increase, please note:
Account Type Requirement: Only Full Business Account holders can request transaction limits beyond ₦5,000,000. Freelancer accounts have maximum limits as stated above.
Business Justification: You must provide a valid and justifiable business reason for requesting higher limits.
Complete Documentation: Ensure all required documentation (as listed above) is complete and accurate to maximize your chances of approval.