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Types of Kuda Business accounts

Freelancer and Full business account

Nosa O avatar
Written by Nosa O
Updated over a week ago

Are you a Nigerian entrepreneur looking for a banking solution that fits your business needs? Kuda Business offers two distinct types of business accounts designed to cater to a wide range of business needs. Whether you're a freelancer just starting out or a well-established company, Kuda has you covered.

Freelancer Accounts

Freelancer accounts are perfect for independent professionals, side-hustlers, and very small-scale businesses that need quick setup and essential banking services.

Freelancers do not need CAC registration, and these accounts do not display a business name as the account holder name.

Key Features:

  • Quick 5-minute account opening process

  • Daily transaction limit of 10 million NGN

  • Access to core business banking features like:

    • Sending and receiving payments

    • Invoicing

    • SoftPOS for accepting payments

    • Sub-accounts for organising finances

    • Cashback on airtime purchases and bill payments

Eligibility:

  • Must be an independent professional or freelancer

  • Need to provide basic Know Your Business (KYB) information

KYB Requirements:

  • Selfie

  • BVN and NIN verification

  • Detailed business information

Full Business Accounts

Full Business accounts are designed for registered companies running larger-scale operations that require more comprehensive banking services.

They also display the registered name of the business as the account holder name, enhancing legitimacy and credibility.

Key Features:

  • Daily transaction limit of 250 million NGN

  • Access to all available business banking features, including:

    • Everything in the Freelancer account, plus:

    • POS terminals

    • Virtual POS

    • POS dashboard

    • Payroll management

    • Business APIs for integration

    • Team banking for multiple users

Eligibility:

  • Must be a fully taxed registered business

  • Need to provide more extensive KYB documentation

KYB Requirements (vary based on business type):

For Business Names:

  • Admin information (BVN, valid ID, address proof)

  • CAC registration number and TIN

  • Business ownership details

  • Certificate of Registration

  • CAC forms

  • Electronic consent form or authorisation letter

  • Business address proof

For Limited Liability Companies:

  • All of the above, plus:

  • Certificate of Incorporation

  • Memorandum and Articles of Association

  • Directors' and shareholders' details

  • Board resolution or electronic consent form

Both account types offer unlimited single inflow and cumulative balance limits, allowing your business to grow without constraints.

However, overdraft facilities are currently unavailable for Business accounts, which are only offered to personal accounts.

Why Choose Kuda Business?

Kuda's business accounts come with several advantages: By displaying the registered business name as the account holder, Business accounts establish trust and professionalism with clients.

  1. Digital-first approach: Manage your account entirely through the Kuda Business App

  2. Transparent pricing: Clear fee structure with minimal charges

  3. Tailored solutions: Choose the account type that best fits your business stage

  4. Enhanced security: Strong KYB procedures to protect your business

  5. Comprehensive features: From basic transfers to advanced APIs, Kuda has tools for every business need6. No Hidden Charges or Maintenance Fees: Kuda Business offers a transparent fee structure without monthly maintenance costs.

Getting Started

Opening a Kuda Business account is straightforward. Simply download the Kuda Business App, choose your preferred account type, and follow the on-screen instructions to provide the necessary information and documents.

How to Create a Freelancer Account

If you don’t have a registered business with the CAC but want to get started with Kuda Business, follow these steps:

  1. Open your Kuda Business dashboard.

  2. Click the three dots next to your balance.

  3. Select the option to 'Create new account.'

  4. Choose the 'Freelance' category and complete the registration process with your details.

Remember, Kuda is committed to making banking work for your business. Whether you're a freelance graphic designer or a growing tech startup, there's a Kuda Business account tailored to your needs. Start your journey towards smarter business banking today with Kuda!

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