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Sending money with Kuda Business: How It Works

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

Transferring money with your Kuda Business account is quick and easy. Here's what you need to know about sending money to any bank in Nigeria or other Kuda users:

  1. Start your transfer • Open your Kuda Business app • Tap "Send Money" • Enter the recipient's details and amount

  2. Behind the scenes • We send your transfer request to NIBSS (Nigerian Interbank Settlement Scheme) • NIBSS processes the transfer between banks

  3. Transfer confirmation • You'll get a notification once the transfer is complete • The money should appear in the recipient's account immediately

If something goes wrong:

  • Failed transfers are automatically reversed to your account

  • This usually happens within minutes

  • If you sent money and did not receive a reversal within an hour, the transfer was likely successful, and the recipient should check with their bank. If the recipient hasn’t received the funds, the sender should also check for a reversal.

In rare cases:

  • Delays can also occur due to system-wide issues with the Nigeria Inter-Bank Settlement System (NIBSS), which processes inter-bank transactions. These issues usually resolve themselves as pending transactions are settled or reversed once reports are available.

  • If we don't get a clear response from NIBSS, we'll try to complete or reverse the transfer for up to 2 hours

  • After 2 hours, if the transfer isn't resolved, it'll be queued for manual reversal

Need help with a transfer?

  • Use your Kuda app to check your account statement for completed or reversed transactions. This can provide clarity before further actions.

  • Go to your transaction history

  • Find the transfer in question

  • Tap "Report This Transaction"

  • Or send us a message through the app

  • Log into your Kuda app, go to More in the menu bar, and select Statements & Reports to access a detailed record of transactions.

  • Export the statement and review it for any reversals or credits related to the transfer.

Remember:

  • Always double-check recipient details before sending

  • Keep your app updated for the smoothest experience

We're working hard to make every transfer quick, safe, and hassle-free for your business.

If a beneficiary claims they have not received funds, they should check their full Kuda account statement for incoming transactions.

Detailed statement checks can provide clarity on whether transfers were credited successfully.

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