If you've been wondering about using a dollar card with your Kuda account, we're here to clear things up. Here's what you need to know:
Kuda's Current Card Offerings
At the moment, we only issue Naira-denominated Visa cards, both physical and virtual. This means:
1. You can use your Kuda card for transactions in Naira
2. Your card works on local, Naira-based websites
3. We don't currently offer dollar cards
Why We Don't Offer Dollar Cards
It's not just us – there's a good reason behind this. The Central Bank of Nigeria (CBN) has specific rules for banks like Kuda. Here's the lowdown:
Microfinance banks are prohibited from engaging in foreign exchange transactions
We're meant to focus on providing financial services to retail and micro-clients
The CBN is serious about these rules. They've warned that banks not following these guidelines could face strict penalties, including possibly losing their licenses.
What This Means for You
While we can't offer dollar cards right now, we're always working to improve our services within the regulatory framework. Here's what you can do:
1. Use your Kuda Naira card for local transactions
2. Keep an eye on our official channels for any updates on our services
3. Reach out to our customer service team if you have questions about using your card
Looking Ahead
Banking regulations can change, and we're always adapting to serve you better. If there are any changes that allow us to offer dollar cards in the future, we'll be sure to let you know right away. We'll provide all the details about rates, limits, and how to get one.