Nigerian Fintech banking platform Kuda has temporarily halted all Kuda cards and as such Kuda cards can no longer be used for transactions till June, though no specific date has been given.
Kuda revealed this In an email to customers as well as a medium blog post, the email was captioned; “Am important Updates on Kuda cards”
“what is the issue?
It is no secret that the last 2 weeks have not been smooth sailing for customers who transact business with Kuda cards. And one also received several notifications from Kuda apologizing for downtime been experienced by the Card Service partnering bank Zenith Bank PLC.
Currently, Kuda has partnered with Zenith Bank, hence all cards are issued by Zenith Bank, the challenge is Zenith Bank has been experiencing technical hitches in recent weeks and their card services have been greatly impacted as a result Kuda Users have also been severely affected, as it has been difficult or not possible to withdraw cash recently via the kuda card.
‘’We’re upgrading our card services’’“For some time now, our card-issuing partner has had an extended downtime which has now stopped card services completely. We’re doing all we can to support our partner as they fix the downtime but we’re also working to take full control of card production and management by July. In the meantime, we have turned off all existing Kuda Cards and paused requests for new cards.”
We know how inconvenient this is, so to make things a little easier we will send everyone 25 extra free transfers in May and June. We will also provide at least one alternative payment channel in the coming weeks. Please, lookout for more information about cards as we make progress with permanently fixing the situation.
TimelIne of Kuda Card Services
- In 2019 Kuda launched Kuda Verve Cards in partnership with Acess Bank
- In 2020 Kuda Master Card was launched in partnership with zenith bank, a Virtual Master card was also introduced
- Later in the year, Kuda will launch their independent card services, thus making them have total control of the card and Kuda will solely issue the cards.
Brief history of Kuda
Before it became known as Kuda it had operated as a mobile money solution and the brand name referred to as Kudi money, however, in 2018 it received the Banking Licence from the Central Bank of Nigeria and then rebranded to Kuda Microfinance Bank. Kuda MFB) for short. All one needs to open an account with this digital bank is to download the mobile app on Android phones or IOS Devices, sign up and there after enjoying seamless free banking transactions.