Kuda bank says it has launched a bank account to serve entrepreneurs in the micro, small and medium-scale enterprises (MSMEs) sector.
This is because Kuda Microfinance Bank has introduced an all-in-one business account known as Kuda Business. This account package allows customers to send invoices and pay several bills to different individuals and corporate entities easily without switching apps.
Through this account, small business owners can easily send estimates to their clients and get paid in multiple ways. They would also be able to make free and bulk transfers, pay business bills without switching to another app and help manage business finances with a team of two or more people.
At the launch of the product in Lagos on Monday, October 10, 2022, the Head of Banking Products and Partnerships of Kuda MFB, Mr Nosa Oyegun, stated that Kuda Business would provide the needed boost to freelancers and MSMEs.
“Kuda Business will assist small-scale business owners in overcoming some of their many challenges. It is the answer to some of the most basic challenges freelancers and MSMEs face in managing their businesses, especially invoicing, making and receiving payments, and generally managing their business outfits.
“Kuda Business is an all-in-one manager that lets customers send invoices and pay several bills to different individuals and corporate entities easily without switching apps,” Mr Oyegun disclosed.
He listed other benefits as the ability to start as freelancers and get help with registering businesses with the Corporate Affairs Commission (CAC) and the opportunity to utilise features (which will be available via the mobile app) that would enable businesses to receive payments.
He further noted that Kuda Business helps the business owner cut costs as well as ease their internal processes.
“We know that saving money matters to businesses, so customers on the platform enjoy Kuda MFB’s standard 25 free monthly transfers to other banks with their Kuda Business account.
“Also, to help entrepreneurs with the management of their finances, the Kuda Business account has a detailed dashboard that shows how money comes and goes with real-time updates so that they will never be confused about business finances,” he said.
Highlighting the steps prospective customers would take to enlist on the platform, Mr Oyegun stated that: “We have simplified the process of coming on board the platform, so prospective customers do not have to go through any time-consuming or energy-sapping routine.
“All entrepreneurs or freelancers who are desirous of enjoying the benefits of the Kuda Business feature need do; is sign up at business.kuda.com, add money to their Kuda Business accounts, keep using Kuda Business as freelancers or upgrade to a full account and, lastly, download the Kuda Business mobile app from their app store to manage their business account wherever they are.”
