We Updated Our Account Tiers

Learn about Tier 2 at Kuda, address verification, and more.

Kuda App
4 min readMay 20, 2024

Based on recent regulatory requirements from the Central Bank of Nigeria (CBN), we updated our account tiers and made some changes to our terms and conditions. Here’s everything that you need to know:

1. We added a new account tier — Tier 2 (T2). 🆕

With the addition of Tier 2, these are the account tiers or levels on Kuda along with the required means of identification and limits as mandated by the CBN:

Tier 1 (T1)

An account with a BVN (Bank Verification Number) linked to it is on Tier 1.

Tier 2 (T2)

An account with both a BVN and an NIN (National Identification Number) linked to it is on Tier 2.

Upgrade requirement: To upgrade from Tier 1 to Tier 2, you’ll need to link your NIN to your account.

Tier 3 (T3)

An account with a BVN, an NIN, and a verified address linked to it is on Tier 3.

Upgrade requirement: To upgrade from Tier 2 to Tier 3, you’ll need to add a valid address to your Kuda profile, upload proof of the address, and give us a week or less to verify that you live at the address (more on this later).

Please, see the limits for each account tier below.

2. We’re verifying house addresses. ✅

A CBN requirement for accounts on Tier 3 (see above) is that they must be linked to a verified house address.

This requirement is for the security of your account and it applies to everyone whose account is on Tier 3 even if they’ve previously linked their house address. We’re sorry about the inconvenience.

👉🏽 To get your house address verified, please sign in to your Kuda app now, tap Update Your Address on your dashboard and follow the guide that pops up on your screen.

As you’ll see in the address verification guide that pops up on your screen, you’ll need to link your correct house address and upload any of the following documents as proof of address:

  • A power bill, waste bill, or water bill not older than three (3) months
  • Rent receipt or agreement for 2024
  • Proof of tax remittance.

When you link your address and upload your proof of address, this is what we’ll do:

1. We’ll review your proof of address.

2. If the details on the proof of address match the address linked to your account, we’ll send a verification agent to the address to confirm that you live there.

3. Our verification agent will ask anyone that they find at the address if they know you by your full name and if you live at the address.

To guarantee that our verification agent confirms your address:

  • Please, tell your co-tenants, neighbours, and/or security guard to look out for our verification agent in case you’re not around at the time of verification.
  • And make sure that anyone who might be around at the time of verification knows your full name (first name and surname).

3. May 31, 2024 is an important deadline.

If you’re currently on Tier 3, we’ll need to verify your house address for you to remain on Tier 3.

The deadline (set by the CBN) for us to verify your house address is May 31, 2024.

We’ve sent you in-app messages and emails about the address verification process, including a guide to help you upload your proof of address. You can also read the guide and upload your proof of address by tapping Update Your Address on your Kuda app.

Please, upload your proof of address now and we’ll make sure that we verify your house address.

What happens after May 31, 2024?

  • If we verify your address before May 31, the deadline will have no relevance to you and you can keep using your account as usual.
  • If you don’t upload your proof of address before May 31, which means that we can’t verify your address, we might to limit your account as mandated by the CBN until you upload the proof of address.

Please, note: Verifying your address is a simple process that will secure your account and protect you from scammers. It confirms that you’re not being impersonated, which is good for your money and your peace of mind.

What if your account is limited after May 31, 2024?

When an account is limited, you can’t make transactions with it temporarily. A limited account isn’t closed and your money is safe.

To get us to remove the limit on your account, all you need to do is upload your proof of address so that we can verify your address.

4. We made some changes to our terms and conditions. 📝

As we mentioned much earlier in this post, we made changes to our terms and conditions in compliance with recent regulatory requirements and also to improve how we offer you financial services.

We don’t need you to take any action relating to your account based on the changes, but please read the updated terms and conditions for personal Kuda accounts here and those for Kuda Business accounts here.

If you have questions about account tiers, address verification, or the changes to our terms and conditions, you can chat with us on your Kuda app, send a message to help@kuda.com or call 0700022555832. 💜