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Kuda Expands Business Banking
Kuda has updated its business banking service to support NGOs and incorporated trustees. These organisations can now open business accounts online without visiting a branch or handling long paperwork.
Faster Onboarding for Registered Organisations
On the Kuda Business app, groups registered with the Corporate Affairs Commission can choose the NGO option. They upload CAC documents and provide trustee details. After verification, Kuda activates the account in minutes. Many organisations previously waited days or weeks for this process.
Better Financial Management
Religious organisations, charities and community groups often manage donations, grants and expenses. Manual systems slow their work and reduce transparency. Kuda’s update gives them tools to manage money faster and more securely.
Large Market for NGO Banking
Nigeria has thousands of NGOs and religious bodies. Lagos State alone recorded over 10,000 churches and mosques in 2021. Many of these organisations contribute to education, healthcare, humanitarian aid and community development. Despite their impact, digital banking access has been limited.
Removing Barriers
Nosa Oyegun, Senior Vice President of Business Banking at Kuda, said the update shows the company’s commitment to supporting Nigerian organisations. According to him, many NGOs manage funds that affect communities, yet old banking systems make their work difficult. The update allows them to access modern tools and spend less time on admin tasks.
Tools for Trustees
With Kuda Business, NGOs and religious bodies can receive donations, make payments and track transactions in real time. They can generate account statements for audits and reporting. The app also allows controlled access for trustees, treasurers and administrators.
Digital Banking Fits Current Reforms
Kuda designed the onboarding process to meet regulatory requirements and reduce manual reviews. Nigeria continues to push cashless payments and digital finance. Donors, regulators and partners now expect more transparency from NGOs. The update arrives at a suitable time and gives incorporated trustees a dedicated digital account.
