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Are you thinking of best PayPal alternative to send and receive money with ease? Then, let talk about how you can open a Payoneer Account in Nigeria for free and even get the Payoneer MasterCard (ATM) delivered to your house within 2 weeks!

If you’re a freelancer or internet marketer, you will need a reliable medium to send and receive money in Nigeria without actually disturbing your local bank account. Three years ago when I knew nothing about Payoneer account in Nigeria, I have lost most foreign clients because there is no medium of payment.

PayPal has been frustrating us from start till date and I can’t risk using it. Meanwhile, you can read this guide on how to create a PayPal account in Nigeria, if you really think it’s the best option for you.

Using Western Union in Nigeria might be of headache because of MTCN tracking and even, police officers’ troubles, thinking you’re a fraudster or a “Yahoo Yahoo” Boy.

I don’t know the source of your business but I’m sure most Nigerian entrepreneurs need a good payment option that’s far better and reliable than PayPal, that’s why you need to get your Payoneer account today.

If this is your first time reading this, you may be asking that…..

Does Payoneer Really Work in Nigeria?

Yes! Payoneer perfectly work in Nigeria unlike PayPal that allows us to send money but refuse to enable receiving money from foreign clients to Nigeria.

It work without any limitation.

To open a payoneer account in Nigeria automatically means you are opening real foreign bank accounts. Meaning, that you can give the details of your foreign bank account to any foreign clients and that person will pay you using Bank or Wire Transfer, even if that person didn’t have a Payoneer account.

For instance, I live in Nigeria and have never traveled out of the till the moment I’m writing this blog post but I have a personal bank account in USA and other European countries.

Now, I know you’re eager to get your own foreign accounts and especially, this Payoneer account in Nigeria. But before then, let me quickly tell you why Payoneer is the best alternative to PayPal in Nigeria;

Payoneer Account in Nigeria Vs PayPal

Which One Should I Choose Between Payoneer and PayPal in Nigeria?

 

If you’re asking the best medium to receive or send online payment in Nigeria, then I will advise you to stick to Payoneer. I’m not just choosing Payoneer but here are my reasons:

  • You can use Payoneer to send and receive money in Nigeria while normal PayPal account in Nigeria can only send but can’t receive.
  • Paypal can hold your money unnecessarily for months but Payoneer don’t do such except your funding source is not plain.
  • You can get Payoneer Mastercard in Nigeria but you can’t get PayPal card in Nigeria except for Virtual Credit Card (VCC) which can land you in trouble any time.
  • You automatically get foreign account numbers with Payoneer in Nigeria but PayPal doesn’t offer that
  • You can easily withdraw your funds in Payoneer to your Nigeria bank account but withdrawing from PayPal to local bank account in Nigeria is very lean
  • If you have a Payoneer account in Nigeria, you have no fear for any arrant chargebacks but on PayPal, clients who are scammers can pay you and even take the money again from you
  • Payoneer will pay about $150 (about N54,000) for using their service to receive payment online when you reached a certain milestone while PayPal doesn’t care.
  • And you can…..

Make Money with Payoneer Referral Program in Nigeria!

This is stunning and getting crazier! Yes, you can earn money on Payoneer if you know how to promote your referral link to people who send and receive money online in Nigeria

  • You can Earn Money on Payoneer in Nigeria without working but just by referring people and you’ll be paid $25 (approximately N9,000) for each person you referred but not possible on PayPal.

Let assume that you promote your referral link to 100 people on social media or anywhere, if 10 sign up and use the service to receive at least $1000, you’ve earned $25 each on those 10 people making $250 and that’s whooping N90,000 without leaving your house!

How to Sign up for Payoneer Referral program in Nigeria and Make Money

  1. Login to your dashboard. If you have not open an account, click here now to sign up for free
  2. At the right side of your screen (the sidebar), click on the banner that says “Refer and Earn $25”
  3. Copy that long link
  4. Go to Https://bit.ly and shorten the long referral link given to you by Payoneer
  5. Start promoting the shorten link to your friends on Facebook and anywhere you can!

With the 8 reasons above, you can now come to a conclusion yourself if PayPal account is good for you in Nigeria or a Payoneer account.

Let talk about getting your account started. But we need to start with tools;

Requirements for Creating a Payoneer Account in Nigeria

  • An Email address
  • A government issued card – Such as National ID Card, Voters Card, Drivers’ licence, International Passport etc.
  • Your Phone or PC and Data Connection

How to Open a Payoneer Account in Nigeria and Get Approved Easily

  1. Click here to get started or go to payoneer.com
  2. In the homepage, click on “Sign Up
  3. You’ll be taken to a registration page, fill in the data honestly as it appears on the government issued I.D card you want to use.
  • You’ll be asked to input your Identification Number, ENTER your NIN to fill the place (The Government Issued Card or National ID card you want to use must be correct and match with the name and addresses you’ll be providing to Payoneer.
  • Enter your correct date of birth as it appears on the government document
  • If you’re asked about the ZIP CODE or POSTAL CODE, kindly do this little work: Go to google.com and search for this ‘Your Town Zip Code’ I mean something like “Osogbo Nigeria Zip Code”, you’ll see your zip code among the results provided. Note that Zip Code is a 6-digits number that shows where your town is located in the world. For instance, the nearby street I’m living has a zip code of 23**14
  1. After filling in correct and honest data in the registration page, click on “SUBMIT” and you’ll be taking to a new page telling you that your account is under review.
  • This means they’re reviewing your account if the data you input is correct or not. Finally you’ll receive a response if your account is Approved or Not.
  • If you signed up with the correct information on your National ID card or any government issued card, you’ll be approved but if you’re not, then you did something wrong. Contact me here for assistance!

After approved, what next? You need to link your bank account!

How to Link Your Local Bank to Payoneer Account in Nigeria

  1. Go to https://myaccount.payoneer.com and login with the email and password you’ve used to create your verified Payoneer account
  2. In your dashboard, click on “SETTINGS” located at the header. A menu will drop down but click on “BANK ACCOUNTS”.
  • (make sure you’re either using a PC or use “desktop view” on phones)
  1. You’ll see “Add Bank Account” and icon like a small house, click on it and you’ll be asked to enter your details

Now, we’re going to talk about how you can add your bank account details to Payoneer account in Nigeria in 3 simple steps as follows:

Part A – Add Bank Details

  1. Select either ‘Personal’ or ‘Business’ type of account. Personally, I’m using ‘Personal’ account type and it has been so good for me
  2. Choose your country – Payoneer will automatically chose Nigeria for you though
  3. The default bank account currency for Nigeria on Payoneer is currently “USD”
  4. Click “Next”

PART B – Enter Account Details

  1. Enter your bank name first… such as ‘First Bank of Nigeria’ etc
  2. Enter the (your) real name as used in the bank
  3. Your account number will follows
  4. Enter your bank SWIFT CODE or BIC – You can search online to know your Bank Swift code in Nigeria
  • Comment below to request for your bank SWIFT CODE and I will reply ASAP. But ensure you write your bank location and name to get it easily
  1. Click on “I confirm the bank account details above”

PART C – Confirm Payoneer Account Details

  1. Review and ensure all information is correct
  2. If it’s correct, finally click on “SUBMIT”

Congrats, you’ve successfully add your Nigeria’s bank details to your Payoneer account. Now, you can withdraw your earnings from Payoneer to your Bank account in Nigeria without any issue.

But how can I do this? I’ll tell you

PSS: I buy Payoneer funds of any amount and I will send your money to your Nigeria bank account as soon as the payment from you is confirmed and approved. My rate is okay than loosing your funds to scammers. Kindly contact me on WhatsApp: 080 6886 6068 or CONTACT ME HERE!

How to Withdraw From Payoneer to Bank Account in Nigeria?

Once you’ve successfully add your bank details and you’ve receive an approval email, let talk about withdrawing your funds from Payoneer to the local bank account in Nigeria. Follow the steps below:

  1. Login to your Payoneer Dashboard or go to https://myaccount.payoneer.com
  2. If you’re on desktop view, simply hover on “Withdraw” and finally click on “To Bank Account”. But if you’re on mobile view, click on MENU (the three aligned lines at the left hand-side), hover on “withdrawn” and click on “To Bank Account
  3. You’ll be taken to the WITHDRAW page, click on the currency you want to withdraw from (Either USD, EUR, GBP)
  4. After clicking on the Currency unit, it’s time to enter withdrawal details.
  • Select the bank account you’ve already added
  • Write amount you wish to withdraw from your payoneer account to your Naija bank
  • Write the reason you want to withdraw
  • And finally click on REVIEW
  1. Check if the details you’ve entered are correct
  2. If they are correct, click on SUBMIT

Bravo! Your money is on the way from Payoneer account to your bank in Nigeria.

Remember I said one of the reason I will always choose Payoneer account in Nigeria over PayPal is that you can get Mastercard from Payoneer, which you can use to withdraw your money on any ATM locations in Nigeria.

So let talk about how you can actually do that;

How to Request for Payoneer Mastercard in Nigeria

  1. Login to your dashboard and click on ORDER CARD
  2. Now, fill in the form that appears correctly as you can be reached in Nigeria
  • Choose the type of payoneer mastercard you need from USD, EUR, GBP
  • Fill in your address correctly
  • Agree to all terms, policies
  1. And finally click on ORDER CARD

Your Payoneer card is on the way to Nigeria……..

Frequently Asked Questions about Payoneer Account in Nigeria

But below are the few questions you may need to know now;

1.      Is Ordering of Payoneer Mastercard in Nigeria Free of Charge?

Yes, it’s absolute free as long as you’ve earned at least, $50 – $200 to the payoneer card before. It’s not free for Expedite shipping.

2.      How Many Days will the Payoneer Mastercard Arrives in Nigeria?

It will take 14 days or two weeks before the Payoneer mastercard get to you here in Nigeria. But if you’re in hurry to get the card quickly, you can order the card using expedite shipping which costs $50 and you’ll get the card within 3 days!

3.      How Many Days Will The Money I Withdraw From Payoneer to Be In My Bank Account in Nigeria?

It will take 3 days or less, depending on the day you withdraw the funds.

That’s why Payoneer will tell you 3 – 5 business days for your money to reach your local bank in Nigeria.

If you withdraw on Tuesday, you will get your money latest by Friday. If you withdraw on Saturday, you will get your money by Wednesday.

But as times goes on, you will see your money within 24 hours. Like these days, I receive my money withdrew from Payoneer to my bank account here in Nigeria within 24 hours.

The more you use the service to receive or send money, the more you’re going to be given some level.. lol

4.      How Can I Activate my Payoneer Mastercard in Nigeria?

This is important though, because the card is useless without activating it.

To activate it, simply follow the instruction written in a sheet in the white envelop given to you – I mean, the enclosed enveloped that’s used to ship your payoneer card to you.

5.      What is Payoneer Fee for Withdrawing Money to Nigeria Bank?

Payoneer withdrawal fee in Nigeria and other countries is approximately $3 ($2.99 to be certain) for a local bank transfer and $15 for a USD SWIFT transfer

6.     What is Payoneer Minimum and Maximum Withdrawal to Nigeria Banks?

Currently, the minimum you can withdraw from your payoneer account in Nigeria is $50 and the maximum start from $5,000.

My own account can withdraw up to $20,000 because I’ve been using it for a while.

7.      Is Payoneer a Payment Gateway?

No! Payoneer is not a payment gateway like PayPal, Stripe and others. But rather, Payoneer is a Payment processor for freelancers and business owners to pay and receive money.

You can also pay for services or products purchased from online shopping stores.

As I freelancer, I withdraw my fiverr earnings to Payoneer directly without any issue.

8.      What is the Payoneer Mastercard Withdrawal fee?

As said earlier, $3 will be deducted at every card slot into the ATM machine and $29.95 charges as annual fee.

CONCLUSION – How to Open a Payoneer Account in Nigeria & Get MasterCard Card Easily

So far, you have learn how to get your own payoneer account in Nigeria and easily get your payoneer prepaid mastercard. I don’t know if you will have any other questions to ask about this, but you can comment down below and I’ll attend to your questions as soon as possible.

Don’t forget to SIGN UP here in order to earn $25 and invite your friend to earn more!

Kindly share this article with your friends and don’t forget to visit again

Stephen is a Frontend engineer, technical writer, owner and part-time blogger here at Gbolamedia, incoming data scientist, an enthusiastic cynophilist, and a curious introvert. Stephen is currently available for full-time, part-time or contract-base role. Contact him here: on WhatsApp or check him on Linkedin

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            Banking

            Chipper Cash vs PayDay — Which one should you choose?

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            Chipper Cash vs PayDay – Who do you think will win?

            I know that you have heard about these two platforms before now and might have used one or two of them. In this head-to-head review, we will compare the two famous dollar and virtual card providers, Chipper Cash and PayDay, to help you determine which one is better suited for your needs. 

            We will examine various aspects such as usability, fees, features, and customer support to provide you with a comprehensive analysis.

            Kindly note that this is just a blog post from my personal experience and what I see on social media, not sponsored content by any of the companies I’m reviewing here.

            If we’re clear on that, let’s start.

            #1. Usability

            Of all features that make an app stand out, Usability is very important and this means how easy it is for users to navigate the app.

            Chipper Cash has a very basic design and experience, while PayDay has the nicest design and it’s very easy to navigate.

            A use case for why this is important:

            Chipper Cash would never show you the exchange rate unless you want to “Send” or “Request” funds, which you’re not likely to see. But on PayDay, you know how much a dollar costs before a purchase.

            And another use case on this usability part is the overview screen which is (normally) meant to show your recent activities or overview of what you can do. 

            Winner: PayDay.

            #2. Fees

            Every human is a business person by nature, so in most cases, we tend to look for the cheapest option and such happens when it comes to choosing a Dollar or virtual card provider.

            A lot of people complain that Chippers Cash has the most expensive exchange rate and this seems to be true.

            For instance, as of yesterday, I bought a dollar on PayDay at ₦742 while it cost ₦781.

            But before we agree that Chipper Cash is not the “cheaper”, let’s break down the rates.

            To create a VISA or Mastercard virtual card on PayDay, you’ll pay $5 as a creation fee while you’ll pay ₦2,000 on Chipper Cash.

            And before you can buy anything with dollars on PayDay, you have to swap the naira in your wallet for a dollar, then top up your card… They charge 0.5% of how much you’re swapping (maximum of $5).

            PayDay Swapping Fee

            While you don’t pay any swapping fee on Chipper Cash.

            Let’s assume I need a virtual card of $10, here is the breakdown:

            For PayDay:

            • Creation fee – $5
            • Top up – $10
            • Swapping fee – $0.075 (0.5% of $15)
            • Total ⇒ $15.075

            This converted to Naira in PayDay’s rate would be: ₦742 x 15.075 => ₦11,185.65

            For Chipper Cash:

            • Creation fee: ₦2,000
            • Top up: $10
            • Total: $10 + ₦2k

            Let’s convert this to Naira in Chipper Cash’s rate: (₦781 x 10) + ₦2,000 ⇒ ₦9,810

            It’s clear that Chippers Cash is “cheaper” but for the first time, you are creating the card.

            If you already have a card but want to top up, PayDay is cheaper but the difference is not up to ₦40 (781 – 742).

            In this case, there’s no winner.

            Winner: Draw

            #3. Customer support

            Because we are human and we are not perfect, what we manufacture, create, or produce as well will not be perfect. 

            That’s why there is customer support for businesses in case things go south and this is very important if you’re thinking of choosing a Dollar or virtual card provider.

            PayDay has the worst customer service, although they’re active on Twitter busy creating awareness for the product, but put zero to meager effort into their customer support service.

            I once had an issue on February 16, I sent them a message but they replied on March 2nd… that’s 2 weeks!

            PayDay Customer Support

            The recent issue I have with them which I’ll explain later took them 18 hours to send an “automated” response and since then, I’ve not heard anything from them and the issue hasn’t been solved. They immediately close the conversation without resolving it.

            The evidence of their poor service is on Twitter, just visit their page to enjoy the comments.

            Chipper Cash, they have a faster response rate when it comes to Customer service… I had an issue creating a dollar card and I reached out on Twitter, immediately I received a response and the issue was solved before I see the response.

            And I’ve not yet seen any trend where people complain about Chipper Cash’s support.

            Winner: Chipper Cash.

            #4. Success Rate

            Still, on the imperfection, anything can happen at any time but you definitely don’t want to put your money on a platform that’s more likely to fail.

            To be frank, Chipper Cash has the highest success rate while you may need to go to the nearby mountain to pray and fast before using PayDay.

            This is the top reason why a lot of people are trying to contact PayDay’s support and I think the messages are too much for their support to handle.

            I personally have an ongoing issue with them. I want to renew my domain names and I decided to use PayDay, I deposited some Naira, swapped to USD, and decided to get a virtual Dollar card with $34.74.

            I expect PayDay to deduct the Money, give me a dollar card with $29.74 as a balance, and remember their $5 card fee.

            I tried to buy the card, no response if it failed or it’s successful, I guess it’s a service… I keep on trying until I’m tired.

            So I checked my balance $15 has been deducted ($5 in 3 times).

            PayDay Deducts Money

            I had no idea why because up till now, no card has been issued to me… I had $19.74 left which I quickly sent to my Chipper Cash before PayDay got angrier.

            I top up my Chipper cash with some Naira, purchase my dollar card and I got it immediately

            Up till now, PayDay hasn’t issued the card to me or refunded me. People are complaining a lot about this same issue.

            The only (trending) complaint about Chipper Cash is the fee which I’ve explained already.

            Update on 16th of May, 2023

            The founder of PayDay tweeted to celebrate their milestone of having over 600k customers and I replied with my complain.

             

            PayDay CEO tweet to celebrate milestone

            As seen in the screenshot above, he asked for my PayDay tag and immediately, the magic happened. I got my $15 refunded!

            PayDay refunds customer

            I hope they PayDay improves on their infrastructure instead of having multiple card creation failure and refund.

            But for now, Chipper Cash wins here.

            Winner: Chipper Cash

            #5. Downloads & Reviews

            So far, I’ve been referencing my experience with both platforms and it’s high time we see how people are reacting to both apps.

            I’ve mentioned that PayDay doesn’t have good reviews on Twitter compared to Chipper Cash but let’s check the Play Store to see what the users are saying with figures.

            PayDay has:

            • 100k+ Downloads
            • 3k+ reviews
            • 2.1 out of 5 average ratings.
            • Most rated 1 stars 

            PayDay Play Store Review

            Chipper Cash has:

            • 5M+ Downloads
            • 109k reviews
            • 4.1 out of 5 average ratings
            • Most rated 5 stars.

            Chipper Cash App Review

            This is evident that average people would prefer to use Chipper Cash instead of PayDay.

            Now, I’m not talking about the number of downloads or reviews, but the average ratings… That shows how satisfied customers are.

            Winner: Chipper Cash

            #6. Downtime

            Most of the time, we want to get something done as quickly as now. This is why I include this point to let you know how far.

            Currently, Chipper Cash is down and I’ve updated the app maybe it’ll be resolved but still down… imagine if I need to pay for something now and Chipper Cash is my only option, my faith on candle sticks.

            Chipper Cash downtime screenshot

            People complain about this, but to be honest it’s not like that every day as it’s mostly working… I would say the uptime is around 95%.

            I have never seen a PayDay app crash or have downtime and people don’t complain about that as well.

            Winner: PayDay

            Conclusion: Chipper Cash vs PayDay –Which one is the best?

            In the battle between Chipper Cash and PayDay, both platforms offer impressive features and services. PayDay stands out for its user-friendly interface, app’s uptime, and lower exchange rate, while Chipper Cash excels in Customer support, success rate, and user feedback. 

            Ultimately, the choice between the two dollars or virtual card providers depends on your specific needs and preferences. 

            I recommend you assess the fee structures, available features, and usability of both platforms to make an informed decision that aligns with what you need the platform for.

            As mentioned earlier, this is not a sponsored post but an honest review from my personal experience and the trend on social media platforms.

            If you think something is missing or would like to drop any feedback regarding your experience on any of these apps, kindly use the comment box as it’ll be helpful to everyone reading this blog post.

            Don’t forget to share if you think this review is good enough, for people to be informed.

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            Banking

            5 Best Dollar and Virtual Card Providers in Nigeria

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            Are you a Nigerian but it’s quite difficult to make international payments online? What you need is one of these dollar or virtual card providers!

            As the world is becoming a global village, the way we make payments is also changing, and thanks to Technology for that. We have the likes of PayPal, Square, Venmo, and gift cards that make payment so fast and easy for people in developed countries like the United States.

            But in some African countries like Nigeria, it’s a very different story as nothing seems to be working for us when it comes to making borderless payments.

            A few months ago, we received announcements from the banks that our Mastercard and VISA would be unable to pay for international transactions.

            So, does that mean we should stop shopping on Amazon, eBay, or on any international sites?

            In Nigeria, many people are turning to the dollar and virtual card providers to meet their international payment needs.

            Here are the top 5 dollar and virtual card providers in Nigeria

            #1. Chipper Cash

            Chipper Cash is a mobile payment platform that allows users to send and receive money across Africa. The platform also offers dollar and virtual card services to its users. With Chipper Cash, users can easily create and link a virtual card to their account. 

            In addition to its dollar and virtual card services, Chipper Cash also offers a range of other features, including the ability to buy airtime, pay bills, and save money. The platform is available for both Android and iOS devices, making it accessible to a wide range of users.

            Many users complain that the Chipper Cash exchange rate is higher than other card providers, but they all agree that the card works anytime and any day, which is still good, I mean, we don’t have a choice for now.

            To get started with Chipper Cash, visit their website at https://chipper.cash/

            #2. PayDay

            PayDay is another popular dollar and virtual card provider in Nigeria. The platform offers a range of payment solutions, including virtual cards, and foreign accounts. With PayDay, users can easily create virtual cards and use them to make online purchases.

            In addition to its dollar and virtual card services, PayDay offers a range of other features, including the ability to send money and receive payments. The platform is available for both Android and iOS devices, making it accessible to a wide range of users.

            Elon Musk’s company, Starlink recently choose PayDay as one of their payment processors in Nigeria which is a huge partnership proving that PayDay gat some levels too.

            Oh, of all the platforms listed here, PayDay has the best User Interface, well maybe this is not valid but I love the design personally.

            To get started with PayDay, visit their website at https://www.usepayday.com/

            #3. Cardtonic

            Cardtonic is a platform that allows users to buy, sell, and exchange gift cards, as well as provide dollar and virtual card services. The platform offers competitive rates for its services, making it a popular choice for those who need to make international transactions.

            Cardtonic also offers a range of other features, including the ability to buy and sell Bitcoin, pay bills, and transfer funds.

            How does it work?

            Let’s say you want to buy an item that costs $200 on Amazon, You can head over to Cardtonic to buy an Amazon gift card of that amount, and you’re good to go.

            The platform is available for both Android and iOS devices, making it accessible to a wide range of users.

            To get started with Cardtonic, visit their website at https://cardtonic.com/

            #4. Barter by Flutterwave

            Barter is a virtual card service provided by Flutterwave, one of the leading payment platforms in Africa. The platform offers a range of payment solutions, including virtual cards, physical cards, and dollar accounts. With Barter, users can easily create virtual cards and use them to make online purchases.

            In addition to its dollar and virtual card services, Barter offers a range of other features, including the ability to pay bills, send money, and receive payments. The platform is available for both Android and iOS devices, making it accessible to a wide range of users.

            To get started with Barter by Flutterwave, visit their website at https://barter.flutterwave.com/

            #5. Flip by Fluidcoin

            Flip is a virtual card service provided by Fluidcoin, a cryptocurrency exchange platform. The platform offers a range of payment solutions, including virtual cards and dollar accounts. With Flip, users can easily create virtual cards and use them to make online purchases.

            In addition to its dollar and virtual card services, Flip offers a range of other features, including the ability to buy and sell Bitcoin, pay bills, and transfer funds. The platform is available for both Android and iOS devices, making it accessible to a wide range of users.

            To get started with Flip by Fluidcoin, visit their website at https://useflip.app

            Enjoy Cross-border with Virtual card providers in Nigeria

            The rise of digital payment platforms has made it easier for people to transact across borders. The dollar and virtual card providers listed above offer a range of payment solutions that make it easy for Nigerians to make international transactions. 

            These providers offer competitive rates and a range of features that make them a popular choice for those who need to send and receive money across borders.

            I will advise you to get 2-3 of these card providers in case one fvck up. I have  5.

            Which of these providers have you used before? Mind sharing your opinion? Okay, you have the floor in the comment section.

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            Banking

            Kuda Overdrafts: Eligibility and How to Qualify to Borrow Money from Kuda Bank

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            You’ve heard the popular anthem on YouTube, Streaming apps, or where that says: “No shame in borrowing when you can easily take Kuda Overdrafts” and you wonder what’s this all about? How can I qualify to borrow money?

            I will quickly talk about that in this blog post. And I assume you don’t have an account with Kuda bank yet, but if you already have one, you can navigate to the right part for you by using the table of content below.

            What are Kuda Overdrafts?

            Kuda Overdrafts are money borrowed for a short period of time to take care of urgent issues. You can say Kuda Overdraft is a “short-term” loan, that’s how Kuda Bank describes it.

            It’s not like a loan that you have to request before it’s disbursed, but the process is automatic, hence, it is called “Overdrafts” and not technically “loan”. 

            How Kuda Overdrafts Work

            Assuming you have N50,000 on your Kuda bank, and you need to pay school fees of N100,000, you can withdraw that N100,000 to pay your school fees and your account will be -50,000 (If you are qualified already for overdrafts).

            Just understand it as the way you borrow airtime or data from MTN when you need it urgently. You don’t need to visit the MTN office or fill any form before you borrow. Once you’re a regular user of MTN, you can borrow anything on the SIM and pay on your next recharge.

            How Kuda Overdrafts Work - Image Credit: Kuda bank

            How Kuda Overdrafts Work – Image Credit: Kuda bank

            That’s how Kuda Overdrafts work – Just like using a credit card in foreign countries).

            Learn More: What is Kuda Overdraft?

            Because some Nigerians are victims of embarrassment resulting from taking loans online, you may think that Kuda Overdraft is in that caliber of embarrassing their customers. But Kuda Bank is not!

            CHECK: Top Apps to Manage Your Finance in Nigeria

            I’ve been using Kuda Bank for a few years and I enjoy their banking service. When I qualify for overdrafts, I took it (without shame) to see if they’ll frustrate my life but till now, I’ve never been embarrassed or stalked because I borrow money from Kuda bank.

            Kuda Overdrafts Vs Other Loan Apps

            • Low interest: Kuda Bank takes a very small interest. I mean very low as 0.3% daily interest. That is just N30 daily if you borrow N10,000 – If you pay up within 10 days, you’ll pay just N300, or let’s say you pay after a month, you’ll pay just N900. Crazy. Right?
            • No Paperwork: You’re not filling any form either online or offline before you can qualify for Kuda Overdrafts.
            • No Collateral: This may sound like an invalid reason why borrowing money from Kuda Bank is the best, but it is a valid reason. Those who said they don’t take collateral are right, but they’ll use the contacts on your phone as their collateral. You gerrit?
            • No Embarrassment: As I said above, these loan apps will copy all the numbers on your contact list for special embarrassment later. Kuda bank doesn’t do this at all, you pay when you’re financially buoyant.
            • I will also say borrowing money from Kuda bank will give you peace of mind, they will never call or email you to repay. 

            To borrow money from Kuda bank is not a “squid game” unlike fake loan apps that run after people’s life. If you want to know more about these loan sharks and how to avoid them, read this blog post.

            How to Qualify for Kuda Overdrafts

            There are steps you must take before you can be able to borrow money from Kuda Bank. They are:

            1. Become a User of Kuda Bank (Register and Verify your account)
            2. Use Kuda Bank regularly (to transfer, receive, pay bills, buy airtime)
            3. You’ll qualify automatically (Again, you don’t need to fill any form)

            #1 Become a User of Kuda Bank

            All you have to do is to download the Kuda Bank app on either Playstore or Appstore (for iOS), register, verify your BVN, phone number, and email address.

            You may also need to upload your NIN slip, and you’re good to go. This is the first step to qualify for KUDA overdrafts.

            #2 Use Kuda Bank Regularly

            After becoming a user, the next step is to become a frequent user and this is what will qualify for Kuda’s “short-term” loan (overdrafts).

            But you may want to ask how often or regularly should you use Kuda Bank?

            Well. I don’t have a straight answer, but In my case, I use Kuda for 80% banking that I want to do. I use it to receive money, send money, bill data, and airtime. I don’t just keep N1,000 there, I keep most of my Naira in my Kuda bank account.

            #3. You’ll Qualify Automatically

            The system has been programmed to upgrade regular users to have access to Kuda overdrafts. So, you don’t need to request approval or whatsoever. Just use Kuda Bank regularly and you’ll get your own “lunch” from Kuda.

            PS: The first time I received a notification that I’m qualified for Kuda Overdrafts, I can only borrow N30,000 but later, I think after 2 months, I can get up to N75,000.

            I believe the more you keep using the Kuda for banking, the more they’ll increase how much you can borrow on the app.

            How To Borrow Money on Kuda App?

            On the home screen of your app, simply swipe to, or click on “Borrow”, adjust the range element to how much you need and click on “Get your Overdrafts”. That’s all.

            What the video below to see how to do that:

            Borrow Money Without Shame, Take Kuda Overdrafts

            This is the first time I will see something like this aside from borrowing from telcos. Kuda Bank is really stepping up its game and it has been a great experience for us (customers).

            I enjoy taking Kuda overdrafts without shame, no harassment, no room for getting stranded on cash. Just become a regular user, and you’ll enjoy the same experience.

            But some people do ask; what if they fail or refuse to pay back the money they borrow from Kuda Bank? Well, I don’t know what will happen, but I’m sure Kuda Bank has a way to sort it out amicably or legally.

            You can’t outsmart Kuda Bank if you’re thinking of taking the overdrafts “japa”. You can’t japa because security agencies will nab you. This is not a threat, remember I said Kuda Bank will never embarrass you like some loan sharks used to do. 

            But don’t be like those who plan to run away with Kuda Overdrafts without payment back, it’s not fair, you know.

             

            This post “Kuda Overdrafts: Eligibility and How to Qualify to Borrow Money from Kuda Bank” first appeared on https://www.gbolamedia.com – Do not copy without permission.

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