In a fashion reminiscent of the popular “end-of-the-year reviews,” Kuda Microfinance Bank has released the fourth edition of ‘My Year On Kuda’, an annual spending report that gives its customers a clear view of their financial behaviour during the year. The report is packed with insightful information, from the total amount spent to the most frequent beneficiaries and top bill payments. 

“This report is designed to help Nigerians make smarter financial decisions by providing personalised insights into their spending, saving, and investment habits,” Kuda said. 

The report’s section detailing the customer’s use of the bank’s overdraft feature has been the clear standout.

Kuda Overdraft is popular for an obvious reason—it allows eligible Kuda customers to spend above their account balance at a reasonably low interest rate. As Nigerians reel from the effects of one of the worst cost-of-living crises, Kuda overdraft offers some relief, access to credit, and a pathway to avoid drowning in a cycle of debt. 

In a country with limited access to credit, Kuda Overdraft promises customers a safe, reliable, and affordable borrowing option, and these claims have been put to the test. The  simplicity and accessibility of Kuda Overdraft contrast starkly with traditional loans that require cumbersome documentation and collateral. Eligible Kuda customers can instantly access funds when their balance runs low, with interest accruing only after the first 24 hours. This convenience has made it a preferred borrowing option for everyday needs, from paying bills to covering unexpected expenses.

As more Nigerians turn to digital banking for their financial needs, Kuda’s continued innovation positions it as a leader in the country’s fintech sector. This is also a critical reason the microfinance bank is working on new product features.

“Kuda Overdraft transformed how Nigerians borrow, but we’re not stopping there. The next iteration of this feature is a game-changer, with updates like minimum repayments and detailed overdraft statements to make borrowing even simpler and more transparent. We are committed to making financial freedom accessible to you,” Kuda Chief Executive Officer Babs Ogundeyi said in a statement. 

As Kuda strengthens its position as a credit provider, many Nigerians who depend on its overdraft offering will be looking forward to these new features. And if the social media conversation about the product is anything to go by, the overdraft section will stand out again in the 2025 edition of ‘My Year On Kuda’. 

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