Kuda Bank is a virtual Nigerian microfinance bank that allows you to access traditional banking services at lower rates, with no fees, and without ever having to visit a banking hall. The Kuda Bank app has a lot of options. One of them is the Kuda Spend and Save feature.
What is the Kuda Bank “Spend and Save” feature?
Kuda invented the “Spend and Save” feature in order to instill a savings culture in Nigerians. This tool is intended to help you save money with each transaction automatically. This initiative deducts and saves a set percentage of the amount spent on each outgoing transaction made on your account. Transfers, bill payments, and card transactions are all included.
You, the user, determine what percentage is deducted. You can set it as high or low as you like. When you enable the Kuda Bank Spend and Save feature, your savings are kept in your savings wallet and can be withdrawn at any time. In this guide, I’ll walk you through the steps to enable the Kuda bank Spend and save feature.
How to Enable Spend & Save on Your Kuda Bank Account
- Open and log in to your Kuda Bank app.
- On the homepage, tap on the ‘Savings’ icon.
- Tap the ‘Save Now’ button located at the top right of your screen.
- From the options listed under the Create a Goal section, tap on “Spend and Save”.
- Toggle on the switch located at the top right corner of your screen. Then set the percentage you want to save when you spend from your account and click the checkmark.
After successfully enabling this feature, the selected percentage of an outgoing transaction will be deducted and transferred to your savings wallet. You can also see your total savings and all incoming savings transactions in the ‘Savings’ section of your dashboard.
How to Withdraw Money from the Spend and Save Wallet
Here’s how to withdraw your savings to your main account, known as ‘Spend.’
- On your dashboard, press the ‘Savings’ button.
- Select ‘Withdraw’ from the ‘Saved’ menu.
- Enter the amount you want to withdraw from your savings account and tap ‘Withdraw’ at the top right of your screen.
Your savings will be credited to your main account automatically.
Unlike other savings platforms, there are no set withdrawal dates, so you can withdraw whenever you want without incurring any additional fees or charges. You can also change the savings percentage at any time.
So, would you be willing to try this method of saving? Tell us in the comments section below.