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Kuda API: Developer's Guide For Business Banking

Here's how to use or integrate Kuda API for your banking business.
Kuda Open Banking API

Have you been wondering what Kuda API can do? Seek no further because in this article, we will simplify everything you need to know about Kuda API and how you can use it to power and connect your business to seamless financial solutions.

Kuda API or Kuda Business API is a set of developer-friendly tools for businesses to connect their apps and services to Kuda's financial system. It's an Open Banking API solution that allows your businesses scale by giving them access to Kuda’s account opening, payment and instant settlement services.

Think of it like a bridge that connects your business application(s) to Kuda financial system. With it, your business will be able to open virtual accounts for it customers being managed within the Kuda system.

Furthermore, Kuda Application Programming Interface (API) also allows you and your customers to transfer money from the virtual accounts to others or pay bills. It can also be used to check balance and see how much money is in your users' accounts.

In a nutshell, Kuda API helps businesses like startups and corporate organizations add financial features to their apps and services, making them more convenient and powerful for users.

Additionally, it gives them access to real-time data, up-to-date documentation and the power to make secure transactions. However, it's important to note that using Kuda API requires a business account and completing a verification process.

How does Kuda API works?

To put Kuda API to work, you will need to create a Kuda Business Account. After that, you can click on this link to get started. The link will take you to Google Play Store or Apple app store to download and install Kuda Business Banking App.

Once the Business Application is installed successfully on your PC or Mobile, login your business account or create new one if you don't have an account yet. After sign in, navigate to API section to start the connection/integration process.

Kuda Application Programming Interface
How Kuda Business API works

Upon integration, you will be given a series of protocols, a client_id, public_key, private_key, which can be used to access your API account and begin testing out the APIs in Kuda's sandbox.

Kuda API offerings and services

Here are services you and your customers can use with Kuda API being integrated in your businesses:

  1. Sub Accounts: With Kuda API, you and your customers can create fully functional virtual accounts, make transfers and analyse transaction history on any of the accounts easily.
  2. Make Payments: With Kuda API, your business can integrate bill payments services, transfer services and savings, issue cards and set up webhooks for instant notifications.
  3. Gift Card: Your business can also offers Gift Card purchasing within it customers interface. Furthermore, the API offers debit card issuance, and instant settlement of payment transactions.
  4. Instant Settlements: The Kuda Business API makes instant settlement after any POS transaction possible for agency banking aggregators.
  5. Earn Commissions: The bill payment section of the API allows you to earn commissions every time your customers or your user's customers buy airtime or pay a bill. It's more or less like a networking.

Kuda API documentation

To use Kuda Business API doesn't necessarily need a bulk paperwork. All that's needed is your business registration certificate to complete know-your-business (KYB) verification.

Once you've submitted your Corporate Affairs Commission (CAC) certificate on the Kuda system, click on "Business API" on your Kuda Business dashboard and select "Activate Business API", then follow the prompts on your screen.

Note, it's important that your businesses are documented in the country where the API will be used. If not, your application maybe declined.

Kuda API Pricing and Limitations

Currently, Kuda doesn't charge you for using its Business API. However, the service charges you and your customers for only "NIP Transfers"; transferring from Kuda banking system to another bank.

In other words, Kuda API itself is free to use for businesses to integrate into their applications. There are, however, transaction fees associated with certain functionalities including:

  • Transfers: Sending money to other Kuda accounts is free, but sending money to other banks incurs a flat fee of ₦10 per transfer.
  • Virtual accounts: Creating and maintaining virtual accounts is also totally free, but limitations exist on transferring out large sums of money from these accounts.

According to Kuda, regulations have been set on transfers out of the virtual accounts.

Final words

In conclusion, Kuda Business API offers a convenient and secure way for businesses to integrate financial functionalities into their applications.

Kuda's API allows features like creating virtual accounts, facilitating money transfers, and checking account balances.

Notably the API itself is free to use, but transaction fees apply for certain actions like sending money to external banks.

If you're a business owner or developer looking to enhance your app with financial services, exploring Kuda Business API might be worthwhile.

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About the Author

With five years experience in Media, Temmy Samuel's become a modern journalist, delivering impressive reporting about tech, finance, business and science around the world. More About Temmy

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