Finance

How to Become a Kuda Bank Aggregator or Kuda Bank Agent

Benefits of becoming a Kuda Bank Aggregator or Agent

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Are you interested in working as a financial services provider and making additional income?  Kuda Bank will give you that  opportunity.  As known, Kuda Bank is the only digital bank that operates in Nigeria.  It provides a wide range of financial services to its users. Their services include account opening, cash transfer, cash withdrawal, loans,  bill payment, and Airtime and Data purchase. 

Kuda Bank Aggregator

When you become a Kuda bank Aggregator or Agent, you will earn a commission for every transaction done from your units. You help others access Kuda Bank’s financial services.  In this blog post, we will tell you everything you need to know about becoming a Kuda bank Aggregator or Agent and how you can become one.

Who is a Kuda Bank Aggregator 

A Kuda Bank Aggregator is a person that acts as an intermediary between merchants and Kuda Bank. It is an individual or business entity that helps Kuda Bank to recruit, train and organize Agents who would help Kuda Bank to reach wider customers.  It is safe to say that Aggregator has a group of Agent (merchants)  who provide financial services to customers on Kuda Bank’s behalf. As an Aggr, gator you earn commission on any transactions done within your network.

Functions of Kuda Bank Aggregator 

Here are some functions of a Kuda Bank Aggregator.

  1. Payment Processing: Kuda Bank Aggregator can process all kinds of payments including debit cards, credit cards, mobile wallets, bank transfers, and more. It integrates with multiple payment gateways and can provide secure and fast payment processing.
  1. Financial Data Aggregation: Kuda Bank Aggregator can integrate with multiple financial institutions and provide real-time access to account balances, transaction history, and other financial data.
  1. Automated Reconciliation: Kuda Bank Aggregator can reconcile payment transactions automatically and provide accurate and timely reporting.
  1. Fraud Prevention: Kuda Bank Aggregator incorporates fraud detection and prevention tools to ensure the safety of financial transactions.
  1. Analytics and Reporting: Kuda Bank Aggregator can provide actionable insights into payment transactions, user behavior, and other transaction-related data.
  1. Customer Service: Kuda Bank Aggregator provides customer service support to merchants and users regarding payment-related issues.

Who is a Kuda Bank agent?

A Kuda Bank Agent is a person or business entity that provides financial services to customers on behalf of Kuda Bank. You can as well say that a Kuda Bank Agent is an intermediary between Kuda Bank Aggregator and Customers. Agents can open accounts for customers, deposit and withdraw funds, help them to make bill payments, get access to loans, etc.  As an Agent, you earn a commission for every transaction you carry out. You can also decide to charge your customers extra bulks for withdrawing and depositing.

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The function of a Kuda Bank Agent 

  • The function of a Kuda Bank agent is to act as a representation of Kuda Bank and provide services on behalf of the bank to customers who are unable to access the bank’s physical branches. 
  • Kuda Bank agents are responsible for performing a range of tasks such as opening new accounts for customers, providing account-related information, assisting with deposits and withdrawals, and facilitating transactions.
  •  They are also responsible for ensuring the security of the bank’s funds and maintaining accurate records of transactions carried out.
  •  Kuda Bank agents are trained to provide high-quality customer service and effectively address any issues or concerns that customers may have.

Advantages of being a Kuda Bank aggregator or agent

There are mouthwatering benefits that you will enjoy if you successfully become a Kuda Bank Aggregator or Kuda Bank Agent. We believe this is the best part of the deal, so read carefully to find all the benefits.

How to become a Kuda bank Aggregator or Kuda Bank Agent 

To become a Kuda Bank Aggregator or Agent there are some requirements you will need to meet, such requirements might include, Getting your business registered with Corporate Affairs Commission (CAC) certificate, having a good credit score, and complying with other regulatory requirements set by Kuda Bank.

Requirements to Become a Kuda Bank Aggregator or Kuda Bank Agent. 

To become a Kuda Bank Aggregator or Agent you must meet up with the following Requirements.

  • Be a Nigerian citizen or legal resident
  • Valid means of identification such as national identity card, driver’s license, or international passport.
  • Have an active bank account with any Nigerian bank.
  • You must have a smartphone with internet access.
  • Have a group of agents that are ready to work under your team ( this is for Aggregators only). 
  • For agents, you must show proof that your business center is in a place where people can locate you.
  • Ensure that your business is registered with a Corporate Affairs Commission (CAC) certificate. (For aggregator only). 

Once you meet up with the above criteria you are good to go to the next stage.

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Applying as a Kuda Bank Aggregator 

Here are the steps to register as a Kuda Bank Aggregator.

  • Visit Kuda’s bank’s official website or App.
  • Click on the Aggregator/Agent icon
  • Fill out the information required. You will be required to fill out your bio-data and your contact information, make sure you use an active email address and mobile number.
  • Wait for approval. Once you have filled out the application form accurately and submit it. The next phase is to wait for approval. Kuda Bank customer support will contact you through email within 48 hours to inform you of the outcome of your application. If your application is accepted, Kuda Bank will send you further details on getting in as an Aggregator or Agent.
  • Integrating with the Kuda bank payment system: once your application is reviewed and granted, the next thing to do is to integrate with the Kuda bank payment system to make it possible for your customers to get payment into their Kuda bank accounts.

Don’t bother yourself about integration documentation as Kuda Bank offers that to assist you with the process.

How to Become Kuda Bank Agent 

To become a Kuda Bank Agent you have to meet up with the requirements. Below are the necessary qualifications you have to meet.

  • Valid means of identification such as National ID, voters card, Drivers license, and international passport.
  • Register your business with the Corporate Affairs Commission (CAC) (this is not mandatory for both Agents and Aggregators).
  • Have a physical business center.

Once you have got all those requirements to go on to apply to become Kuda Bank Agent.

Apply  to Become a Kuda Bank Agent 

Follow these steps to apply as a Kuda bank Agent.

  • Log into the Kuda bank app, or visit their official website.
  • Click on the Agent Register section
  • Fill out the application form correctly and accurately. You will be required to fill in your bio-data and contact information. Remember to use an active email address and phone number.
  • Submit your application and wait for approval. Once your application is approved Kuda customer support will reach out to you with further details and instructions. It will take about two days for Kuda Bank to contact you. So you have to be patient.
  • Once you get trained as a Kuda Bank Agent, your POS machine will be delivered to you.

As soon as you are certified as a Kuda Bank Agent you are free to start rendering financial services to customers on behalf of Kuda Bank and start earning your commission.

When working with Kuda Bank as Aggregator or Agent it is necessary to adhere to the existing terms and conditions of the partnership.

Helpful Tips for success as a Kuda Bank aggregator or agent

To run a successful Kuda Bank Aggregator or Agent Program can be demanding most times, but never worry here are some helpful tips that can help you navigate that part.

  • Provide great service to your customers: you have to be helpful, and professional when attending to customers both old and young.
  • Build Trust with your Customers:  Once you build trust with your customers by providing them with trusted and dependable financial services you will make a name for yourself in your community and this will increase customer patronage.
  • Stay up to date: As an Agent, always be ready to know what is happening within the Fintech industry and know how to adjust yourself to it. 
  • Offer discounts: At times offer discounts to your regular customers, this will make them happy and they will always want to come back.
  • Promote your business: once you stop talking about your business it will start collapsing. Promote your business through local media like Facebook, banners, flyers, etc. 
  • Keep trying: building a business is not an easy task, it will not grow in a day but with consistency and dedication success is assured.
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Mistakes you should Avoid as Kuda Bank Agent or Kuda Bank Aggregator.

To succeed in this business, there are some mistakes you should avoid by all means. Here are some of them.

  • Bad attitude to your customers: this can only scare away your customers and with time you will be left with no one to patronize you. You have to attend to your customers politely and helpfully.
  • Lack of trust: avoid anything that will make your customers trust you. If it happens your business will be falling anytime soon. 
  • Poor marketing: in the good days talk about your business, on the bad days talk about your business. Bad marketing can lead to the collapse of your business.
  • Inadequate training: Before you start offering financial services as an Aggregator or Agent you have to go through a training program provided by Kuda Bank. This is to enable you to know everything about the business. However, if you fail to attend the training or complete the training program you will be heading the wrong way.

FAQS on How to Become a Kuda Bank Aggregator and Kuda Bank Agent 

Is Kuda Bank POS free of Charge?

No. Merchants are required to pay some fees before their POS machine is delivered to them. The price of Kuda bank POS machines varies because of factors like the type of POS terminal and the distinction where it will be delivered.

What is another name for Kuda Bank?

Another name for Kuda Bank is Kuda microfinance bank. 

Which Bank controls Kuda Bank?

No bank controls Kuda Bank, it is a standalone digital payment platform. It is not owned or controlled by any bank. However, the central bank of Nigeria remains the policy setter of all the digital and Traditional banking cooperation in Nigeria.

How much does Kuda charge per transaction?

Most of the Kuda bank financial services come with no charge or little charge. Remember that all the service done from their app is subjected to a 2% commission.

What is Tier 3 on Kuda Bank’s ranking?

Tier 3 on the Kuda banking system is the highest level of account verification which requires users to verify their Accounts using documents such as BVN and a valid IDENTIFICATION card such as a National ID, voters card, driver’s license, or international passport.

Conclusion 

In summary, as a Kuda Bank Aggregator or Agents, you have created new ways to supplement your earnings while helping others to access Kuda financial services. To stand out in this business you must be good at what you do. Build and trust, render helpful service as we told you earlier.  Don’t be rude to your customers and don’t stop talking about your business even while it is growing and when it has grown to a certain level, keep the promotion the same.

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