Kuda POS Charges Latest Rates in 2023

Kuda POS Charges 2023 — Latest Rates

Kuda is a Fintech startup that operates in Nigeria. Interestingly, it has gained wide user coverage since its inception. However, unlike other similar kinds of businesses operative today, Kuda does not have physical terminals or POS. It has what is called the “softPOS.”

Surprised? Well, I’m sure you must have heard about SoftPOS, maybe not, and wonder how it operates. You are on the right page! In this article, I will be showing you how Kuda POS operates as well as its charges.

About Kuda POS Machine & Charges

Kuda operates what is called the softPOS. As its name implies, it is 100% mobile. It is available for customers who have a business account and are interested in operating the Point of Sale business.

The SoftPOS is a feature that was introduced into the Kuda Business Mobile app. This allows customers to receive card payments from their mobile phones. Customers can make payments through a card or their virtual equivalent. 

Another distinguishing feature of the SoftPOS is that it also allows EMV contactless cards (unlike the conventional cards, it allows users to wave the card over a reader at a point of sale to make payments) and invariably turns your mobile phone or tablet into a POS terminal.

It is important to note that only Androids running version 8.0 and higher can operate the SoftPOS.

How much does it cost? Well, nothing! All you need is to be registered on the Kuda Mobile App and utilize this feature amongst several others.

Read also: Flutterwave POS: All You Need To Know – Swiftbills

Kuda POS Withdrawal Charges

Kuda does not charge any fee for withdrawals. It is absolutely free. Though, agents or persons operating the Kuda SoftPOS may fix a fee for such transactions.

Kuda POS Transaction Charges

Kuda POS has no specific charge for all kinds of transactions. From my research, Kuda charges nothing for withdrawals and deposits and charges N10 naira per transfer, the 25 free transfers for personal account holder per month does not apply to the business account.

Kuda POS Deposit Charges

Kuda charges nothing for deposits made on its mobile banking app. This means that all successful deposits attract no fee.

Read also: Baxi POS Charges and Prices in Nigeria – Swiftbills

Quick Comparison Table: Top Kuda POS Machine Charges

	Withdrawals	Deposits	Transfers	Subscriptions
Kuda	0%	0%	N10 naira	2%
Opay	0.5%	N10 naira	N10 naira	2%
Moniepoint	0.5%	N20 naira	N20 naira	2%
Palmpay	0.5%	N10 naira	N10 naira	2%

Conclusion

Kuda is a Fintech startup that is operative in Nigeria. Also, unlike the conventional POS or terminal used by similar businesses, Kuda uses the SoftPOS system which is a feature provided on the Kuda Mobile Banking app. This feature also cannot operate on Androids running below the 8.0 version.

FAQs on Kuda POS Machine & Charges

How much is Kuda POS price?

Kuda operates a SoftPOS that functions through the mobile app. From my research it only requires you to be registered on the Kuda Banking Mobile App to access this feature 

How can I get the Kuda POS machine?

Kuda does not have POS machines. However, you can operate a terminal by using the SoftPOS feature provided in the Mobile app.

Is Kuda licensed by CBN?

Yes, Kuda is registered with the Central Bank of Nigeria with a microfinance banking license.

---