Kuda, the leading digital bank, has updated its business banking services to allow NGOs, SMEs, and incorporated trustees to open and manage business accounts entirely online. The move eliminates the long wait times and paperwork traditionally associated with setting up a business account, offering organisations a faster, more efficient alternative.
Through the Kuda Business app, organisations registered with Nigeria’s Corporate Affairs Commission (CAC) can select the NGO, SME, or incorporated trustee option during signup, submit their CAC documents, and provide trustee details. Verified accounts are activated within minutes a significant improvement over the days or weeks often required by traditional banking processes.
For many SMEs, NGOs, and religious institutions, managing donations, grants, and operational expenses has historically been slowed by manual systems and branch-based requirements. By enabling fully digital account management, Kuda Business simplifies these processes, allowing organisations to focus on growth, community impact, and operational efficiency.
Nosa Oyegun, SVP of Business Banking at Kuda, said the update demonstrates the bank’s commitment to removing structural barriers that slow Nigerian organisations down. “NGOs, SMEs, and religious organisations manage funds that directly impact communities. Yet they are often forced to operate with outdated banking processes. By enabling these institutions to open Kuda Business accounts entirely online, we’re giving them access to the same modern financial tools other businesses use, so they can spend less time on admin and more on delivering impact,” he said.
With Kuda Business, organisations can manage incoming donations and grants, make payments, track transactions in real time, generate professional account statements for audits and reporting, and grant controlled access to trustees, treasurers, and administrators, all from a single app. The platform is designed to meet regulatory requirements while significantly reducing manual review and customer support workloads, improving both efficiency and accuracy.
As reforms promoting cashless payments and digital financial services take hold in Nigeria, NGOs and SMEs are under increasing pressure from donors, partners, and regulators to operate with greater transparency and efficiency. Kuda’s latest update addresses this need by offering a dedicated digital account specifically designed for these organisations, unlike many traditional banks and fintech platforms that treat incorporated trustees as special cases requiring slower, manual intervention.
This innovation is expected to accelerate financial management, support better governance, and enable organisations across Nigeria to scale their operations efficiently while maintaining accountability and transparency.
