Kuda Microfinance Bank’s Spending Report feature has been a highlight of the month for the bank’s customers. The report Launched on January 8, 2024, details how customers spent their money in 2023, including figures for transfers, airtime purchases and bill payments such as electricity and TV subscriptions.
The report also showed how customers used the bank’s popular overdraft feature, which allows eligible customers to spend above their account balance up to a limit at a low interest rate.
According to a 2021 survey by EFInA, a UK development institution, a lot of adults living in Nigeria have limited financial literacy and capability, particularly in financial planning. Kuda’s Spending Report is one way to improve financial literacy and help everyday people plan their finances, showing them how they’ve earned money, spent money, saved and even invested.
Many Kuda customers took to X, formerly Twitter, to share their spending reports and how the data in the report could influence their financial decisions in the future. One user, @drackfel said, “I love the new @joinkuda spending report update. It can help one improve how to spend money. Kudos to you Kuda!”
Another customer, @DeejayHolla revealed that he would change his spending habits in 2024, “Kuda just sent me my annual spending report and I don almost get asthma. This year will be different, walahi.”