Kuda has announced that it has updated its business banking services to enable it to serve non-governmental organisations and incorporated trustees.

The institution revealed that the update means religious organisations, charities, and other registered organisations no longer have to navigate the long wait and paperwork traditionally associated with setting up a business account.

The SVP of Business Banking at Kuda, Nosa Oyegun, said the update is proof of Kuda’s focus on removing structural barriers that slow Nigerian organisations down.

Oyegun said, “NGOs and religious organisations are responsible for managing funds that directly impact communities, yet they are often forced to operate with outdated banking processes.

“By enabling incorporated trustees to open Kuda Business accounts entirely online quickly, we’re giving these organisations access to the same modern financial tools built by Kuda that other businesses already use, so they spend less time doing admin work.”

The company added that for many NGOs and religious institutions, handling donations, grants, and operational expenses has long been slowed by manual systems and branch-based requirements. However, Kuda said that with its business solutions, NGOs and religious institutions 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 on a single app.

Kuda said that it designed the account signup process to meet regulatory requirements while significantly reducing manual reviews and customer support workload.

The Kuda Business update is expected to make financial management faster and more transparent, allowing organisations to focus on their mission instead of battling administrative bottlenecks.

The PUNCH reports that Nigeria is home to thousands of registered NGOs and religious organisations, with Lagos State alone accounting for over 10,000 churches and mosques as of the last count in 2021. Across the country, incorporated trustees play a critical role in education, healthcare, humanitarian response and community development.

“As reforms promoting cashless payments and digital financial services take hold in Nigeria, NGOs and religious organisations are under increasing pressure from donors, partners and regulators to operate with greater financial transparency and efficiency. The new Kuda Business update is therefore timely, offering a dedicated digital account specifically designed for this segment, unlike many traditional banks and fintech platforms that treat incorporated trustees as special cases requiring comparatively slower manual intervention,” the company maintained.