Kuda Bank No Longer Bank Of The Free, Rolls Out Charges For Account Users

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Brand Spur
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Kuda Bank
Kuda

Kuda Microfinance Bank is no longer a bank of free following the development of 50 naira charges on every for deposits of 10,000 naira and above.

In a mail by the bank to its customers, it said that the new development to take effect from Friday, July 15, 2022 is in line with the Federal Government’s stamp duty act.

The Kuda Bank mail reads thus, “In line with the Federal Government’s Stamp Duty Act, we’re required by law to apply a 50 naira charge to all deposits of 10,000 Naira or more made into your Kuda account.”

The charge will apply to “electronic transfers, money added to your account with a debit card [and] cash deposits made into your account at any of our partner banks.”

Kuda bank clarified that it will not make a dime from the charge as all financial institutions have been directed by the central government to apply the duty, which will be entirely remitted into its coffers.

“No, we don’t gain anything from the charge. All financial institutions have been directed by the federal government to apply the charge, and we hand over the entire charge to the government,” the digital lender clarified.

However, it promised its customers free financial services including covering the cost of the first 25 transfers to other banks every month as is tradition.

“We’ll continue to do our best to give you free financial services that you can rely on, including covering the cost of your first 25 transfers to other banks every month.

“Please, note that the charge will apply from Friday, July 15, 2022,” it added.

Brand Spur Nigeria captures some Twitter reactions after the development, see below;