Kuda Bank to Charge N50 on Every N10,000 Deposits

By Adedapo Adesanya

Self-acclaimed bank of free, Kuda Bank, will from Friday, July 15 charge N50 on all deposits of N10,000 and above made into customers’ accounts.

According to the neo-bank, in a message sent to customers on Tuesday, which was seen by Business Post, this action is in line with a directive of the federal government.

It read, “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.”

The 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.