CEM REPORT | Kuda Bank has introduced new charges into its financial services in line with federal government new tax regime. The Bank has said it will charge N50 on all deposits of N10,000 and above made into its customers’ accounts.
The sub-charge would be applicable to deposits on electronic transfers, money added to accounts with a debit card as well as cash deposits made into account at any of its partner banks.
The fintech made the disclosure in a message to it customers stating that the action will commence from Friday, July 15.
“In line with the federal government’s duty act. We‘re required by law to apply a N50 charge to all depositors of N10,000 or more made into your Kuda account.
This charge will apply to the following kinds of deposits from Friday, July 15, 2022; electronic transfer, money added to your account with a debit card and cash deposits made into your account at any of our partner banks.”
The bank explained that the charge was as a result of a directive from the federal government and the proceed would be entirely remitted to the Federal Government 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,”
However, the bank assured its customers of 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.“
In December, Kuda announced that it had more than two-million customer. This comes six months after it signed up its one-millionth customer.
Speaking on the development, Bradley Want, Head of Growth and Analytics at Kuda said, “Nigerians seem to be more open to skipping the queues and the hassles that come with being at a physical bank. Everyone knows that it can be quite uncomfortable. We’re taking advantage of this positive change in perception by being where people are all the time and offering them value they can’t ignore.”