Kuda to take N50 on N10,000 as fintech firms begin charges on customers’ deposits

Kuda Microfinance Bank, a provider of financial services, announced levies on customer deposits across its network on Tuesday.

The bank informed its clients via email that starting on Friday, it will charge N50 for each deposit of at least N10,000 made into clients’ accounts through its network.
According to Kuda, the choice was consistent with the Federal Government’s stamp duty policy.

The company noted that the change will apply to all cash deposits made at any of its partner banks, as well as electronic transfers, debit card deposits, and cash deposits made to accounts.

The noticee read: “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.

“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.

“We will 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.”