Kuda Microfinance Bank has announced to its customers via mail that it would commence charging N50 on all deposits of N10,000 and above from July 15, 2022. According to the mail, “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, or cash deposits made into your account at any of our partner banks”.
Kuda bank customers have expressed dissatisfaction over this development but the bank stated that it has nothing to gain from the N50 charges.
The bank said, “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 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”.
