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Kuda Begins Charging N50 on N10,000 Deposits

Kuda Begins Charging N50 on N10,000 Deposits

The financial service company, Kuda Microfinance Bank on Tuesday, announced charges on customer deposits across its network. In an email it sent out to customers, the bank said it would be charging N50 on every N10,000 or more made into customers’ accounts on its network starting from Friday.

The decision, according to Kuda, was coming in line with the Federal Government’s directive on stamp duty. It additionally said that the development would apply to every deposit on electronic transfers, money added to accounts with a debit card, and cash deposits made into account at any of its partner banks.

The notice read: “In line with the federal government’s duty act. We are required by law to apply a N50 charge to all depositors of N10,000 or more made into your Kuda bank account.

“This charge will apply to the following kinds of deposits beginning 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 profit from the charge. All financial institutions have been ordered by the federal government to apply the charge, and we hand over the entire charge to the government.

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“We will keep doing 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 N50 charge will apply from Friday, July 15, 2022.” The message concluded.

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