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

A financial service company, Kuda Microfinance Bank, on Tuesday announced charges on customer deposits across its network.

In an email to its customers, the bank said it would charge N50 on every N10,000 or more made into customers’ accounts on its network beginning from Friday.

The decision, according to Kuda, was in line with the Federal Government’s directive on stamp duty.

It added that the development would be applicable 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 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.”