Kuda Bank To Charge Customers N50 For Deposits Of N10,000 And Above From July 15

0
107

Kuda Microfinance Bank has stated that it will start charging N50 to all deposits of N10,000 or more made into customers’ Kuda account.

In a mail by the bank to its customers, it said that this is in line with the Federal Government’s stamp duty act.

According to the bank, the development 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.

Kuda Bank To Charge Customers N50 For Deposits Of N10,000 And Above From July 15

The bank in the mail stated, “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 however stressed that it gains nothing from the N50 charges as everything would be remitted to the government’s pocket.

“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,” it added.