Update: Kuda Bank Now Charge N50 on Every N10,000 and Above Deposits

Self-acclaimed bank of free, Kuda Bank, will from Friday, July 15 charge N50 on all stores of N10,000 or more made into clients' records.

As per the neo-bank, in a message shipped off clients on Tuesday, which was seen by Business Post, this activity is in accordance with an order of the federal government.

It read, "In accordance with the Federal Government's Stamp Obligation Act, we're legally necessary to apply a 50 naira charge to all stores of 10,000 Naira or more made into your Kuda account."

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The charge will apply to "electronic transfers, cash added to your record with a check card [and] cash stores made into your record at any of our accomplice banks."

The bank explained that it won't cause a dime from the charge as all monetary establishments to have been guided by the focal government to apply the obligation, which will be completely transmitted into its money chests.

"No, we gain nothing from the charge. All monetary establishments have been guided by the federal government to apply the charge, and we hand over the whole charge to the government," the advanced loan specialist explained.

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Notwithstanding, it guaranteed its clients free monetary administrations including taking care of the expense of the initial 25 transfers to different banks consistently as is custom.

"We'll keep on giving our all to give you free monetary administrations that you can depend on, including taking care of the expense of your initial 25 transfers to different banks consistently.

"Kindly, note that the charge will apply from Friday, July 15, 2022," it added.

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