According to Kuda Microfinance Bank, it would start adding N50 to any deposits made into clients’ Kuda accounts that total N10,000 or more.
The bank informed its clients by mail that this was in accordance with the Federal Government’s stamp duty laws.
The bank claims that the change would apply to cash deposits made at any of its partner banks as well as deposits made via debit cards, electronic transfers, and in-person cash deposits.
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.