Kuda Microfinance Bank, popularly labeled as the “Bank of the free” has announced that it would charge its customers N50 per N10,000 from the 15th of July 2022. 

Driving the news 
Kuda Microfinance Bank made the announcement through mail sent to all its existing customers. The bank claims the N50 charge is in line with the Federal Government’s stamp duty act and would apply to electronic transfer, money added to your account with a debit card and cash deposits made into your account at any of our partner banks. 

What Kuda bank is saying
In the mail sent to its customers, Kuda Bank stated that all the charges that would be attached to deposits from July 15th would be remitted to the Nigerian government. 

  • Kuda Bank further assured its customers that it would continue to offer free financial services, such as covering the cost of customers’ first 25 transfers to other banks every month. 

What you should know 

  • Kuda bank, a fast-rising digital bank, broke into the Nigerian market in 2019 with a label called the “Bank of the free”. It has since then grown its customer base to over 2 million customers after almost 3years. 
  • It recently raised $55 million in a Series B round at a valuation of $500 million. This is coming just a few months after raising $25 million in a Series A round.
  • The success of Kuda bank can be accredited to its brilliant marketing techniques and the adoption of digital banking during the 2020 pandemic.
Leave a Reply

Your email address will not be published.