Kuda bank will begin the deduction of N50 on all deposits of N10,000 and above, made into customers’ accounts, starting from Friday, July 15.
In a message sent to customers on Tuesday, Kuda bank claimed the move was in accordance with a directive issued by the federal government.
“In line with the Federal Government’s Stamp Duty Act, we’re required by law to apply a 50 naira charge to all deposits of 10,000 Naira or more made into your Kuda account,” the bank said.
The new charge will apply to “electronic transfers, money added to your account with a debit card [and] cash deposits made into your account at any of our partner banks.”
The bank made it clear that it will not benefit financially from the charge because the central government has ordered all financial institutions to impose it; all funds collected will be remitted directly to the government’s coffers.
“No, 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,” the digital lender clarified.
Nevertheless, it guaranteed customers free financial services, including paying for the first 25 transfers to other banks each month as its tradition.
“We’ll 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.
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