Finance

Kuda Bank News Today: What Is Wrong With Kuda Bank Today; Is Kuda Bank Having Issues Today

Kuda Bank is a bank that has earned the trust of Nigerians in recent times. This is because they have always focused on delivering legitimate financial solutions to their customers. However, in recent times, Kuda Bank has been the center of different reports. The question now is, what is the truth behind this report? In this article, you will be reading about the latest news on Kuda Bank. Let’s delve into it!

Kuda Bank News Today

A multichannel campaign has been launched by Kuda Bank to raise awareness of cashless payment possibilities in Nigeria.

The fintech’s co-founder Musty Mustapha claims that the “Cash Is Hard” theme campaign. The campaign “Kuda Is Easy” aimed to encourage more Nigerians who were searching for dependable cashless payment options to download the Kuda app.

Mustapha said in a statement that Kuda organized the campaign in response to Nigerians’ recent cash shortage and the ensuing shift in consumer behavior away from a general reliance on cash and toward the use of cashless payment methods.

Mustapha said, “Nigerians went through a lot during the cash scarcity, and it was only natural for them to find cash alternatives. More people are now open to cashless payments beyond cards and transfers, and we want them to know that there are reliable options for them on the Kuda app.”

He stated that the campaign’s goal was to increase people’s understanding of the benefits of cashless transactions and that all that was needed for a customer to participate was the ownership of a smartphone with an Internet connection and the ability to register a bank account using their Bank Verification Number and a legitimate ID.

The co-founder discussed the cashless payment features on the Kuda app and stated that users who had added their BVN to their Kuda profile would receive the fintech’s regular monthly 25 free transfers to any bank in Nigeria.

He also mentioned that the Kuda app’s “Pay With Bank” feature, which enables users to make purchases from their Kuda accounts to websites that take payments using Paystack, has gained attention lately as a dependable substitute for credit or debit cards.

What Is Wrong With Kuda Bank Today?

On Tuesday, Kuda Microfinance Bank made charges known for customer deposits made through its network.

The bank informed its clients via email that starting on Friday, it will impose an N50 fee for any deposits of N10,000 or more into their accounts on its network.

Kuda said that the ruling complied with the Federal Government’s stamp duty guideline.

It further stated that the move would apply to all cash deposits made into accounts at any of its partner banks, as well as all deposits made via electronic transfers and money transferred to accounts using debit cards.

The notice read: “In line with the federal government’s duty act. We‘re required by law to apply an 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.

“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.”

FAQ

Is Kuda Bank working in Nigeria?

Kuda runs entirely on your phone and you can have your debit card to any address in Nigeria.

Is it true Kuda Bank is folding up?

Kuda Bank as opposed to the viral tweet, has declared that it doesn’t have any plans to fold up soon.

Is it true that Kuda Bank has been blocked?

Kuda Bank has not been blocked. However, Fidelity Bank, a Nigerian commercial bank, has blocked neobanks like OPay, Palmpay, Kuda, and Moniepoint over concerns.

Why is my Kuda Bank transaction failing?

Your Kuda Bankransaction is failing because you may have an insufficient balance in your OPay wallet or linked bank account.

Is Kuda Bank safe to use during this period?

Kuda Bank is safe to use and with Kuda Bank, you can do all kinds of transactions without hassle.

Conclusion

Kuda Bank is a legitimate app that is customer-driven. This means that as a customer of Kuda Bank, you are the primary focus. It also means that any update that is experienced by Kuda Bank would be told to the customers first before any other party. So, it is wise to debunk that does not originate with Kuda Bank.