Connect with us

E-Financial

Kuda, New Bank Offers Zero Fees for All Transfers for Life

Published

on

Kindly share this post

Kuda, a digital-only bank licensed by the Central Bank of Nigeria (CBN), has kickstarted a revolution in Nigeria’s banking sector with no charges for all transfers for everyone forever.

Kuda, New Bank Charges Zero Fees for All Transfers for Life

Kuda

Kuda, which is about three months old provides full banking services through its apps for Android phones and iPhones, allowing everyday Nigerians with internet access to run a current account, save money automatically and earn up to 15 percent annual interest without the burden of bank charges.

By running a business model that excludes card maintenance fees, account maintenance fees, and excessive transfer fees, Kuda has set a precedent that sets it apart from other banks.

The bank also provides its customers with free debit cards which are delivered at no cost nationwide, differentiating it from digital wallets.

Babs Ogundeyi, CEO of the bank said that being exclusively digital saves the bank the heavy cost of running a network of branches, savings which are then transferred to customers in the form of free.

Ogundeyi also used the occasion to announce Kuda’s lifetime offer of 25 free interbank transfers every month for all its existing customers and everyone who opens a Kuda account before January 1, 2020.

“We discovered that most people make less than 20 transfers every month for personal use, so we decided to give everyone who opens a Kuda account this year 25 free transfers every month forever,” he said.

At the same event, Kuda’s efforts to make banking affordable for Nigerians were praised by several stakeholders in the finance and tech sector including Samuel Goriola Oluyemi, head of Emerging Markets/IFR/Agency Management at the Nigeria Inter-Bank Settlement Scheme (NIBSS).

“[Kuda has] revolutionized banking in Nigeria. Things we never thought could be done are things you’re doing,” Mr. Oluyemi said.

Also in attendance at the town hall meeting were: Hakeem Adeniji Adele, Deputy Managing Director of eTranzact;  Chidinma Iwueke, a partner at Nigerian venture capital firm Microtraction and Wale Olokodana, Business Group Director, Cloud & Enterprise at Microsoft Nigeria.

The town hall meeting was supported by Microsoft Nigeria through the 4Afrika Initiative, an important partner in the bank’s mission to democratize financial services for Africans through digital technology.

Reiterating the global technology giant’s commitment to helping Kuda achieve its important goals, Microsoft 4Afrika’s EduAbasi Essien said, “Our mission at Microsoft is to empower every person on the planet to achieve more and our partnership with Kuda is a local case in point.

“We first joined forces with Kuda about two years ago, when they first emerged on the fintech scene. Known as Kudimoney at the time, Microsoft4Afrika identified this aspiring startup, selecting it for our BizSpark programme – a global platform that provides startups with access to Microsoft Azure cloud services, software and support free of charge over a one-year period.

“4Afrika’s volunteering program, MySkills4Afrika also provided further technical training to suit Kuda’s development at every stage of their startup journey – providing hands-on practical solutions and best practices on how to structure their technical infrastructure for improved outputs,” concluded EduAbasi.

Earlier this year, Kuda announced pre-seed funding of $ 1.6 Mn. The bank has since processed over N6.5 Bn (almost $18 Mn) worth of transactions and saved its customers tens of millions in fees.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Comments

E-Financial

FG Sacked IST Members over Fraud- Ahmed

Published

on

Kindly share this post

Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


Kindly share this post
Continue Reading

E-Financial

CBN Bans Customer-to-Customer Forex Transfer

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


Kindly share this post
Continue Reading

E-Financial

Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

Published

on

Kindly share this post

Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


Kindly share this post
Continue Reading

Trending