From July 15, Kuda Bank will charge clients N50 for deposits of N10,000 and more.

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.

In accordance with the federal government's obligation act, the bank wrote in the mail. Every depositor who makes a deposit into your Kuda account for N10,000 or more will be charged a N50 fee as required by law. Beginning on Friday, July 15, 2022, this fee will be imposed on all electronic transfers, debit card deposits, and cash deposits made into your account at any of our partner institutions.

The bank emphasised that it would not profit from the N50 taxes because all money would go directly into the government's coffers.