Three months old digital-only Kuda Bank seems doing the unthinkable as it pioneers zero charges banking in Nigeria.
Unlike other commercial banks, licensed by the CBN, operating within the financial sector; Kuda is running its services without levying charges on its banking customers.
Banking with the digital Kuda firm, therefore, comes with zero worries on deductions for card maintenance, transfers and others commonplace charges that goes with holding an account with mainstream commercial banks.
Although, as a digital-only bank, Kuda Bank won’t be erecting physical structures as mainstream banks would. Running digital, hence, serves it the opportunity to shelf running cost on facilities, maintenance and other logistics.
According to the bank, the system was designed to ease the process of banking while ensuring that customers benefit maximally from the relationship.
However, why this might be considered as a revolution within the financial sector, there are registered concerns from financial analysts on how Kuda plans to scale with it non-charges ambition as a business entity for profit.
There are also speculations from the general public, perhaps, Kuda is doing this as a way to penetrate into the customarily stiff market before changing gear to apply charges.
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