You are here: HomeBusiness2022 12 14Article 612635

Business News of Wednesday, 14 December 2022


Nigerians roast Kuda Bank for alleged deductions, failed transactions

The photo used to illustrate the story The photo used to illustrate the story

Kuda Bank users in Nigeria have lashed out at the bank for failed transactions which the bank allegedly turn a deaf ear to.

According to social media comments, thousands of customers of the bank have complained about how the bank failed to send money to destination accounts and also never reversed them.

One of the bank’s customers stated that said a Kuda Bank customer sent money to him which he did not receive.

He said: “Someone using kuda sent money to my access account, I did not receive the money and the money was not reversed to the sender's account.”

Other customers said money is missing from their account which the bank failed to address.

Kuda Bank is a digital-only bank and largely branchless and customers find it difficult to lay complaints.

In August year, Kuda Bank secured $500 million in funding from funders.

TechCrunch reports that the startup has closed, via its London entity, a Series B of $55 million — money that it plans to use to use the funds, not just on new services for Nigeria, but to prepare its launch into more countries on the continent and to build a new take on banking services for “every African on the planet.”

The funding was made at a valuation of $500 million, and it comes on the back of some impressive early growth for the startup.

But recent comments by users in Nigeria seems to dent the bank’s hitherto impeccable records of seamless transactions. The current spat with customers has packed thousands of tweets on the microblogging site, Twitter.

The hashtag, #KudaBankScam remains one of the top trends on the social media site.