Nigerians Roast Kuda Bank For Alleged Deductions, Failed Transactions

Nigerians Roast Kuda Bank For Alleged Deductions, Failed Transactions

  • Kuda Bank customers have come for it for neither crediting nor reversing transactions
  • The Customers said the bank also allegedly deducted funds from their accountd without explanation.
  • The bank has been at the foreforent of championing innovation and creativity in the banking industry in Nigeria

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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.

Kuda Bank, Customers
Kuda Bank customers come for the bank over failed transactions Credit: Kuda Bank
Source: UGC

Kuda Bank 'dents' impeccable image

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

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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.

The bank burst into the Nigerian banking scene and literally stole the show with its cutting-edge technology and innovations.

The bank won hearts when it announced that the first 25 transfers to other banks are free.

Kuda Bank raises millions of dollars in funding

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.”

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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.

There are no official comments from the bank over the allegations.

Kuda Bank challenges mainstream banking system in Nigeria and winning so far reported that for the most part, Kuda Bank is branchless. Meaning it has no physical structures, nowhere to physically go and lay complaints if anything goes amiss.

But it has not deterred Nigerians, especially the youths from operating an account with it.

As of the last count, the bank has amassed over 1.4 million customers since it came on stream in 2017, five years ago.


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