Digital bank Kuda in Nigeria has announced a price modification that would result in implementing a soft POS and terminating its free monthly interbank transfers for Kuda Business accounts.
Its innovative features like free transfers helped the fintech services achieve their goal of providing access to affordable financial services for all Africans on the continent, which won over many Nigerians.
The banks have different standard interbank transfer rates. Each additional transfer cost 52.50 naira in 2019 when Kuda first offered the 25 free monthly transfers.
Kuda Introduces SoftPOS To Assist Users
The bank stated in a Medium post announcing the choice that they wanted to assist consumers in saving up to 15000 Naira annually.
According to a recent statement, the bank has chosen to make certain well-studied modifications to assist in reliably delivering its services for Kuda Business. Terminating the 25 monthly free transfers is one of these measures.
“We created Kuda Business to empower Nigerian business people like you, and as a result, we strive to provide you with the best services possible. We need to make certain well-considered modifications to continue providing you with those services in a reliable manner and to continue adding helpful features to the Kuda Business app, including our new soft POS.”
The new rules will take effect on March 17, 2023.
For transfers, Kuda business accounts will now pay a flat fee of 10 Naira. Owners of personal accounts can still use the free monthly transfers, though.
“For our Kuda Business accounts, we will no longer provide 25 free transfers each month. No matter how much money you send, each transfer will cost you a flat fee of 10 Naira. For personal Kuda accounts, free transfers will still be available.
Kuda To Introduce Soft POS And Other features
New and forthcoming features, including Sales Mode, Kuda Payroll, and business registration on the Kuda Business mobile app, are a few of the enhancements Kuda hopes to implement.
Also, the digital bank will roll out a SoftPOS function that will let users accept card payments right from their smartphones.
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