DrRasheed:
There's no fcknn way Fintech will flourish under multiple taxation policies of this administration. Kuda Bank has really tried but woefully failed.

What multiple taxation for a bank that don't have physical branches? Well, their financial report is out, go and check how much they paid in taxes. The simple truth is that they are not making enough money.
No be everything be govt fault!

Maj196:
Kuda na thief normally. But i enjoy their services sha

abeg explain to me how them take be thief

DrRasheed:
There's no fcknn way Fintech will flourish under multiple taxation policies of this administration. Kuda Bank has really tried but woefully failed.

Nonsense, go and research all the biggest companies on the Internet from PayPal to google, Amazon, Facebook, even this Nairaland they all started with few years of loses.

damble:
Zenith bank is now misbehaving with her online banking, which good bank can you recommend please?

Guy go put your money for BiaBia bank and sleep and enjoy the peace.

Thank God oo.....I just opened account with them TODAY O!!!! Haa oluwa seun oo!! Na reverse gear I dey so!!

NinjaXmetahuman:
banks are not making profits from charges.

Most of their profits come from loans and investments.

How did you arrive at this conclusion?

Hope this is not a gimmick from their counterpart...

Your first line is overreaching yourself because you DO NOT know their tax liability.

The rest of what you wrote is true and makes sense yet is STILL speculation as you are not privy to their inner workings.

The N6B loss may even be related to fraud by those at the top. We can't say for sure.

Time will tell us what happened

thebosstrevor1:


it has nothing to do with multiple taxation, between this company has only one physical office that barely works.

venture capitalist-funded companies like kuda are designed to make a lot of losses because their aim is to fast-track growth in order to look good for buyers and also for IPO.

they over spend on marketing and employment, they don't work like your typical bootstrap companies

Benjaniblinks:
Let me go and withdraw my remaining money there

....

BeardedMeat:
How did you arrive at this conclusion?

simple google seeach.

www.google.com

digital bank would have difficulties surviving , they might have a good model but sadly what works in other countries don't work in Nigeria because we have mostly crooks as citizens ....because the fact you have an NIN does mean someone can't impersonate your identity, the fact that you have a phone number doesn't mean it is solely attached to you, the fact that you open an account with a digital bank doesn't mean your details won't be use to open another virtual account without your knowledge...so they are many but .. set out to deliberately frustrate the system

jclassiq:
Jesus Christ !!! Are you serious?
Omo.. no be small thing o.
These guys usually come with some bogus unique propositions like "free transfers", blah blah blah... And you begin to wonder how they intend to stay above water with revenue.
And i have fallen in love with Dem o. Chai.
Let me quickly pull out now before its too late.

So,you don't want to be their friends forever. Chips went down for them and you're pulling out? But they've been so friendly to you. NAIJA.

My 2k ooooooo

make I go withdraw my 12k

NinjaXmetahuman:
simple google seeach.

www.google.com

Are you serious?

.......with smile on their faces

I was planning depositing my Life savings in kida oo....na God save me!

BeardedMeat:
Are you serious?

yes.


You don't need to be a genius to know simple stuff like that.

When you put your money in the bank, the banks don't just keep it save for you inside kolo or piggybank. They loan it out for interest rate.
They loan to big and medium scale companies with low risks like dangote, mtn etc.
When companies service their debts, they make huge profits. They take over companies that defaults like Etisalat which is currently owned by banks and investments and has turned to 9mobile.

They also invest the money in companies and shares to make profits.


Bank charges is just to maintain their equipment to provide quality service for you. Their main profits are not from there.

Acidosis:
You see all these financial technology companies spending billions on ads and Big Brother Naija, better run oo. If you must patronise them, please watch closely and know when to run.
It takes a minimum of 1 Billion Naira to co-sponsor the show.

Patricia tried it and now the company is f**ked. Revolution Plus did it and messed up investors' confidence. Abeg is literally dead, etc. That show wrecked another e-commerce company like that. People should also be careful with the likes of Piggyvest.

Payporte is that e-commerce company I guess?

Normal with financial institutions.

Carbon is very well doing well, they need to start loan, is the best way to raise money in Nigeria.

NinjaXmetahuman:
banks are not making profits from charges.

Most of their profits come from loans and investments.

Yes the dey do. It's called non-interest income.

iamrealdeji:
So,you don't want to be their friends forever. Chips went down for them and you're pulling out? But they've been so friendly to you. NAIJA.

Ahhh...... for where money is involved? In this economy? No ooo

Them never start to loose. Stupid bank.

How

Time to remove all my money there

Hmmn! In the long term, giving freebies isn't an effective strategy.

Nozino:
How dem take lose the money? That aside, I intentionally forget 2k for my kuda account in case of raining days. I nr wan hear story oo

you mean 2k dollars right

NinjaXmetahuman:
yes.


You don't need to be a genius to know simple stuff like that.

When you put your money in the bank, the banks don't just keep it save for you inside kolo or piggybank. They loan it out for interest rate.
They loan to big and medium scale companies with low risks like dangote, mtn etc.
Then when companies service their debts, they also make huge profits. They take over companies that defaults like Etisalat which is currently owned by banks and investments and have turned to 9mobile.

They also invest the money in companies, shares to make profits.


Bank charges is just to maintain their equipment to provide quality service for you. Their main profits are not from there.

I know these.

But to say bank charges amount to nothing in revenue is being unfair to banks. So many have declared in billions, revenue from charges alone. Not the only source of income, but a good one.
If those charges meant nothing, some banks won't use COT free as a spelling point.

DrRasheed:
There's no fcknn way Fintech will flourish under multiple taxation policies of this administration. Kuda Bank has really tried but woefully failed.

Who said it was multiple taxation that caused losses, do you even know their business model?

SeaTrade:
Payporte is that e-commerce company I guess?

Yeah.. Thanks!

they are suffering for their sins , they allowed cbn to use them, customers, they closed a lot of customers' accounts then and most customers didnt bother to go back to them. most banks will post losses for this year that is certain

blesson04:
Kuda that used to lay the pass of their customers they're only good for back up accounts.




Anyways I buy PayPal, Zelle, Cashapp, Apple Pay and Venmo funds at Good rates or if you want to receive any of those funds