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Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC - Business (5) - Nairaland

Nairaland Forum / Nairaland / General / Business / Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC (46276 Views)

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Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by mrkingjerry(m): 8:26am On Nov 12, 2021
Kuda account have been used by these escrow cryptocurrency trades on telegram to dupe people. They tell you to send money to their kuda account, before they send you cryptocurrency. But they will not sent you any cryptocurrency, instead they banned you from the group.
So if they are banning the accouns of those bastard fraudster, it is a welcome development.
They should also be arrested.

1 Like

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by Lovenorth: 8:26am On Nov 12, 2021
darthv:

Seun,lalasticalala,myndd44
Rule number 2
Are you one of them? Are terrorists not useless?
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by SonofLothbrok: 8:29am On Nov 12, 2021
Stankovic22:
Nigerians most times react without reasoning.

Is it Kuda that made the law? If Kuda disobeys CBN and their licensed is withdrawn will you give them another one?

This things happen everywhere, hold the government accountable not an innocent company that is doing business to survive just like you and I in this difficult part of the world.

Just yesterday some students were busy insulting ASUU, calling them heartless this and that and I asked them just a question which they couldn't answer... " if your father is working and not getting paid by his boss, will you fight your father or encourage him to stop going to work? " they said they will fight the boss and stop the father from going to work and I asked, why then are you insulting ASUU for doing the same thing you would advice your father to do?

This government is evil and heartless, Kuda, ASUU, NMA, etc are just victims just like you and I.... Struggling to survive in a shithole country... Nigerians should be reasonable and stop adding salt to injury... No company will deliberately want to lose her companies unless there is a gun pointed at them.

Did you read the previous article. Or you just typed with out reading. I bank with kuda myself and most time a message pops up warning customers not to use their accounts for cryptocurrency transactions.
Kuda is at fault for tricking and handing their customer over to law enforcement agency to explain how he had over N800,000 in his kuda account when no crime or no laws was broken by its customer.

1 Like

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by AyeMoJuba: 8:29am On Nov 12, 2021
Okortor:
You all ran to kuda because of the convenient banking system and easy KYC documentation. Now the chips are down...you all still spilling trash...

I use kuda and av got millions in my account which they won't dare report me to EFCC because I don't accept suspicious or fraudulent Transactions neither inflow nor outflow on my account.

I'm a financialist n I know what's right n what's wrong.

I can't count how many suspicious accounts n transactions I've reported to the CBN as regarding AML.

STOP JUSTIFYING FRAUD, WHAT'S BAD IS BAD. IF YOU ARE LEGIT, YOU HAVE GOT NOTHING TO FEAR N WORRY ABOUT IRRESPECTIVE.

Great weekend guys. TGIF.

So trading CRYPTO is not legit?

1 Like

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by seanwilliam(m): 8:32am On Nov 12, 2021
tonyson010:


People trade however nothing like crypto is written, but the bad one is that u can easily lose Ur money in P2P once the other guy decided to flee with Ur money. U can't report to police or bank.
no one can flee with your money with p2p, u just need to report the vendor and upload payment prove . The crypto is reserved with the escrow . It’s safe.

2 Likes

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by Olam09(m): 8:32am On Nov 12, 2021
JaySterling:
Kuda is canceled!

Deleting the app right now

Mr cancel culture.. you think say na America you dey abi?

1 Like

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by teeytimi: 8:33am On Nov 12, 2021
lkillbrokehoes:
You guys should boycott the useless Kuda bank, as easy as that.

they will be the ones to lose alot of customers because I know that majority of account holders are youths buying and selling cryptocurrency.

The useless and incompetent government will never take the youths for granted, trading cryptos isn't a sin or illegal.

Infact alot of sensible countries have started adopting cryptocurrency but not this that useless giant shíthole of Africa called NIGERIA.
you guys should direct your anger to the right channel and stop acting like you don't know who is responsible for the down ward slide of the country
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by CyberWolf: 8:36am On Nov 12, 2021
IMAliyu:

Since they are not fintech companies I doubt they are overly monitored, but they are all in the same boat and can screw you over on CBN directive.

They best option is to bypass all of the Nigerian banking sector. If you can open up a bank account in a neighboring African country, or you have a USA/European bank account use that.
Yes I understand but not at least, they are OGs in the game and they know their way around, they don't just froze their customer account like that unless it's fraud related with a clear evidence. But normal p2p transactions without anything related to crypto in the description, I doubt they care.. All these new fintech companies are only acting out of panic/fear not to loose their license.
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by Newboss(m): 8:36am On Nov 12, 2021
JaySterling:
Kuda is canceled!

Deleting the app right now

Deleted mine since
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by Agadinaagwuofe: 8:41am On Nov 12, 2021
joey150:
Nigerians don't like accountability. The leaders are only a mirror of the people they lead. We have so many weak institutions because there are simply no checks and balances.

All this ruckus because a financial institution rightfully flagged an account due to a suspicious transaction? Financial institutions flag transactions for different reasons, it's not just about the sum of the money.

The person with the said blocked account can tender the required evidence and they should be absolved of any wrongdoing.

If it's about cryptocurrency, then banks have been explicitly warned by CBN not to facilitate crypto currency transactions of any kind. People should take it up with CBN and Emiefele and not Kuda.

I don't support the stupid herd mentality brewing on social media, neither do I have any incentive to support or crucify Kuda.

I will continue to use my Kuda account until I have a substantial reason not to do so.

The truth is if you are a businessman or entity operating in a capitalist economy like Nigeria you have to learn to walk on a tight rope between the regulatory body and your clients and this is not about Nigeria this is how it operates all over the world, even in US and other parts of the world people break every rule ranging from tax laws, regulatory policies etc but to stay afloat you have to walk around these policies.

ST (suspicious transaction) report being filed by banks has been in existence since time immemorial of banking operation but you hardly see big banks openly throwing customers under the wheel, what the KUDA should have done is filing ST report without involving in the arrest or prosecution allowing the law enforcements to do their work without tainting their reputation thereby mitigating reputational risk. They will experience a "run" and your money alone can't make them break even let alone make profits irrespective of how much you have with them. Seriously they erred from the business angle. I don't support fraudulent transactions but you have to learn to separate business from morality.

4 Likes 1 Share

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by datamillionaire: 8:43am On Nov 12, 2021
Okortor:
You all ran to kuda because of the convenient banking system and easy KYC documentation. Now the chips are down...you all still spilling trash...

I use kuda and av got millions in my account which they won't dare report me to EFCC because I don't accept suspicious or fraudulent Transactions neither inflow nor outflow on my account.

I'm a financialist n I know what's right n what's wrong.

I can't count how many suspicious accounts n transactions I've reported to the CBN as regarding AML.

STOP JUSTIFYING FRAUD, WHAT'S BAD IS BAD. IF YOU ARE LEGIT, YOU HAVE GOT NOTHING TO FEAR N WORRY ABOUT IRRESPECTIVE.

Great weekend guys. TGIF.
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by KaluwisxPRO: 8:48am On Nov 12, 2021
Lots of slaves on this trade who’re ready to lick ass just to soil the youths. Hate and hunger is a terrible disease.

1 Like

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by chloride6: 8:52am On Nov 12, 2021
AmazingELixir:
grin


I just can't wrap my head around Nigerians unassailable penchant for going against the law.

For me Kuda bank works....I've been making transfers and paying my bills without all those annoying bank charges.

What law does crypto trading violate?
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by henryobinna(m): 8:56am On Nov 12, 2021
Okortor:
You all ran to kuda because of the convenient banking system and easy KYC documentation. Now the chips are down...you all still spilling trash...

I use kuda and av got millions in my account which they won't dare report me to EFCC because I don't accept suspicious or fraudulent Transactions neither inflow nor outflow on my account.

I'm a financialist n I know what's right n what's wrong.

I can't count how many suspicious accounts n transactions I've reported to the CBN as regarding AML.

STOP JUSTIFYING FRAUD, WHAT'S BAD IS BAD. IF YOU ARE LEGIT, YOU HAVE GOT NOTHING TO FEAR N WORRY ABOUT IRRESPECTIVE.

Great weekend guys. TGIF.
a simple question is crypto transactions fraudulent? Say someone sells their cryptocurrency holdings and get paid to their bank account, does that constitute to fraud, at least in your definition?

3 Likes 1 Share

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by Lush100(m): 8:59am On Nov 12, 2021
Now here is a businessman talking.
Bro, u will go into biz and succeed.

Agadinaagwuofe:


The truth is if you are a businessman or entity operating in a capitalist economy like Nigeria you have to learn to walk on a tight rope between the regulatory body and your clients and this is not about Nigeria this is how it operates all over the world, even in US and other parts of the world people break every rule ranging from tax laws, regulatory policies etc but to stay afloat you have to walk around these policies.

ST (suspicious transaction) report being filed by banks has been in existence since time immemorial of banking operation but you hardly see big banks openly throwing customers under the wheel, what the KUDA should have done is filing ST report without involving in the arrest or prosecution allowing the law enforcements to do their work without tainting their reputation thereby mitigating reputational risk. They will experience a "run" and your money alone can't make them break even let alone make profits irrespective of how much you have with them. Seriously they erred from the business angle. I don't support fraudulent transactions but you have to learn to separate business from morality.

1 Like

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by Pimine: 9:02am On Nov 12, 2021
bot101:


Simple logic fails you. If you don't do crypto, you have nothing to fear. Crypto trading isn't a crime, but is simply not allowed by the CBN, and banks have been ordered to flag all crypto transactions. If you aren't doing crypto transactions, you have nothing to fear. That much is clear from the original post, and the quoted person's statement. Una just dey yap rubbish.
Aswearugaaad

And why should I not do crypto, Mr Logic? Because your walking-dead president, his zombie cabinet, and his brain-dead cheerleaders say so?

Get lost, nicca!

4 Likes 1 Share

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by Obindigbo: 9:05am On Nov 12, 2021
Okortor:
You all ran to kuda because of the convenient banking system and easy KYC documentation. Now the chips are down...you all still spilling trash...

I use kuda and av got millions in my account which they won't dare report me to EFCC because I don't accept suspicious or fraudulent Transactions neither inflow nor outflow on my account.

I'm a financialist n I know what's right n what's wrong.

I can't count how many suspicious accounts n transactions I've reported to the CBN as regarding AML.

STOP JUSTIFYING FRAUD, WHAT'S BAD IS BAD. IF YOU ARE LEGIT, YOU HAVE GOT NOTHING TO FEAR N WORRY ABOUT IRRESPECTIVE.

Great weekend guys. TGIF.
This kuda mfb, is it safe to save money there
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by IamDavid(m): 9:09am On Nov 12, 2021
bot101:


What incentive does the bank have to falsely accuse you? What
Not the bank, someone else. There's a way a normal bank should handle the matter. The issue of unresponsive customer service comes in again. I can't go on jare... Go and use Kuda anything wey your eye see na you sabi
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by somehow: 9:11am On Nov 12, 2021
money121:
Yimu

If you verified your account as a personal account, you can transfer up to 5m in a day.

If it's a verified company account, you can do up to 10m in a day.
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by Nobody: 9:11am On Nov 12, 2021
Okortor:
You all ran to kuda because of the convenient banking system and easy KYC documentation. Now the chips are down...you all still spilling trash...

I use kuda and av got millions in my account which they won't dare report me to EFCC because I don't accept suspicious or fraudulent Transactions neither inflow nor outflow on my account.

I'm a financialist n I know what's right n what's wrong.

I can't count how many suspicious accounts n transactions I've reported to the CBN as regarding AML.

STOP JUSTIFYING FRAUD, WHAT'S BAD IS BAD. IF YOU ARE LEGIT, YOU HAVE GOT NOTHING TO FEAR N WORRY ABOUT IRRESPECTIVE.

Great weekend guys. TGIF.
How does crypto transaction translate to fraud. Sometimes people speak English too much and it makes no meaning.

2 Likes 1 Share

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by Nobody: 9:12am On Nov 12, 2021
Awesomeking:
You can't expect them to break the law to please you all.. If central bank closes down kuda bank wetin d employees go chop? All of you above me showing anger would have done the same thing to save your assets.. Kuda forever.
lol, you don’t get it. Kuda bank initially was an advocate to crypto, in fact they are the only Nigerian bank Binance added! “Kuda bank of the free” where do you think that branding came from?

I got to know them because of P2P guys, everyone was using them. I started using them as my primary bank account. Moved all my money in millions oh to Kuda. A bank without a single office anywhere! Yet we took the risk, it’s not about the cheap transaction fees, I trade crypto and believe me it’s very lucrative and I can comfortably make 400k or more buying and selling crypto from my bedroom and this is just a side hustle.

Now Kuda says don’t use us for crypto again, if crypto guys move how much more will they worth?

2 Likes

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by spearmintgarden(m): 9:12am On Nov 12, 2021
Okortor:
You all ran to kuda because of the convenient banking system and easy KYC documentation. Now the chips are down...you all still spilling trash...

I use kuda and av got millions in my account which they won't dare report me to EFCC because I don't accept suspicious or fraudulent Transactions neither inflow nor outflow on my account.

I'm a financialist n I know what's right n what's wrong.

I can't count how many suspicious accounts n transactions I've reported to the CBN as regarding AML.

STOP JUSTIFYING FRAUD, WHAT'S BAD IS BAD. IF YOU ARE LEGIT, YOU HAVE GOT NOTHING TO FEAR N WORRY ABOUT IRRESPECTIVE.


Great weekend guys. TGIF.
Shutup!!
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by yemmywesey(m): 9:15am On Nov 12, 2021
That useless godloose emefiele is a mad man, you mismanaged the economy, you fly private jets to jamaica for a birthday bash, you employ political elites children to cbn secretly, you gave abokis farmers farming loans without collateral, you ban this you ban that that it kills the naira, has the naira risen now, any authority or orders the ISA funtua cabals gave you is what you do because you are their errand boy, you keep signing loan approval everytime with nothing to show for it. The crude oil income is being unaccounted for.
And we Nigeria youths have moved on with our lives with different innovative ideas , you can't draw us back again, we must enjoy this country together.

1 Like 1 Share

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by CorperKola: 9:16am On Nov 12, 2021
In a bid to sound intelligent, a lot of you display foolishness. Using twitter is banned as part of government directives, does that make it illegal or a crime?
Which law makes using twitter illegal or a crime?
Same logic and questipns apply to cryptocurrencies.
Thank you!

In any case, all banks are regulated by the cbn, why is one particular bank displaying overzealousness ?
Go and check cbn's recent release on fcmb's recent flagging of a certain age bracket's accounts.

1 Like

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by IamDavid(m): 9:17am On Nov 12, 2021
Lush100:
Now here is a businessman talking.
Bro, u will go into biz and succeed.


God bless you bro! Most people don't understand how modern businesses works. They just believe anything efcc means the victim is a fraudster, while it's true some Nigerians engage in fraud, in business, even to the most legitimate person, stuffs may will come up and you'll need to explain and there's a way a reasonable bank should handle that.
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by darthv: 9:22am On Nov 12, 2021
Lovenorth:

Are you one of them? Are terrorists not useless?
Lovenorth, who are terror financers are they not Islamic northerners in government..

Abeg they should leave crypto for us jare.
They say crypto dey spoil economy,did Ghana,south Africa ban crypto?
There economy spoil?
Now these northerners can borrow billions to do solar for Senate.
Am tayad of this country, it wasn't has bad as this during obj, yaradua and gej
Anything that would make the youth not look for crumbs from them, they would ban.
The almajari mentality
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by Ernestforyou: 9:25am On Nov 12, 2021
JoeOdion:
What has happened to our educational system? There's a serious dumbing down going on in this country and it seems only 1% of the population still has a measure of intelligence left. The bank has explained its position and see the comments on the first page. God help Nigeria with the state of its citizens, I fear for the future.


Telling us what we know is not an explanation but lame excuse.Why do they invite EFCC to arrest their customer because of 800k?That question needs to be answered else your education needs to be questioned.

2 Likes 1 Share

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by Nobody: 9:26am On Nov 12, 2021
JaySterling:
Kuda is canceled!

Deleting the app right now

Go and open your own bank then do not follow the law.
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by Lovenorth: 9:28am On Nov 12, 2021
darthv:

Lovenorth, who are terror financers are they not Islamic northerners in government..

Abeg they should leave crypto for us jare.
They say crypto dey spoil economy,did Ghana,south Africa ban crypto?
There economy spoil?
Now these northerners can borrow billions to do solar for Senate.
Am tayad of this country, it wasn't has bad as this during obj, yaradua and gej
Leave the country if you are tired, but the issue here is that no one would be allowed to infest our country
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by Agadinaagwuofe: 9:29am On Nov 12, 2021
Lush100:
Now here is a businessman talking.
Bro, u will go into biz and succeed.


Thanks man grin

The rules and policies surrounding banking transactions are enormous and if it were to apply to later there won't be frauds but that will be at the detriments of banking business because they are in business to make money. The policies of KYC and KYCB has been in existence since banking started operating but sometimes there are loopholes. If you ever know the policies surrounding "western union transactions" back in the days you won't believe people can use such medium to receive fraud proceeds. Banks are business entities and not crime investigators like police and that is where the KUDA messed up. If the guy violates any laid down policy they should 'behind the scene" collaborate with agencies not these unwholesome, grandstanding and ineffectual press release that will only help to kill their business. If they care so much about regulations they should stop banking and dive into religious affair in that they will have less or nothing to worry about violation of regulations.

2 Likes 1 Share

Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by dan56: 9:31am On Nov 12, 2021
Awesomeking:
You can't expect them to break the law to please you all.. If central bank closes down kuda bank wetin d employees go chop? All of you above me showing anger would have done the same thing to save your assets.. Kuda forever.

And when your next they lure to get locked up by EFCC don’t open a thread here on nairaland.

Before you preach to me about been innocent; note that you can’t enter efcc’s office and come out un_robbed of your account balance.

Ask those that have had a case with them. Innocent or guilty if they were robbed or not. This is Nigeria.
Re: Kuda Bank Releases Statement On Accusations Of Reporting Clients To EFCC by BruncleZuma: 9:31am On Nov 12, 2021
Okortor:
You all ran to kuda because of the convenient banking system and easy KYC documentation. Now the chips are down...you all still spilling trash...

I use kuda and av got millions in my account which they won't dare report me to EFCC because I don't accept suspicious or fraudulent Transactions neither inflow nor outflow on my account.

I'm a financialist n I know what's right n what's wrong.

I can't count how many suspicious accounts n transactions I've reported to the CBN as regarding AML.

STOP JUSTIFYING FRAUD, WHAT'S BAD IS BAD. IF YOU ARE LEGIT, YOU HAVE GOT NOTHING TO FEAR N WORRY ABOUT IRRESPECTIVE.

Great weekend guys. TGIF.

So Cryptocurrency trading is fraud?

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