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

As usual blame the government

RealLordZeus:
The idea of free banking in Nigeria is already equivalent to Loss..

Most ppl I know using them are doing so because of the free transfers and once they exceed that limit, they stop till the following month.. its that awoof mentality in us.

But a quick soln for them, start granting personal a day soft loans to users thus making use of their deposit

By ur analysis, Opay should be recording double kuda loss but it isn't just plain ABCD

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

Multiple taxation did not cause their losses.

Tax is applied on Net income.

I think it's cost of acquisitions (customer).

What really happened?

I hope their loss is not related to the Big Brother Naija they sponsored?

SmartyPants:
This was due to bad debts.

This is why I have no sympathy for those embarrassed by loan sharks.

Nigerians have a terrible exploitative culture.

Na governments them sabi abuse... See am now ... Anything to make life easy for Nigerians na so so spoil them dey spoil am... Same with the little the governments dey do na anyhow we dey use am ... Make governments start taking drastic actions you go hear dem wicked... Help nigerians at your own peril

I just dey remember say I get change for there, make I go jejely withdraw my funds

Kuda na thief normally. But i enjoy their services sha

Useless bank that reported a nairalander for receiving earned money with their bank... That day I transferred my money out of their useless vault

Let them go under

RealLordZeus:
The idea of free banking in Nigeria is already equivalent to Loss..

Most ppl I know using them are doing so because of the free transfers and once they exceed that limit, they stop till the following month.. its that awoof mentality in us.

But a quick soln for them, start granting personal a day soft loans to users thus making use of their deposit

That's true. How will a business be profitable with basically zero fees. No one likes it when banks charge fees but that's how they make money to cover cost and make profits asides loans.

WHITELIGHTER:


By ur analysis, Opay should be recording double kuda loss but it isn't just plain ABCD

Opay has lot of biz they are using funds for..
Like the loan stuff I suggested

Okash and easimoni or whatever the spelling is, is owned by Opay

They offer offline and online POS services
.

You need to see how my heart was beating when I tried to just withdraw my last N1500 and it said transaction failed.

holuwajobar:
Overdraft people no pay back

I'm not sure they give loans.

The day kuda almost made workers fight me in my construction site. 200k transfer refused to go, or was it the time their app refused to open and made me lost a big job? There's a reason they don't allow screenshots.

For your building project, Dm me for your architectural and structural drawings. WhatsApp me via number on my signature.

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

Fintech companies don’t pay tax in saner climes, you know.

Serves them right sheyb na them sabi drop pass

samsard:
That's true. How will a business be profitable with basically zero fees. No one likes it when banks charge fees but that's how they make money to cover cost and make profits asides loans.

I'm sure they put all that into consideration b4 starting. They know where they expect to make their money from without charges.

They also don't have a physical office with many staffs like commercial banks so overhead cost is not as much.

They probably had a business plan that had some unexpected problems along the way .

NinjaXmetahuman:
banks are not making profits from charges .

Most of their profits come from loans and investments.

Most of their profits come from loans don't make the profits they make from charges insignificant.
My bank charged 24k from one of My business accounts a while back.
They make a great percentage of their gross from charges FYI.

WHITELIGHTER:


By ur analysis, Opay should be recording double kuda loss but it isn't just plain ABCD

And you think OPAY are not making loss. Why do you think they dont disclose their financial report publicly

These fintechs are only looking for maga investors from America. Hardly profitable

Benjaniblinks:
Let me go and withdraw my remaining money there

You get sense

Pull out your money now now

hope my last 10k is safe in OPAY account

Nigeria is the only country in the world that taxes her startups, provide no grants, but promises to develop the Tech sector.

It will take a big miracle for any new venture to survive Nigeria economy.

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.

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.

Yankee101:
Pull out your money now now

Yeah. Let me do that immediately.

jaxxy:


I'm not sure they give loans.

They do give overdraft.... I don't know about now coz I have stopped using the app... But as at last year, they do give out overdraft

Who kuda've imagined that?

How. Can

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

Sterling Bank is good