Tech

Tax net widens, as Nigerian fintech, Kuda Bank announces Stamp Duty charges on transactions

Published

2 years ago

July 12, 2022

An email sent by Nigeria Fintech, Kuda Microfinance Bank, to its customers on Tuesday reveals that the bank will start charging stamp duty on transactions.

According to the bank, the charge which is according to the Federal government Stamp Duty Act will be like N50 to all deposits of N10,000 or more made into customers’ Kuda account.

With the latest development, all is no longer free as Kuda which has pride itself as “bank of the free” as it offers banking service to its customers without charges.

The charges apply to deposits on electronic transfers, money added to accounts with a debit card as well as cash deposits made into account at any of its partner banks.

Stamp duty is the tax governments place on legal documents, usually in the transfer of assets or property. Governments impose stamp duties, also known as stamp taxes, on documents that are needed to legally record certain types of transactions.

The Nigerian government lately has keen on increasing its tax net amidst its current revenue challenge.

The bank in the email stressed that it gains nothing from the charge. As all financial institutions have been directed by the federal government to apply the charge, and hand over the entire charge to the government.

“We will continue to do our best to give you free financial services that you can rely on, including covering the cost of your first 25 transfers to other banks every month. Please note that the charge will apply from Friday, July 15, 2022.” The email added.

Related Topics:Featured Kuda Bank Nigeria Tax Net

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Tech

Facebook returns to Uganda after 4-year ban

Published

2 days ago

December 24, 2024

Isaac Dachen

After four years of being in the cooler as a result of suspension by government, Facebook, now Meta, is making a return to Uganda after prolonged negotiations saw the Ugandan government reverse the ban it placed on the platform since 2021.

The suspension of the social media platform had stemmed from accusations by the government that Facebook was meddling in the country’s political affairs during the 2021 presidential elections which arose after it deleted government-affiliated accounts for allegedly spreading disinformation.

This ban of Facebook has led to widespread disruptions across the nation, affecting not only political discourse but also personal connections and business operations.

But according to reports, with a potential re-launch on the horizon for December 2024, Facebook’s comeback could be a game-changer with approximately 2.5 million Ugandans poised to reconnect on the platform, while the Uganda Revenue Authority stands to gain financially from its revival just as businesses, especially smaller enterprises, stand to benefit from advertising incomes.

Tech

20 African tech-preneurs embark on Korean innovation tour

Published

4 days ago

December 22, 2024

Isaac Dachen

The African Development Bank Group’s Innovation and Entrepreneurship Lab has selected 20 promising tech entrepreneurs from various African technology ventures and enterprise support organisations to embark on a two-week study tour of the Republic of Korea, with the aim of seeking investment and insights from the country’s innovative tech ecosystem.

The selected entrepreneurs are from 133 ventures that participated in last month’s Africa Tech Startup Forum.

The forum which will hold under the auspices of the lab’s “Leveraging the Entrepreneurial and Innovation Success of Korea to Strengthen African Enterprise Support” project, had selected entrepreneurs who pitched the best business models during the week-long virtual market access and acceleration programme preparing, training, and connecting technology ventures with opportunities.

The 20 young tech-preneurs were selected from eight African countries including Nigeria, Egypt, Ghana, Kenya, Morocco, Rwanda, South Africa, and Uganda, with the delegates spanning various sectors in the technology space.

While in Korea, the African delegates will pay visits to prestigious institutions such as Global Startup Centre, LG Science Park, the Korea Software Technology Association, and the Global Digital Innovation Network.

Speaking on behalf of the delegates, founder of Kenya-based health technology venture Zuri Health, Uche Ezadinachi said:

“I am excited to go to Korea because the country has made serious technological developments. The country is a technology-driven society, and this tour is an opportunity for me to see how we can bring such technology to Africa.

“We will share experiences with our Korean counterparts; they will learn from us as much as we learn from them,” he added.