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Kuda Bank Customers Lament Transfer Reversal Failures

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Kuda bank, Nigeria’s neo-bank, is in for faceoffs with customers over transfer reversal failures.

Kuda Bank Customers Lament Transfer Reversal Failures
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Kuda bank, Nigeria’s neo-bank, is in for faceoffs with customers over transfer reversal failures.

Users of the digital bank have taken to Twitter, to complain about the bank’s failure to reverse transactions done for days.

Some complained that for weeks, funds they transferred did not get to the recipients.

They said neither were the funds reversed back to them.

READ ALSO: Kuda No Longer Bank Of The Free With N50 Charges

Bank transfer reversal failures have become a frequent occurrence these days with many of the banks, especially the traditional banks.

But with digital banks such as Kuda being caught up with similar complaints underscores the need for the improvement in the digital banking services in Nigeria.

Kuda upgrades App:

In November, 2022, the digital bank launched the latest version of its app, urging users to update to the new version.

A statement by Kuda to its customers said the new version is to make its services better for its customers.

According to the bank, “Since we launched the latest version of the app in November last year, we ‘ve made it much better with comments from people like you.”

Assuring its users of the safety of the app and their funds, the bank said users will not be locked out of their accounts.

It also told users that they only need their sign-in details to log in since the sign-in process remains the same.

However, since the update, some users have continued to complain the poor services of the bank’s app.

Here are the complaints:

A particular user of the bank, Adeyinka with Twitter handle, @dharny_leon, said he did several transfers but has still not received his funds back.

He said he is yet to receive the reversal even though the transactions did not go through.

According to him, he did a transfer of N16, 000 three times to a beneficiary who uses BTBank.

Meanwhile, Although @joinkuda told the customer in a mail that the transactions were successful, the customer insists they did not.

According to him, “Hence, the second transfer from @joinkuda , in the view that when she gets the first, I’ll get a refund. She reached out earlier this week stating that she still hadn’t gotten an alert yet! And said I was still owing her 16k as payment for goods purchased! I’ve contacted my bank.”

Here are other complaints from other users:

Another customer with handle, @chief_1_Justice said thus:

“@joinkuda kuda refused to refund my money despite a response from @MoniepointHelp that the transaction was declined I am calling kuda out cos I’m tired.”

Responding to some of the complaints, Kuda referred them to send the transaction IDs to the recipient banks to have the issues sorted, nothing that the transactions were successful on Kuda’s end.

Implications:

The digital banking services in Nigeria has grown exceedingly well in the last few years. Digital transactions have equally gained wider acceptance and adoption, especially in the rural areas.

Banks like Kuda have helped linked the previously unbanked Nigerians, bringing seamless financial solutions to them.

The neo-bank’s accounts allows a free debit card for users.

It also helps them control their spending, make budgets, among other benefits.

Kuda also provides free card maintenance fees to customers, dubbing it the banks of the free.

, budgeting, and spending controls, and transfers and savings functions as well. The bank has also eliminated maintenance fees and provides users with a specific list of free transfers each month.

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