Kuda begs as customers’ money vanish after second glitch

Bisola David
Bisola David

Kuda Bank has apologized to its customers after another technical failure in its system caused money to vanish.

As consumers grow anxious, the bank stated that it is attempting to address the problem as soon as possible.

The business has seen two significant downtimes in less than two months; the first occurred in February of this year.

Customers of the virtual bank, Kuda, have been put into a panic as customers having money in their accounts have seen their balances drop to zero. As of the time this story was filed, transactions on the app were not possible due to yet another serious bug affecting the digital bank.

Several unhappy Kuda customers are bombarding the bank’s Twitter account with concerns about having their accounts emptied. Nonetheless, the bank has acknowledged the error and stated that it is being fixed.

The malfunction, according to Kuda, has impacted transfers, card payments, airtime, and data purchases, as well as bill payments in addition to the consumers viewing their account balances as zero.

Kuda Bank informed its customers of a service outage in a statement on Wednesday.

“We are currently experiencing a widespread service outage that affects bill payments, airtime and data purchases, transfers, and card payments. You won’t be able to use your Kuda Visa card or make purchases on the app while we work to rapidly fix this interruption.

“We apologize for any difficulty that this week’s outages may have given you. We’re working hard to identify a long-term solution soon.”

Early in February, as bank apps failed, there was a rush to fintech for quick transactions. Kuda had had a similar system outage, which worried its consumers about the loss of their money. Some days later, the bank fixed the problem. Kuda announced at the time that it was collaborating with its cloud service provider to find a solution.

“We regret that you are still unable to use your Kuda app. We are resolving the issue with our cloud services provider, and we’ll let you know when it’s resolved. You may still access your money as soon as services are restored.

“We understand that the 0.00 balance mistake that numerous users have experienced is concerning, but we want to reassure you that that is simply what the app is showing due to the outage, not how much money you have. As we advance, we’ll continue to share updates, the business said in February.”

Nigerian fintech will also need to urgently increase their capacity, according to industry analysts, to avoid suffering the same fate as traditional banks, whose infrastructure crumbled when more Nigerians attempted online transactions as a result of the recent cash shortage.

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