The Central Bank of
Nigeria (CBN) recently announced the take off of the Cash-Lite policy
nationwide starting July 1st, 2014.
Nigeria (CBN) recently announced the take off of the Cash-Lite policy
nationwide starting July 1st, 2014.
Under this new
policy, cash withdrawals and deposits above N500, 000 will attract a 3% fee for
individuals while cash withdrawals and deposits above N3, 000,000 on any day
will attract a 5% fee for corporate bodies.
policy, cash withdrawals and deposits above N500, 000 will attract a 3% fee for
individuals while cash withdrawals and deposits above N3, 000,000 on any day
will attract a 5% fee for corporate bodies.
However, these fees
are only applicable in the following states; Abia, Anambra, Lagos, Ogun, Kano,
Rivers, and Abuja for now. Cash deposits made in any other state not mentioned
above will not attract the required fees until July 1 st, 2015.
are only applicable in the following states; Abia, Anambra, Lagos, Ogun, Kano,
Rivers, and Abuja for now. Cash deposits made in any other state not mentioned
above will not attract the required fees until July 1 st, 2015.
In a bid to ensure
that UBA customers are not subjected to these fees, the bank provides several
platforms to enable customers withdraw, deposit and transfer funds conveniently.
that UBA customers are not subjected to these fees, the bank provides several
platforms to enable customers withdraw, deposit and transfer funds conveniently.
Some of the
platforms customers can take advantage of include;
platforms customers can take advantage of include;
Point
of Sales (POS) machines;
of Sales (POS) machines;
POS are great for
reducing cash collections at selling points. Traders with a high volume cash
business can deploy UBA’s highly efficient POS machines to reduce cash
collections from their customers.
reducing cash collections at selling points. Traders with a high volume cash
business can deploy UBA’s highly efficient POS machines to reduce cash
collections from their customers.
Cards
UBA has an array of
cards that helps customers eliminate cash. UBA issues Mastercards, Visa and
Verve cards which can all be used for payments across both traditional
platforms like ATMs and POS machines and also online. UBA payment cards are
also accepted by millions of merchants in over 200 countries.
cards that helps customers eliminate cash. UBA issues Mastercards, Visa and
Verve cards which can all be used for payments across both traditional
platforms like ATMs and POS machines and also online. UBA payment cards are
also accepted by millions of merchants in over 200 countries.
This means that UBA
card holders do not need to take cash with them where ever they are going in
the world as long as they have a UBA card.
card holders do not need to take cash with them where ever they are going in
the world as long as they have a UBA card.
UBA also offers
prepaid cards, which are perfect for people that do not have bank accounts or
customers that may not want their card transactions linked to their bank
accounts. UBA prepaid cards are ideal for online shopping, especially for those
who are worried about online security.
prepaid cards, which are perfect for people that do not have bank accounts or
customers that may not want their card transactions linked to their bank
accounts. UBA prepaid cards are ideal for online shopping, especially for those
who are worried about online security.
U-Mobile
This is UBA’s award
winning mobile banking application. It is effectively a bank on a phone. With
U-Mobile, UBA customers do not really need to visit the bank unless it is
absolutely necessary.
winning mobile banking application. It is effectively a bank on a phone. With
U-Mobile, UBA customers do not really need to visit the bank unless it is
absolutely necessary.
It is very easy to
install a U-Mobile on a phone and it is compatible with many smart phones.
Customers can initiate inter-bank and intra-bank transfers once they have a U-Mobile
installed on their phones, which significantly reduces the amount cash they
carry around.
install a U-Mobile on a phone and it is compatible with many smart phones.
Customers can initiate inter-bank and intra-bank transfers once they have a U-Mobile
installed on their phones, which significantly reduces the amount cash they
carry around.
Sellers can even
ask their customers to transfer payments for goods and services through
U-Mobile and they can immediately receive an alert for any such transaction and
also check the balance on their phones to confirm the transaction has been
done.
ask their customers to transfer payments for goods and services through
U-Mobile and they can immediately receive an alert for any such transaction and
also check the balance on their phones to confirm the transaction has been
done.
U-Direct
This is a bank on a
tablet or personal computer. UBA’s U-Direct gives the user a platform to also
carry out all your basic and advanced banking transactions right on their
personal computers or tablets.
tablet or personal computer. UBA’s U-Direct gives the user a platform to also
carry out all your basic and advanced banking transactions right on their
personal computers or tablets.
Payments for bills
or purchases, inter-bank and intra-bank transfers, checking of account
balances, tracking of transactions among others, can all be done on a personal
computer through the highly secured U-Direct internet banking platform. With
U-Direct, there is no need carrying cash anywhere or receiving cash.
or purchases, inter-bank and intra-bank transfers, checking of account
balances, tracking of transactions among others, can all be done on a personal
computer through the highly secured U-Direct internet banking platform. With
U-Direct, there is no need carrying cash anywhere or receiving cash.
U-Direct also has a
version for corporates, which enables them manage their cash and payment transactions
right on their personal computers or tablets. U-Direct Corporate has eight
different modules dealing with different aspects of a company’s operations.
version for corporates, which enables them manage their cash and payment transactions
right on their personal computers or tablets. U-Direct Corporate has eight
different modules dealing with different aspects of a company’s operations.
ATMs
This is a
traditional platform that many are already used to. Sadly, many people use it
only for withdrawals and nothing else. However, UBA ATMs are enabled to offer
you more. You can actually pay for most of your bills on a UBA ATM. You can
also do inter-bank and intra-bank transfers easily on the ATM, thus eliminating
the need to carrying around cash.
traditional platform that many are already used to. Sadly, many people use it
only for withdrawals and nothing else. However, UBA ATMs are enabled to offer
you more. You can actually pay for most of your bills on a UBA ATM. You can
also do inter-bank and intra-bank transfers easily on the ATM, thus eliminating
the need to carrying around cash.
All the listed platforms
are highly secured by UBA’s world class e-banking security platform. This
ensures that customers can carry out cashless transactions without worrying
about the security of their money or funds.
are highly secured by UBA’s world class e-banking security platform. This
ensures that customers can carry out cashless transactions without worrying
about the security of their money or funds.
