UBA SME Account
Specifically for SMEs to provide them the right framework of support and financial solutions they need to grow.
Benefits
- Access to business loans.
- Access to UBA SME capacity building and advisory platforms.
- On-boarding on digital collections and payments channels.
- Access to SME Masterclasses.
- Access to SME annual Summit and Fairs.
- Free online shopfront on the UBA Market place.
- Fixed monthly charges.
It Takes a Supportive Partner Like UBA to Grow a Business
Building a successful business requires the right support. We provide financial products and services specifically designed to help your business grow. Get access to a wide range of benefits with the UBA SME account.
- — Customer agrees to pay the fixed monthly charge applicable to the selected variant: N5,375, N21,500, and N32,250 for Micro, Small and Medium respectively.
- — Any month turnover falls below the minimum threshold, the customer will pay Current Account Maintenance Fee (CAMF) for the turnover volume achieved at the rate of N1/mille, N0.9/mille, and N0.6/mille for Micro, Small, Medium respectively.
- — Customers will be charged the fixed monthly fee for the applicable band any month their turnover exceeds the maximum turnover threshold of their default account category.
- — The medium variant of the product is subject to a maximum monthly turnover of N250 million over which fixed monthly fee and Current Account Maintenance Fee (CAMF) of N0.6/Mille applies to the excess turnover.
Terms and Conditions:
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Frequently Asked Questions
Here is everything you need to know about the UBA SME Business Account.
What is the SME Business Account?
The SME Business Account is designed to support micro, small and medium-sized businesses, which are deterred by CAMF charges to own a business current account. The UBA SME account will offer very minimum fees with lots of value-added propositions to enable MSMEs build capacity.
The account is in three variants, representing different turnover bands and monthly fees.
Which sectors are eligible to apply for this account?
All MSME sectors and segments.
I wish to know if there is a maximum threshold for each band?
Each of the Variants have a band with a maximum limit at the Medium category.
| PARAMETER | MICRO | SMALL | MEDIUM |
|---|---|---|---|
| SCHEME CODE | SMEMI | SMSML | SMMED |
| Opening Balance | 20,000 | 100,000 | 500,000 |
| Monthly Minimum Turnover Band | N2.5M-9.99M | N10M-49.99M | N50M-100M |
| Fixed Monthly Charge (VAT Inclusive) | N1,050 | N5,250 | N10,500 |
| Default CAMF (if turnover falls below Minimum Turnover) | N1/Mille on Turnover | N0.9/Mille on Turnover | N0.8/Mille on Turnover |
Is the SME Business Account a COT-free account?
Cot free when customer achieves his/her minimum threshold.
Can an existing customer who has a personal current account be able to migrate to the new SME Business Account?
Yes. You can do a scheme code change for an active account. You can also resuscitate dormant account into this new account.
Which variant does customers with a monthly turnover of above 100 Million belong to?
Customer with turnover above 100 Million can do the medium VARIANT of the SME account. We will only charge such customer a concessionary CAMF of N0.6/mille for the excess of 100 million in a particular month.
Is the Minimum opening balance the same as minimum operating balance for the SME Business Account?
There is no Minimum operating balance but a minimum opening balance.
If customer exceeds the maximum amount, will they be charged?
Customer is charged the fixed monthly charge for the width the customer exceeded into.
What are the benefits of having an SME Business account?
- Fixed Monthly Charges.
- Access to business loans.
- On boarding on digital collection solutions.
- Access to MSME masterclasses and advisory.
- Access to the bank’s SME events and fairs.
- Access to a free online marketplace (as applicable).
Frequently Asked Questions
Frequently Asked Questions on Account Maintenance Charges
About The Change
What is changing?
UBA is revising the monthly maintenance charges and operating conditions for SME Micro, Small and Medium Business Accounts. The revised structure uses each account’s monthly qualifying debit turnover and minimum average operating balance to determine the applicable charge.
Why is UBA making this change?
UBA periodically reviews its business account terms to keep pricing aligned with account usage and the cost of providing secure and reliable business banking services. The revised structure also provides a predictable fixed monthly charge when an account operates within the turnover and balance conditions for its variant.
When will the revised terms take effect?
The revised terms and charges take effect from 1 September 2026. Charges are assessed using the account’s activity during each calendar month and are applied after the month has ended.
Which customers are affected?
The change applies to customers with UBA SME Micro, Small or Medium Business Accounts in Nigeria.
Do I need to take any action?
No action is required if your current account variant remains suitable for your normal business activity. If your usual turnover or operating balance is significantly different from the requirements for your account, contact your Relationship Officer or visit any UBA branch to review your account options.
Understanding How the Charge Works
How will UBA determine my monthly charge?
We will first determine your debit turnover for the month; If the turnover is within the range for your account variant, we will then check whether your minimum average operating balance was maintained. The applicable fixed or turnover-based charge will then be applied.
Can more than one maintenance charge apply in the same month?
No. Only one account maintenance charge is applied for a calendar month. If more than one condition is not met, the charging rule for the applicable turnover position takes precedence; charges are not added together.
What is qualifying customer-initiated debit turnover?
It is the total value of debit transactions initiated by a customer during a calendar month. It includes debit transactions to third parties, payments or outward transfers from a customer’s account. It excludes bank-initiated debits.
What does ‘per mille’ mean?
Per mille is a charge for every ₦1,000 of qualifying debit turnover. For example, ₦1 per mille means ₦1 for every ₦1,000. A turnover of ₦8 million charged at ₦1 per mille produces a charge of ₦8,000 before VAT.
What is the minimum average operating balance?
This is the average of the account’s daily closing balances during the calendar month. It is not the lowest balance on any single day and does not have to remain in the account at all times.
Calculation: Minimum average operating balance = total of the account’s daily closing balances for the month ÷ number of calendar days in that month.
Is the Opening balance the same as the Operating balance?
No. The opening balance is the amount required when the account is opened. The minimum average operating balance is the average balance the customer is expected to maintain each month.
| Account Variant | Opening Balance | Minimum Operating Balance |
|---|---|---|
| Micro | ₦20,000 | ₦20,000 |
| Small | ₦100,000 | ₦50,000 |
| Medium | ₦500,000 | ₦100,000 |
Standard SME Account Terms
The following standard fixed charge applies when both the turnover range and the minimum operating balance for the account variant are met:
| Account | Monthly Debit-Turnover Range | Minimum Average Balance | Base Monthly Charge | VAT-Inclusive Charge |
|---|---|---|---|---|
| Micro | ₦10m–₦49.99m | ₦20,000 | ₦5,000 | ₦5,375 |
| Small | ₦50m–₦99.99m | ₦50,000 | ₦20,000 | ₦21,500 |
| Medium | ₦100m–₦250m | ₦100,000 | ₦30,000 | ₦32,250 |
Is VAT included in the charges shown?
Where a charge is described as VAT-inclusive, the displayed amount already includes VAT at the prevailing statutory rate, else it will be written as charge + VAT. The current VAT rate is 7.5%.
What happens if my turnover is below the minimum for my account variant?
When this happens, the standard charge will not apply. Instead a turnover-based charge applies to the total qualifying debit turnover for the month. The below-band rates are shown below.
| Account | Minimum Below-Band Position | Rate Applied |
|---|---|---|
| Micro | Turnover below ₦10m | ₦1.00 per ₦1,000 on total turnover + VAT |
| Small | Turnover below ₦50m | ₦0.90 per ₦1,000 on total turnover + VAT |
| Medium | Turnover below ₦100m | ₦0.80 per ₦1,000 on total turnover + VAT |
What happens if my turnover is within my account band, but my operating balance is below the minimum?
The fixed monthly charge does not apply. Instead, the following rate is applied to the total qualifying debit turnover for the month.
| Account | Minimum Operating Balance | Rate Where Balance Condition Is Not Met |
|---|---|---|
| Micro | ₦20,000 | ₦1.00 per ₦1,000 on total turnover + VAT |
| Small | ₦50,000 | ₦0.80 per ₦1,000 on total turnover + VAT |
| Medium | ₦100,000 | ₦0.60 per ₦1,000 on total turnover + VAT |
What happens if my turnover exceeds the maximum for my account variant?
The charge for the turnover range into which the account’s actual monthly activity falls will apply.
| Actual Monthly Debit Turnover | Applicable Charge Before VAT | VAT-Inclusive Amount |
|---|---|---|
| ₦10m–₦49.99m | ₦5,000 | ₦5,375 |
| ₦50m–₦99.99m | ₦20,000 | ₦21,500 |
| ₦100m–₦250m | ₦30,000 | ₦32,250 |
| Above ₦250m | ₦30,000 + ₦0.60 per ₦1,000 on the portion exceeding ₦250m | Calculated amount + 7.5% VAT |
How is the charge calculated when turnover exceeds ₦250 million?
The charge before VAT is ₦30,000 plus ₦0.60 for every ₦1,000 of qualifying debit turnover above ₦250 million. VAT is then added to the result.
Worked Examples
Micro account: turnover and operating balance conditions met
A Micro account records ₦20 million qualifying debit turnover and maintains a ₦25,000 minimum average operating balance. Both conditions are met, so the charge is ₦5,000 plus ₦375 VAT, giving a total of ₦5,375.
Micro account: turnover is within band but balance is below the minimum operating balance
A Micro account records ₦20 million qualifying debit turnover but has a ₦15,000 minimum average operating balance. Only one condition is met here, so the charge applied will be ₦1.00 per ₦1,000 on total turnover + VAT i.e. ₦20 million × (₦1 ÷ ₦1,000) = ₦20,000 + 7.5% VAT = ₦1,500, giving a total charge of ₦21,500.
Small account: turnover is below the account band
A Small account records ₦40 million qualifying debit turnover. The charge is ₦40 million × (₦0.90 ÷ ₦1,000) = ₦36,000 + 7.5% VAT = ₦2,700, giving a total charge of ₦38,700.
Medium account: turnover is within band, but balance is below the minimum operating balance
A Medium account records ₦150 million qualifying debit turnover but has an ₦80,000 average operating balance in the month. The charge is ₦150 million × (₦0.60 ÷ ₦1,000) = ₦90,000 + 7.5% VAT = ₦6,750 is added, giving a total charge of ₦96,750.
Any SME account: where turnover exceeds ₦250 million
Applicable charge for such instances is ₦30,000 + ₦0.6 per mille on excess portion above N250m + VAT
For ₦300 million qualifying debit turnover, the excess portion above ₦250 million is ₦50 million
Applying a N0.60 per mille on the excess is (₦0.60 ÷ ₦1,000) x ₦50million= ₦30,000
Total charge is then ₦30,000 + ₦30,000 = ₦60,000 before VAT. VAT of ₦4,500 is added, giving a total charge of ₦64,500.
Account Options and Changes
What if my turnover changes because my business is seasonal?
The applicable charge is assessed separately for each calendar month. A temporary increase or decrease in turnover does not change the account variant. If the pattern continues, you may engage your Relationship Officer to review whether another account variant would be more suitable.
Will UBA automatically move my account to another variant if my turnover changes?
No. Your account will not be moved will occur solely because turnover falls outside the account band for one month. Where the account’s activity consistently differs from its current variant, we may recommend a more suitable option and will notify you before any formal change.
Can I request a different SME account variant?
Yes. You may request a review through your Relationship Officer or at any UBA branch. Eligibility will be assessed using your expected turnover, minimum average operating balance and overall business cash-flow profile.
Can a high-volume SME customer move to a Commercial Business Account?
A move to a Commercial Business Account is not automatic. Businesses with consistently high turnover, liquidity and float balances may request an assessment for an appropriate Commercial variant through their Relationship Officer or branch.
Deductions, Enquiries and Complaints
When will the charge be deducted?
The charge is calculated after the end of each calendar month, using that month’s qualifying debit turnover and average daily closing balances, and is subsequently debited from the account.
What happens if there is not enough money in the account?
Your account will be debited only to the extent of the available account balance. Any outstanding amount may be held/ deferred until the account is funded. You will be notified where a deferred charge applies.
How will the charge appear on my statement?
The deduction will be described as an Account Maintenance Charge, with the applicable VAT shown in line with the Bank’s statement narration and tax treatment.
How can I ask for an explanation or dispute a charge?