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
– 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 with maximum annual turnover of N600MM
– 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.
|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 Turnove||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)
- – Customer agrees to pay the fixed monthly charge applicable to the selected variant: N1050, N5,250, and N10,500 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 N0.8/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 N100 million over which Current Account Maintenance Fee (CAMF) of N0.6/Mille applies to the excess turnover.