The United Bank for Africa Plc (UBA) Tuesday announced the introduction of a new account that gives account holders the chance of enjoying free commission on turnover (COT) on their transactions.
The customers will also benefit from interest on the balance in their current accounts.
A statement from the bank described the new account christened: “Lion Prime,” as a current account that is not only COT free, but earns interest.
The bank said it introduced the account in response to the request by customers for an account that enables them to carry out high volume transactions without incurring costs.
“The account is open to small business owners, self-employed professional and business executives, entrepreneurs, non-governmental organisations (NGOs), religious organisations, schools, as well as societies and associations.
“The Lion Prime Account comes in different variants which have been specifically structured to meet the needs of different members of the society in such a way that it matches their expectations,” it added.
Commenting on the product, the Head, Retail Products, UBA Plc, Ms. Olumide Osunyomi, said: “A significant advantage of UBA’s Lion Prime zero COT current account is that it enables account holders to earn an interest on the minimum balance on their accounts while enjoying zero COT.”
She explained that the account was designed for the cost sensitive business or individual. According to her, schools, non-governmental organisations, religious organisations, societies and associations will find the Lion Prime current account attractive and well suited to meet their needs due to the nature of their operations.
“Customers who operate the Lion Prime current account will also have access to the array of e-banking products available to all UBA account holders.
“Account holders will have to access to the bank’s online banking platform, U-Direct which will enable them carry out a large proportion of their banking transactions online without physically visiting any branch of UBA,” she added.