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Cover Story
The Cash-lite Customer:
Life Made Easy by UBA’s Electronic
Banking Products
T
he Central Bank of Nigeria’s
(CBN) policies of the last few
months have been geared
towards the encouragement of the
use of electronic payment platforms.
Further to this, there is a cap on
the amount (cash) that can be
withdrawn from or lodged into
Bank accounts by individuals and
corporates, at N500,000.00 and
N3,000,000.00, respectively, even
as the apex bank has instituted
charges and penalties for customers
that default and banks that waive
any of the accruing charges.
Following the announcement of
Cash-Lite Lagos by the CBN and for
the convenience of customers, UBA
has introduced a range of cards,
retail and corporate electronic
products to cater for its teeming
customers.
CARDS
Verve, Visa and MasterCard
We have introduced Verve, Visa
and MasterCard debit cards
to enable customers access
their accounts on ATMs, initiate
electronic transactions, manage
own accounts, make payments
on Points of Sales (PoS) and on the
internet. The Verve card is a good
fit for customers that do basic
transactions on ATM, PoS and
make payments on the internet.
The card is designed for customers
that would like to withdraw money
in any of the nineteen countries
where UBA has operations.
On the other hand, Visa and
MasterCard single currency debit
cards are issued to customers that
travel outside Nigeria and would
like to use ATM, PoS or internet in any
currency across the world. The single
currency MasterCard and Visa card
enables customers to withdraw or
spend up to $40,000 or equivalent
anywhere in the world.
UBA Prepaid is also issued for
customers (irrespective of bank) that
want to travel but spend in other
currencies. UBA Prepaid card also
allow holders to spend up to $40,000
or equivalent per year. The card is
also designed for customers that
frequently send money to friends
and family. The card can be funded
physically from any bank or through
internet banking. For example, if
you send money frequently to you
children, you can give your children
UBA prepaid card and load the
cards remotely from internet or at
any bank in Nigeria. Your children
can thereafter withdraw cash from
any ATM or spend on any PoS or
through internet banking.
When Pan African
Banking group, the
United Bank for Africa
(UBA) Plc, launched
the first Nigerian
mobile money service
in Nigeria, it was a
demonstration of
its commitment to
bring convenient
financial services to
its customers in the
country particularly
small depositors, who
are encouraged to
fully embrace self-
service electronic
banking services.
BY ABDUL IMOYO & Dr. yinka adedeji