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24 | The Lion King
Lion Prime Account
...a current account
with zero COT
Product News
T
he highly competitive nature of the
Nigerian banking industry has resulted in
a renewed vigour in the proliferation of
banking products and account offerings to
meet teeming customers’ divergent business
and personal needs especially in the retail
segment.
Apart from savings accounts, most
current account products which Nigerian
banks offer attract commission on every
transaction made. However, some banks
have recently come up with current account
products with no charge on Commission on
Turnover (COT).
For the current account customers, the
search for products that can assist in
reduction of transactional cost of COT or its
complete elimination is endless, starting from
request for a COT concession that requires
a specific covenant which customers must
adhere to, to a specific product which
clearly stipulate “zero” COT which is easily
understood by the customer.
The UBA’s Lion Prime Account is a special
current account in the “zero” COT product
categories and is designed to outrun its
competitors. The product was recently
modified to meet the needs of individuals,
businesses and organizations who desire
“zero” COT and at same time interest
earnings in their current account. It comes
in three variants;
• Lion Prime Basic for individuals,
• Lion Prime Business for Business
organisations and
• Lion Prime Basic for Businesses &
Organisations
With features outlined in the table below:
By Emeka Egesi