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The Lion King | 25
The products tend to strike a profitability balance
between customers and the Bank by trading off
COT income with fixed charge and incremental
deposit income: thus providing a customer friendly
account with a human face through features out-
lined below:
• Low Minimum Opening/Operating Balances
• Zero COT charge
• Affordable monthly fixed charge
• Interest payable on account credit balance
• Unlimited number of withdrawals
• Choice of multiple variant
• Free First Cheque book on acct opening.
• Free e-Banking channels enrolment
• Automatic entitlement to open Domiciliary
account in any of $, ₤, €,Υ
At the same time, the product features make it
easy for the bank to;
• Enjoy large number of patron-
age of new customers and thus
grow our low cost liabilities with
consequent increase in float
income.
• Shore up demand deposit base
through customers’ mainte-
nance of minimum operating
balance and above.
• Increasing transactional income
through large number of active
customer subscription.
• Stimulate product marketing at
business office as they engage
customers on beneficial product
features.
UNIQUE SELLING POINT
What makes the lion prime account so competitive
and sets it apart from its peers in the market is the
consideration concept employed in designing the
products: what this means is that when customers
operate the account they are;
1. No charges applied to the account except
there is a customer induced debit transaction
for the month
2. Customers will only be charged for the sums
for which they have breached each of the two
covenants which are minimum balances and
maximum turnover thresholds.
OPENING A LION PRIME ACCOUNT
The documentation requirement for opening of
Lion Prime account is same as that of regular cur-
rent account opening with inclusion of KYC require-
ment for each of the target customers listed below;
Product News
Features
Lion Prime Basic
Lion Prime Business
Lion Prime Basic -
Business & Organisation
1
Minimum
Opening/Operating
Balance
N20,000
N100,000
N200,000
2
Fixed Monthly Charge:
N5,000
N10,000
N5,000
3
Transaction Restriction;
Maximum turnover of
N20million
Maximum turnover of
N60million
Maximum turnover of
N40million
4
Penalty on turnover
default
N5/mille on excess
turnover on N20million N5/mille on excess
turnover on N60million
N5/mille on excess
turnover on N40million
5
Penalty on Operating
balance
N5/mille on particular
transaction, which
draws account below
minimum balance.
N5/mille on particular
transaction, which
draws account below
minimum balance.
N5/mille on particular
transaction, which draws
account below minimum
balance.
Lion prime Basic Lion Prime
Business
Lion Prime
Basic -
Business &
Organisation
Target
market
1. High Net-worth
Individuals
2. Medium Net-
worth
Individuals
3. Self employed
professionals
4. Sole Proprietors
1. Partnership &
Enterprise
2. Religious
organisations
3. Schools
4. Clubs
5. Societies
6. Associations
7. Private
Limited
Companies
1. Partnership &
Enterprise
2. Religious
organisation
3. Schools
4. Clubs
5. Societies
6. Associations
7. Private
Limited
Companies