UBA SME Account
Specifically for SMEs to provide them the right framework of support and financial solutions they need to grow.
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
Benefits
- Fixed monthly charges
- Access to business loans
- Access to UBA SME capacity building and advisory platforms
- On-boarding on digital collections and payments channels
- Access to SME Masterclasses
- Access to SME annual Summit and Fairs
- Free online shopfront on the UBA Market place
UBA SME FAQs
Get all the information you need about SME Account, from information on eligibity to rates, documentation required, all of your questions have been answered.
– 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.
| PARAMETER | MICRO | SMALL | SMALL |
|---|---|---|---|
| SCHEME CODE | SMEMI | SMSML | SMMED |
| Opening Balance | 20,000 | 100,000 | 500,000 |
| 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.