The United Bank for Africa Plc will, from September, peg the minimum balance for savings and current accounts to N25, 000, an employee of the bank has confirmed.
The member of staff, who spoke to the News Agency of Nigeria on Friday in Abuja, on condition of anonymity, said the idea was aimed at decongesting the banking hall.
He said that the bank was supposed to start the implementation on July 1 but postponed it to enable it to effectively educate customers and allow them to grow their accounts to fit into the policy.
“We are supposed to start it today because a memo had already been passed for it only for us to come this morning to get an instruction that it has been postponed.’’
The source added that the idea was as a result of the Central Bank of Nigeria’s order for banks to be stabilised and support the cashless economy policy.
The source said many customers had complained about the decision and described it as discouraging.
“The management has decided and concluded on it but what they told us for now is that they will continue to finetune it.
“They said that the salaries and student accounts will not be affected; that it is accounts of business people, like market women, okada riders and all others that will be used for it now,’’ he said
Meanwhile, some customers, who spoke to NAN at UBA’s branch in Area 8, said that the decision to peg the minimum account balance at N25,000 was not good.
A market woman, Mrs. Edet Akpa, said, “I really don’t understand what they are saying but it will not be fair for them to do such a thing.
“N25,000, is too much when one is in need of money that minimum balance can go a long way to help. At least N5, 000, would have been better since it used to be N1,000 before.”
Also, a businessman, Mr. Johnson Edmund, said that for big businessmen, the money will not mean anything.
He said, “My fear is that with all these policies coming up and down, people will prefer to keep their money at home and save themselves of the stress.
“The Central Bank should think well so that we don’t encourage armed robberies at homes, we have moved away from it for some years now.
“This idea now may discourage saving culture that we are trying to build up in this country.”
A civil servant, Ms Agnes Udoh, said that banks should not support the policy but try to defend their customers more.
She said, “Everyday, Central Bank gives instruction and banks don’t even think about their customers before implementation. I am happy that they said that salary and students accounts are not involved.’’
The member of staff, who spoke to the News Agency of Nigeria on Friday in Abuja, on condition of anonymity, said the idea was aimed at decongesting the banking hall.
He said that the bank was supposed to start the implementation on July 1 but postponed it to enable it to effectively educate customers and allow them to grow their accounts to fit into the policy.
“We are supposed to start it today because a memo had already been passed for it only for us to come this morning to get an instruction that it has been postponed.’’
The source added that the idea was as a result of the Central Bank of Nigeria’s order for banks to be stabilised and support the cashless economy policy.
The source said many customers had complained about the decision and described it as discouraging.
“The management has decided and concluded on it but what they told us for now is that they will continue to finetune it.
“They said that the salaries and student accounts will not be affected; that it is accounts of business people, like market women, okada riders and all others that will be used for it now,’’ he said
Meanwhile, some customers, who spoke to NAN at UBA’s branch in Area 8, said that the decision to peg the minimum account balance at N25,000 was not good.
A market woman, Mrs. Edet Akpa, said, “I really don’t understand what they are saying but it will not be fair for them to do such a thing.
“N25,000, is too much when one is in need of money that minimum balance can go a long way to help. At least N5, 000, would have been better since it used to be N1,000 before.”
Also, a businessman, Mr. Johnson Edmund, said that for big businessmen, the money will not mean anything.
He said, “My fear is that with all these policies coming up and down, people will prefer to keep their money at home and save themselves of the stress.
“The Central Bank should think well so that we don’t encourage armed robberies at homes, we have moved away from it for some years now.
“This idea now may discourage saving culture that we are trying to build up in this country.”
A civil servant, Ms Agnes Udoh, said that banks should not support the policy but try to defend their customers more.
She said, “Everyday, Central Bank gives instruction and banks don’t even think about their customers before implementation. I am happy that they said that salary and students accounts are not involved.’’
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