United Bank for Africa (UBA) has launched a new account, Lion Prime, which allows users to perform transactions for zero commission on turnover (COT).
The new account comes in response to requests by customers’ for an account that allows them to carry out high volume transactions without incurring additional costs, according to the lender.
Designed for cost sensitive businesses or individuals, the account holders will also benefit from interest on the balance in their current accounts.
UBA retail products head Olumide Osunyomi added that UBA’s Lion Prime zero COT current account enables account holders to earn an interest on the minimum balance on their accounts while enjoying zero COT.
"Account holders will have to access to the bank’s online banking platform, U-Direct which will enable them carry out a large proportion of their banking transactions online without physically visiting any branch of UBA," Osunyomi added.
A statement from the bank said, "The account is open to small business owners, self-employed professional and business executives, entrepreneurs, non-governmental organisations (NGOs), religious organisations, schools, as well as societies and associations.
"The Lion Prime Account comes in different variants which have been specifically structured to meet the needs of different members of the society in such a way that it matches their expectations."