The Value News

Dom Account: UBA Sets The Pace For Other Banks To Follow

 By Stephen Ubanna

The United Bank For Africa UBA, known as Pan African Bank, in Banking circles, appears to have taken advantage of the new year to  introduce  new  services  that would reduce the  pressure  on its teeming million Customers  worldwide in the making remittances.

 As a prelude to ensuring that Customers make foreign exchange  remittances to relatives abroad  with little or no problem, the Kennedy Uzoka, led Pan African Bank  was said to have entered  into a working relationship  with  top international  money transfer operators.

 This may have informed why the Money Deposit Bank , MDB,  has created money transfer service  to ensure that Customers  could conveniently send and transfer money world- wide. The Bank has made it clear  to Customers  they can choose to receive money directly  to their UBA  account,  collect and receive cash  at any  of its branches in the 20 African countries including Nigeria and other parts of the world.

The Bank money transfer services, the Value News was informed include  Africash, Money Gram, Western Union and World Remit. Note that with Africash, which is an electronic payment service,  helps for Customers  to send and receive money  from the Bank  wide network business offices and Agent locations across the African Continent. The service , according to an insider source is open to both  the Bank account and non –account holders. The good news is that Customers using the Africash service, can   request for cancellation, modification and refund of unpaid transfers and it would be granted without stories.

The Bank may have taken  steps  to protect its valuable  Customers from fraudsters  by ensuring that account holders  Bank Verification Number , BVN, current/Savings are active. For the non- account holders, using the global Bank  money transfer services without BVN, the source disclosed that they are expected  provide  their international Passport,  Driver’s  License, National Identity Card and Voter’s Card.

The source confirmed  that with the introduction of such money transfer services and going into partnership with top money transfer operators in Europe , Asia and the North American country of the United States, US, the Uzoka led Bank has made it easy for business men  and international travellers and other categories of Customers to receive dollars in cash  straight  into their Domiciliary accounts without stories.

Uzoka: UBA, GMD

The Magazine gathered that  with the Domiciliary  account, Customers could  access  their funds through the USD, pay Foreign bills in dollars, spend  with the Bank dollar card and equally make payments online through  the POS world wide services. There is no gain saying the fact that the services are also  useful  for those traveling or sending money to their relatives abroad.

Many believe that  the  Domiciliary Advantage  Account, which is another of such services is a current and savings denominated in in US dollar, Pound Sterling , EURO and other Foreign currencies  but operated in Nigeria  as domiciliary  account. The third, Freedom domiciliary  account , which is another USD  foreign currency  account with lower operating limits, for those who want to start saving or current are of immense benefits to the customers. Take for instance, the Dom Freedom account Customer, he or she do not  require  hundreds or thousands of dollars to start operating the account.

An informed source told The Magazine, that what the Customer only needed is a zero balance  but expected to have at least a minimum operating  Balance  of $10 at every point in time .  It is instructive to note that the Bank has also  developed a serialized  non-clearing  cheque type  withdrawal booklet used for withdrawal by  the account holders only .  For Customers who may not know  much about the service, it is an interest bearing account.

The fourth of such  domiciliary account, now being operated by the Pan African Bank, U-Care Plus, the Magazine gathered  is a variant of the U-Care plus savings account , described in the Bank circles as an FCY account denominated in USD, GBP &EURO account. According to a UBA branch Manager  who spoke to The Magazine on condition of anonymity, the account is for parents  who want ‘’to save  for their children’s  secondary /tertiary  education abroad’’.

As Customers  of UBA, now have opportunity to open Domiciliary current and savings accounts, which could be operated while in Nigeria, the Uzoka led bank has really shown that it is an international  Bank which could compete with other notable international Banks  across the globe which have great reach. The Magazine  findings  shows that ever since  the Nigerian leading Bank, started operating the  Domiciliary savings and current  account services, Customers within the country  and the 20  otherAfrican countries  where it has branch  offices have taken advantage of the services to open such Dom  accounts. They may have  seen it as a better option of  saving foreign currency for the rainy day instead of patronizing  the black market  or Bureau De’ Change, BDC.

Given that UBA, is a pace setter in the introduction of new banking services, Financial analysts, are optimistic that it may not be   too long before other top flying Banks in the country like  Zenith, Guarantee Trust Bank, popular, GTB, Access/Diamond, and First Bank take a cue to open such Dom Accounts for Customers.

 Financial watchers believe that if the other top MDB, Banks in the country could match the speed of the Uzoka led UBA, to change with time by introducing new services, that would be beneficial to the country’s economy it would go a long way to  force down the exchange rate of the naira to the dollar, EURO and Pounds Sterling and other world major  currencies

. This is because Godwin Emefiele , governor, Central Bank of Nigeria, CBN, and his Management Team,  would no longer be thinking of sourcing and selling   foreign currencies, with attendant effects of   devaluing the naira against the dollar and other global currencies as a way of raising money for the President Muhammadu Buhari led All Progressive Congress, APC, government to fund basic infrastructural projects in the country and pay  Contractors. 

Stephen Ubanna

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