http://www.punchng.com/Articl.aspx?theartic=Art2011070312322431

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.’’

Since the advent of this sanusi, it has been an era of dictatorship in banking. One order or the other that does not favor the masses or even the economy. Sanusi should know he is working for a public institution and not private. He should consider the entire masses before placing his military orders. He should take cue of the unburdensome tenure of soludo on the masses. Anyway, who still banks with Thief-B-A? There customers must be happy with their new order cos they didnt start their extortion today. Just pray other banks will remain them

I no dey use UBA.

Sanusi has not done any good to the economy of this great country.

UBA is the most useless bank in Nigeria. I am happy they came up with this policy as it will encourage their customers to close their accounts and the bank will be at the losing end. Useless Bank for Africa.

Isn't this sort of policy change a sign that the bank is in trouble?

Seun:

Isn't this sort of policy change a sign that the bank is in trouble?

Thought of that too.

Am closing account with them immediately.
Rubbish!

Minimum account balance is N25,000.00 when minimum wage is N18,000.00? What a joke and who is fooling who?

With the current minimum wage at 5,500 a lot of people earning below 70,000 will find it difficult maintaining accounts with that bank. Here comes banking segregation between middle and lower class.

Bleep bank

I don't see how this is going to work.
With 18k as minimum wage and CBN trying to create a cashless society which most salaries will be paid into bank account. Then hw will sm1 earning 18k withdraw his/her money?
It can't work,

very soon GSM company will introduce minimum balance

oye.wizzy:

very soon GSM company will introduce minimum balance

stu.pid act. Close yur acc with UBA. Do they want the customers to start robbery. Abeg if u av acc there with dough remove all. If u are expecting any wire halt it b4 u find urself in a mess

THIEVES

Thank God i dont bank with them

oye.wizzy:

very soon GSM company will introduce minimum balance

Lol. Una no go kill person, you these funny Nigerians.

@ Topic,

I hope it is only UBA that would be s.t.u.p.id enough to implement this exploitative and unconscionable policy. My account with the bank has been dormant for 3 years anyway; I wouldn't even wish a horrific experience like UBA for my worst enemy. Very dull, useless bank that criminally deducts all sorts of 'hidden' charges from customers' accounts. I always laugh whenever I see Tony Elumelu parading himself about like some sort of Banking Whizkid. He should bury his bald head in shame for leaving a notoriously useless  legacy like UBA - Useless Bank of Africa.

I bet its a joke. if they go ahead and implement it, the outcome will be disastrous.

Sincerely, I don't really know what's going on these days. I was at a GTBank in Ikeja today and a friend wants to open a savings account, he was told the new minimum initial deposit is 50,000 naira.

I think it is time to remove that man named sanusi, he is taking more than he can chew. GeJ are u sleeping?. Sanusi have overstayed his welcome in the banking industry he need to be shown the way out. From making nigeria a cash free country to this one. Everyday we keep on having new policy. Wetin nah

UBA if dis is true den ime gun av to de-list u from my bank list.

I doubt if this can work in naija. SANUSI is killing the Banks,the people and the economy and GEJ is looking like say he no concern him.

Hope there are reliable communities bank that poor people can bank with.

Its like uba is broke and need cash. Lets assume they have 1million customers. Now multiply that by N25,000. Thats N25,000,000,000 free cash to invest and make money. I guess thats what they are after. Pls whats the interest on N25billion fixed deposit.

Are we sure the gatemen/security men at uba banks can meet that requirement.

Not only UBA,Gtbank mararaba branch started this 25k minimum balance rubbish long before UBA implemented this don't know about the other branches across Nigeria though.anyway I'll still open my domicilliary account @ GTbank with or without the 25k minimum balance.

They want me to forget my uba account or i will just dash them. but i think it aint gonna work, wouldnt this make people stop banking with uba?

out of reach for common man

UBA I dey laff ooooooooooo

success4:

UBA I dey laff ooooooooooo

Bros abeg stop laffing, dis na serious mata,

If it was a CBN directive,definately it's going to affect all the remaining banks!
pls any vital information with regards to GTB concerning this Sanusi nonsense?