Nigeria’s Union bank has unveiled a new hybrid business account for small businesses. The account will give the growing businesses the flexibility of a current account with the benefits of a savings account. It is suitable for businesses such as co-operative societies, trade associations, professional bodies, social clubs and non-governmental organizations.
Funwa Akinmade, head of Retail Liabilities at Union Bank said: “Small businesses are integral to the Nigerian economy and it is important that we develop the right products and services to support them. The launch of the Union Enterprise Hybrid Account is our way of supporting small businesses through competitive and specialized offerings that are designed to help them grow.”
Some of the features of the Union Enterprise Hybrid Account include, access to Union Bank’s array of e-banking products and services, a minimum daily opening and closing balance of N5,000 only, lodgement of cheques and dividend warrants as well as provisions for third party over-the-counter transactions across the Union Bank branch network.
Additionally, Union Enterprise Hybrid Account holders will enjoy accrued interest on their account balance at the prevailing savings account rate, with zero commission on turn over.