5 ways to stay Cash-Lite on UBA platforms

The Central Bank of Nigeria (CBN) recently announced the take off of the Cash-Lite policy nationwide starting July 1^st, 2014.

Under this new policy, cash withdrawals and deposits above N500, 000 will attract a 3% fee for individuals while cash withdrawals and deposits above N3, 000,000 on any day will attract a 5% fee for corporate bodies.

However, these fees are only applicable in the following states; Abia, Anambra, Lagos, Ogun, Kano, Rivers, and Abuja for now. Cash deposits made in any other state not mentioned above will not attract the required fees until July 1 st, 2015.

In a bid to ensure that UBA customers are not subjected to these fees, the bank provides several platforms to enable customers withdraw, deposit and transfer funds conveniently.

Some of the platforms customers can take advantage of include;

Point of Sales (POS) machines;

POS are great for reducing cash collections at selling points. Traders with a high volume cash business can deploy UBA’s highly efficient POS machines to reduce cash collections from their customers.

Cards

UBA has an array of cards that helps customers eliminate cash. UBA issues Mastercards, Visa and Verve cards which can all be used for payments across both traditional platforms like ATMs and POS machines and also online. UBA payment cards are also accepted by millions of merchants in over 200 countries.

This means that UBA card holders do not need to take cash with them where ever they are going in the world as long as they have a UBA card.

UBA also offers prepaid cards, which are perfect for people that do not have bank accounts or customers that may not want their card transactions linked to their bank accounts. UBA prepaid cards are ideal for online shopping, especially for those who are worried about online security.

U-Mobile

This is UBA’s award winning mobile banking application. It is effectively a bank on a phone. With U-Mobile, UBA customers do not really need to visit the bank unless it is absolutely necessary.

It is very easy to install a U-Mobile on a phone and it is compatible with many smart phones. Customers can initiate inter-bank and intra-bank transfers once they have a U-Mobile installed on their phones, which significantly reduces the amount cash they carry around.

Sellers can even ask their customers to transfer payments for goods and services through U-Mobile and they can immediately receive an alert for any such transaction and also check the balance on their phones to confirm the transaction has been done.

U-Direct

This is a bank on a tablet or personal computer. UBA’s U-Direct gives the user a platform to also carry out all your basic and advanced banking transactions right on their personal computers or tablets.

Payments for bills or purchases, inter-bank and intra-bank transfers, checking of account balances, tracking of transactions among others, can all be done on a personal computer through the highly secured U-Direct internet banking platform. With U-Direct, there is no need carrying cash anywhere or receiving cash.

U-Direct also has a version for corporates, which enables them manage their cash and payment transactions right on their personal computers or tablets. U-Direct Corporate has eight different modules dealing with different aspects of a company’s operations.

ATMs

This is a traditional platform that many are already used to. Sadly, many people use it only for withdrawals and nothing else. However, UBA ATMs are enabled to offer you more. You can actually pay for most of your bills on a UBA ATM. You can also do inter-bank and intra-bank transfers easily on the ATM, thus eliminating the need to carrying around cash.

All the listed platforms are highly secured by UBA’s world class e-banking security platform. This ensures that customers can carry out cashless transactions without worrying about the security of their money or funds. 

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