How To Open UBA SME Loan Account, The Requirements And Terms

The United Bank for Africa caters for the bespoke needs of all self-employed business owners in Nigeria, SMEs (Retails Merchants and General Commerce), the self-employed professionals, entertainers, start-ups, tech-entrepreneurs and artisans.

You and I know that building a successful business requires the right support and that’s what UBA is here to do. They provide financial products and services that is specifically designed to help businesses grow. You get access to a wide range of benefits with the UBA SME account.

 So What Is The SME Business Account?

This SME Business Account was created to support micro, small and medium-sized businesses that are deterred by CAMF charges to own a business current account. This UBA SME account will offer very minimum fees with lots of value-added propositions to enable MSMEs build capacity.

Please note that this account is in three variants, representing different turnover bands and monthly fees. They are:

  • Micro
  • Small
  • And Medium

The Benefits Of SME Loan Account

  • It has a fixed monthly charges
  • You have access to business loans
  • You have access to UBA SME capacity building and advisory platforms
  • You get on-boarding on digital collections and payments channels
  • You get access to SME Master classes
  • You get access to SME annual Summit and Fairs
  • You get free online shopfront on the UBA Market place

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  • All customers must agree to pay the fixed monthly charge applicable to the selected variant: which is N1050, N5,250, and N10,500 for Micro, Small and Medium respectively
  • For any month turnover that falls below the minimum threshold, the customer will pay Current Account Maintenance Fee (CAMF) for the turnover volume that is achieved at the rate of N1/mille, N0.9/mille, and N0.8/mille for Micro, Small, and Medium respectively
  • All customers will be charged the fixed monthly fee for the applicable band any month that their turnover exceeds the maximum turnover threshold of their default account category.
  • Please note that the medium variant of the product is subject to a maximum monthly turnover of N100 million over which Current Account Maintenance Fee (CAMF) of N0.6/Mille will be applied to the excess turnover.


What sector is eligible to apply for this account?
Currently, all MSME sectors and segments with maximum annual turnover of N600MM

What Is The Maximum Threshold For Each Band?
For each of the Variants have a band with a maximum limit at the Medium category.

Does The SME Business Account Comes As A COT-free Account?
It is only COT free when customer achieves his/her minimum threshold.

Does UBA allow an existing customer who has a personal current account be able to migrate to the new SME Business Account?
It’s a big Yes. But you need to do a scheme code change for an active account. And also, you can resuscitate dormant account into this new account.

What variant does a customer with a monthly turnover of above 100 Million belong to?
For customer with turnovers above 100 Million can do the medium VARIANT of the SME account. They will only charge such customer a concessionary CAMF of N0.6/mille for the excess of 100 million in a particular month.

What If A Customer Exceeds The Maximum Amount, Will They Be Charged?
All customers are charged the Fixed Monthly Charge for the width the customer exceeded into.

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