Union Biz

A zero COT account that provides flexibility for small and medium sized businesses to meet their everyday banking needs. UnionBiz offers 2 options:

UnionBiz is a low maintenance fee business account that pays you interest rates when you maintain an agreed amount in your account.

Benefits

  • Earn interest when you maintain your credit balance throughout the month
  • Tiered account maintenance fees
  • No minimum daily balance required
Min Bal <100k 100k-249.9k 250k – 499.9k >500k
Credit Interest 0% 0.25% 0.50% 2%
Acct. Maint. Fee N1/mil N0.75/mil N0.50/mil N0.25/mil

Account opening requirements

  • Certificate of Incorporation
  • Memorandum and Articles of Association (MEMART)
  • Statement of Share Capital and Return of Allotment of Shares(CO2)
  • Particulars of the Directors (CO7)
  • Application form for registration of business name(enterprise only)
  • Certificate of registration(enterprise only)
  • Valid means of identification(National ID, Voters Card ,Driver’s License or International Passport )
  • BVN of all the signatories and any shareholder that has shareholdings above 5%(Limited companies only)
  • Tax Identification Number(TIN)
  • 2 references
  • SCUML(where applicable)
  • Utility bill

Union Enterprise Hybrid

Union Enterprise Hybrid (savings account)
This account is the right fit for the SME with low business turn over.
Benefits

  • N20,000 account opening balance
  • N5,000 daily minimum operating balance
  • No maximum debit turnover
  • 4.2% interest rate (earned only when there are less than 4 withdrawals monthly
  • Customised cheque book (not valid for clearing) but cheque can be cashed over the counter

Account opening requirements

Unregistered Clubs, Societies and Associations

  • By-Law and Constitution
  • Minutes of Meeting (showing agreement to open an account with UBN)
  • 2 Passport photographs of each of the signatories
  • KYC documentation such as National ID or Driver’s License or International Passport
  • BVN is required for all the signatories to the account
  • 2 references
  • Utility bill
  • Registered Organizations-Limited Liability or Enterprise
  • Certificate of Incorporation
  • Application form for registration of business name(enterprise only)
  • Certificate of registration(enterprise only)
  • Memorandum and Articles of Association (MEMART)
  • Statement of Share Capital and Return of Allotment of Shares(CO2)
    Particulars of the Directors (CO7)
  • National ID or Driver’s License or International Passport and BVN of all the signatories and any shareholder that has above 5% (Limited companies only)
  • Tax Identification Number(TIN)
  • 2 references
  • SCUML(applicable to DNFI’s –www.scuml.org)
  • Board Resolution(Ltd company’s only)
  • Letter of Introduction(enterprise only)
  • Utility bill

Domiciliary

A foreign currency account that gives customers the option to bank in any of the three global currencies (US Dollars, Euros and GB Pounds)

Benefits

  • $100 account opening balance or its equivalent
  • 22USD, 15GBP & 18EUR Swift charge
  • Access to international transfers
  • Attractive interest rates for dollar deposits