• Monday, December 11, 2023
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HASAL MFB introduces zero COT on transactions

Determined to ensure that its customers continue to enjoy cost-efficient banking services, HASAL Microfinance Bank Limited has commenced the zero Commission on Turnover (COT) policy on all customers’ transactions with it.

The Board of the Bank last week after its meeting announced the zero COT policy, almost a year ahead of the 2016 deadline set by the Central Bank of Nigeria (CBN) for all banks in the country to implement zero COT to enable customers to have unhindered access to their money.

Briefing the media on the Bank’s decision on zero COT for its customers in Abuja, the Managing Director of the bank, Mr. Rogers Nwoke, said the reason for this move was in response to the request by customers to have a bank that will enable them carry out high volume transactions without incurring costs.

According to the finance expert, the decision is also one of the ways the Board and management considered helpful to small business owners, self-employed persons as well as the larger society to enjoy the benefits of current and corporate accounts while enjoying zero COT.

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Nwoke is optimistic that the innovative banking measure, the first to be introduced by any MFB in the country, will pave a way for old and new customers of the bank to continue to carryout transactions without worrying about any COT or hidden charges.

He urged non-current account holders who are interested in operating such account but had restrained themselves in the past due to COT charges to come to the bank and open their accounts as HASAL MFB is pioneering the zero COT in the MFB sub-sector of the banking industry.

He explained that all current accounts of the bank have been designed for the cost sensitive business or individual. According to him, account users will find current account attractive and well suited to meet their needs due to the nature of their operations.

The HASAL Bank Chief explained: “The introduction of the zero COT on transactions by our Bank is one of the ways being explored to demonstrate to them that we care about their businesses and that we are ready to remove all forms of constraints that may have hamper their access to financial services.

“We are happy that with this zero COT policy, the cost of their transactions and doing business will be reduced. This is one of the ways HASAL Bank is using to show that we care always. We are confident that with the current lull in the economy, this gesture will impact positively on our customers’ operational cost and by implication, help in growing their businesses. It is our way of telling them that we care.

“With this initiative, customers who operate current account will also have access to the array of e-banking products available to all HASAL MFB account holders”, Nwoke assured.
It would be recalled that the CBN had announced to banks to move to zero COT from 2016 to enable customers have total access to their fund.