Nigeria: HASAL MFB Introduces Zero COT On Transactions
HASAL Microfinance Bank Limited no longer charges commissions on turnover.HASAL Microfinance Bank Limited no longer charges commissions on turnover.
This should reduce small businesses’ costs of operation and help them grow.
With this move, HASAL Bank is now ahead of the 2016 deadline set by the
Central Bank of Nigeria (CBN)
to implement the
zero Commission on Turnover (COT) policy.
According to the Managing Director of the bank, Rogers Nwoke, this policy should benefit the whole population, including small business owners and self employed persons, as both business and current accounts are concerned.
He also explained that
many customers had requested being able to carry out a high volume of transactions without extra costs.
"The introduction of the zero COT on transactions by our Bank is one of the ways being explored to demonstrate to [our clients] 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.”
Businesses’ access to finance will also be facilitated by the offer of a wide range of e-banking services to the bank’s current account holders.