HASAL Microfinance Bank Limited has introduced zero Commission on Turnover (COT) policy on all customers’ transactions as part of efforts to ensure that its customers continue to enjoy cost-efficient banking services.
According to This Day, the bank said in a statement yesterday that its board of directors approved the new 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 have unhindered access to their money.
According to the Managing Director of the bank, Mr. Rogers Nwoke, the move is in response to the request by customers to have a bank that will enable them carry out high volume transactions without incurring costs.
He added that the decision is also one of the ways the board and management of the bank 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.
He said, “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 expressed optimism 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.
The HASAL MFB boss urged non-current account holders who are interested in operating such account but had restrained themselves in the past due to COT charges to open their accounts with the bank.
He explained that all current accounts of the bank have been designed for the cost sensitive business or individual.
This is a very good initiative by HASAL MFB and i think all banks should do the same. What do you think?