United Bank for Africa (UBA) has sent out a significant update about dormant and inactive accounts for its many customers.
UBA informed customers in a message delivered on Wednesday that savings accounts that had not been utilized for a predetermined amount of time would henceforth be categorized as dormant or inactive.
Recall that Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has expressed worry about the susceptibility of inactive bank accounts to fraudulent activity.
He clarified that accounts that are left idle for long periods of time are frequently easy targets for identity theft and unauthorised access by scammers.
He said:
According to UBA, in a statement to customers, accounts that have not had any transactions for six months will be classified as inactive; if this inactivity persists, the accounts will become dormant after a year.
Customers were reassured by the bank that their money was safe and secure and that all it took to maintain an account was a transaction.
TimesNow.com.ng reported that for the first half (H1) of 2024, the United Bank for Africa (UBA) reports a 39.6% increase in gross earnings.
UBA stated that its gross earnings climbed from N981.77 billion in 2023 to N1.37 trillion by June 2024 in a statement released on Monday, discussing its audited financial performance for the half year ended June 30, 2024.
The bank claimed this accomplishment. despite Nigeria’s challenging macroeconomic conditions and the geopolitical environment in which it works.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
