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‘Gold card ATM limit now $1,000’ — UBA reviews transactions on domiciliary accounts



United Bank for Africa (UBA) has adjusted its domiciliary MasterCard limits and fees.

In a notice sent to customers, the financial institution said the move is part of its commitment to keep customers updated on changes that may impact their service.

Outlining the new limits, UBA said for its euro cards, the daily automated teller machine (ATM) withdrawal limit on its gold MasterCard is €1,000, the daily web limit is €3,000, and the daily point of sale (POS) limit is €3,500.

For its platinum MasterCard, the bank said the daily ATM limit is €1,500, daily web limit is €5,000, and daily POS limit is €5,000.

Also, UBA said its world MasterCard has a daily ATM limit of €1,500, web limit of €8,500, and POS limit of €15,000.

For its pound cards, the bank put its daily ATM limit for gold, platinum, and world MasterCards at £1,200.

According to the outline, the daily web limit for gold cards is £3,000, platinum card is £5,000, and world MasterCard is £7,500.

UBA said customers would get £3,000 for the daily POS withdrawal limit on their gold card, £5,000 on platinum cards, and £15,000 on world MasterCards.

For dollars, the bank capped its ATM limit for gold at $1,000, while plantium and world MasterCards users would not be able to withdraw more than $1,500, respectively per day.

According to UBA, the daily web limit for a gold MasterCard is $5,000, platinum card is $6,000, and a world card is $10,000.

The bank said its daily ATM POS limit is $5,000 for gold MasterCard users, $10,000 for platinum customers, and $20,000 for world MasterCard users.

Meanwhile, the bank said ATM cash withdrawal or POS cash advance fee will attract “0.6 percent of transaction amount subject to a minimum of $3.5 or equivalent per withdrawal (VAT Exclusive)”.

UBA said 2.5 percent of the transaction amount would be payable when a card is used for other currency transactions.

For short message service (SMS), customers will pay $0.01/equivalent in other currencies.

The review by UBA comes after International Money Transfer Operators (IMTOs) disclosed in a report on February 9, that they would halt dollar transfers to Nigerians due to a directive from the Central Bank of Nigeria (CBN).

“In compliance with a recent directive from the Central Bank of Nigeria (CBN), we regret to inform you that Sendwave, along with all money transfer operators, is no longer able to support USD transfers to Nigeria. We’d encourage you to switch to sending Naira transfers instead,” Sendwave said.

Another IMTO, Worldremit, said transfers would not be paid out in dollars.


FG invites heads of AEDC, IBEDC over poor power supply




The federal government has invited heads of Abuja Electricity Distribution Company (AEDC) and Ibadan Electricity Distribution Company (IBEDC) over poor power supply in their service areas.

Adebayo Adelabu, minister of power, also invited Sule Abdulazeez, managing director of the Transmission Company of Nigeria (TCN), for the same reason.

Since the turn of the year, electricity supply to the nation’s capital and across the country has gone from bad to worse, with distribution companies citing gas constraints to generating companies (GenCos) as reason for the prolonged, agonising blackout.

In a statement, Bolaji Tunji, special adviser on strategic communications and media relations to the minister, said power supply should have improved because of the pressure mounted on GenCos to increase their output.

“These two DisCos have been summoned due to the worsening power supply situation in their regions despite improved supply from TCN,” Tunji said.

“So, we expect power supply to have improved across the country, unlike what we are experiencing in some regions presently.

“Findings revealed that some distribution companies were deliberately not taking up power supply from TCN, while some power lines were also damaged by vandals in Abuja, Benin, Port Harcourt and Ibadan regions.”

The aide said the minister has threatened non-performing DisCos nationwide with “outright licence revocation”.

Tunji said the minister also directed TCN to commence repair work on the damaged transmission lines.

The aide added that despite the shortage of gas, power generation has been ramped up to over 4000MW in recent days.

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Ghana’s electricity company cuts power supply to parliament over $1.8m debt




The Electricity Company of Ghana (ECG) on Thursday disconnected the power supply to the country’s parliament over a debt of 23 million Ghanaian cedi, approximately $1.8 million.

The power outage disrupted the parliament’s deliberation on the state of the nation speech delivered by Ghanaian President Nana Akufo-Addo.

The blackout occurred when Abena Osei-Asare, the outgoing deputy minister for finance, was defending the president’s speech.

Videos showing the dark scene of the parliament in which some lawmakers were shouting “dumsor”, a Ghanaian word for “power outage”, have appeared on social media.

During the incident, some lawmakers and staff were stuck inside elevators.

ECG had earlier warned that it would disconnect the electricity supply to the parliament over the GH¢23 million debt.

Over the past few weeks, residents have been complaining about erratic power supply in the Gold Coast country.

Speaking about the incident, John Jinapor, a lawmaker and minority spokesperson on mines and energy, complained over the persistent load shedding being carried out by power companies.

The lawmaker attributed the power outages to the inability of the government to purchase fuel for the country’s thermal plants.

“Indeed, the load-shedding is getting worse by the day. The very day His Excellency the President was delivering the state of the nation address and boasting, up that very period, the utility companies were shedding the load,” the lawmaker said.

Later in the day, the power company restored the electricity supply to the parliament after a part of the debt was settled.

In Nigeria, the management of the Abuja Electricity Distribution Company (AEDC) recently issued a 10-day notice to 86 government ministries, departments, and agencies (MDAs) to pay up the N47.1 billion electricity debt they owe or risk disconnection.

The presidential villa was listed among the debtors.

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CBN revokes licences of 4,173 BDCs




The Central Bank of Nigeria (CBN) has revoked the licences of 4,173 bureau de change (BDC) operators for failing to observe regulatory provisions.

In a statement signed by Sidi Ali, CBN’s acting director, corporate communications, on Friday, the apex bank said the BDCs failed to observe at least one of its regulatory provisions, such as payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

“The Central Bank of Nigeria (CBN), in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change Operators,” CBN said.

Other provisions not adhered to are rendition of returns, compliance with guidelines, directives and circulars of the CBN, especially anti-money laundering (AML), countering the financing of terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

The apex bank said it is revising the regulatory and supervisory guidelines for BDC operations in Nigeria.

“Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective,” CBN said.

The financial regulator advised the public to take note.

Some of the affected BDCs are;

Mountaintop BDC LTD
Movement BDC
Protected BDC LTD
Reading BDC LTD
Roundtable BDC LTD
Shares OF Time BDC LTD
Stop Over BDC LTD
Surging BDC LTD
Unical BDC LTD
Turnover BDC LTD
Couple BDC LTD
Happy Ends BDC LTD
Welcome BDC LTD
Oyinbo BDC LTD
Lamshade BDC LTD
Internal Curry BDC LTD
Give And Collect BDC LTD
Give and Take BDC LTD

The full list of the affected BDCs can be found here.

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