In a very interesting move, one of the largest banks in Nigeria (UBA) advised their clients that they would systematically be closing bank accounts with a balance lower than N 25 000 (about $ 150) (Read here). They advise their clients that they would want them to still do business with the bank, but by making use of their new mobile facility called U-mobile. This basically means that clients with small balances would not be served in branches, but can still transfer money by making use of their phones. Interesting...
This begs the question if mobile banking facilities are designed to cater for customers with low balances only. Is the reason why banks would be interested in making mobile banking available to get customers with low balances out of the branches? Or are the needs of customers with low balances just different and they do not need to visit branches?
1 comment:
I would suspect costs and to keep them out of the branch. really, low balance only needs a mobile access to money. They do not need many personal services that require branch help so.....
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