Mpower Biz - Frequently Asked Questions

MPower Biz account is a current account specially designed for businesses, Small and Medium enterprises, professional firms, joint ventures, NGOs, Churches, Schools. Businesses in this category must be registered.
Product Features Mpower Biz Classic MPower Biz Gold MPower Biz Platinum
Opening balance N20,000 N50,000 N250,000
Minimum daily balance N20,000 N50,000 N250,000
COT Zero (0) Zero (0) Zero (0)
Monthly maintenance charge N1,000 N5,000 N7,500
Sanctions for Default
  • Account maintenance fee of N1/mille if minimum daily balance is lower than N20, 000.
  • Account maintenance fee of N1/mille on the excess volume if the monthly turnover exceeds N10million.
  • Account maintenance fee of N1/mille if minimum daily balance is lower than N50, 000
  • Account maintenance fee of N1/mille on the excess volume if the monthly turnover exceeds N50million.
  • Account maintenance fee of N1/mille if minimum daily balance is lower than N250, 000
  • Account maintenance fee of N1/mille on the excess volume if the monthly turnover exceeds N100million.
Customers complete the corporate account opening form, and provide all the documents on account opening for the structure of the organization i.e. Sole Proprietorship, Limited Liability Company, etc.
Depending on the size of the customers� business, and the turnover expected on the product, one of the variants of MPower Biz account would be suggested/offered to the customer.
The turnover made by a customer from the business, would determine which variant would suit the customer's needs. However, the customer has the final decision to determine which variant would suit his/ her business.
Yes. the customer would not be charged as long as the minimum balance threshold is not defaulted.
Yes. For all accounts that have debit turnover in excess of the COT free turnover volume, account maintenance fee of N1/mille would apply on the amount above that stipulated turnover volume.
  • Scenario 1: A customer on the MPower Biz Classic platform, whose business does a monthly turnover volume of N12-million will be charged default account maintenance fee of N1/mille on the excess volume of N2million. The COT on the N10m will remain COT free.
  • Scenario 2: A customer on the MPower Biz Gold platform, whose business does a monthly turnover volume of N53million will be charged default account maintenance fee of N1/mille on the excess volume of N3million. The COT on the N50m will remain COT free.
  • Scenario 3: A customer on the MPower Biz Platinum platform, whose business does a monthly turnover volume of N138million will be charged default account maintenance fee of N1/mille only on the excess volume of N38million. The COT on the N100m will remain COT free.
Default account maintenance fee of N1/mille will be charged for all debit withdrawals on the account within the month in which the default occurred.
Yes
 
Product Interest Rate
Mpower Biz Classic 0.5%
Mpower Biz Gold 0.1%
Mpower Biz Platinum 0.1%
Yes. This can be done via a board resolution signed by all the signatories to the account.
With the customer's concurrence, the customer's MPower Biz gold account would be migrated to MPower Biz platinum and the customer will still retain his old account number.
Yes. Customers willing to possess more than one MPower Biz account can do so.
The Retail Operations Head will lift the �hold� on the minimum daily balance and will be required to explain to the customer, the implication of going below the minimum balance.
Currently, overdraft facility cannot be booked on the account. The customer may however open a corporate (current) account on which the facility can be booked.
No. Individuals can however operate the Access Premier account which has the same zero COT feature as MPower Biz account.