February 25, 2024


Serving the university community

UFMB Addresses LAG Mobile Charges

By Kehinde Heritage

Unilag microfinance bank CEO and Managing Director, Mr Tunji Jayeola, addresses the issue of high charges on lag mobile during an interview with Unilag Sun.

The address came after students of the University of Lagos had expressed their displeasure with the charges that come with making payments for LAG mobile at the microfinance bank, complaining that the amount charged is too high for such a payment.

The CEO and his team clarified the matter of charges for transactions and LAG mobile. According to them, UFMB charges the lowest for transactions compared to other commercial banks.

For student associations and departments who have accounts with the bank, when students pay into such accounts, there are no charges deducted for that payment.

He also explained that there are statutory charges, such as stamp duties, that are authorized by the Central Bank of Nigeria, which the bank has to enforce.

However, for the LAG mobile, they said that the extra fee charged is a fixed charge as a result of the peculiarity of the payment being made by the students.

The CEO further urged students to make complaints with evidence if they experience any ridiculous charges on transaction payments and also put into consideration that the organization is not a non-profit making organization but a bank with the goals and objectives of a profit-making organization.

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