A Minimum Balance

Out of Nigeria's banking landscape there is always something new. At a time when there is a raging battle over the N18,000 minimum wage, there is a move from the long established United Bank for Africa (UBA) to set a new minimum balance of N25,000 from September 1 this year. This sets a cat amongst the pigeons for those aspiring to be on the new minimum wage and for a whole swathe of people locked into the lower rungs of the informal economy.