Lagos Regional Contact Centre Assessment 2
This assessment evaluates knowledge on bank charges and account maintenance for Ecobank, including draft charges and loan interests.
- 1.
Which of the following is true?
- A.
Current account maintenance fee is negotiable subject to a maximum of N1 per mille
- B.
Current account maintenance fee N1 per mille
- C.
Current account maintenance fee is N1
- D.
Current account maintenance fee is N2 per mille
Correct Answer
A. Current account maintenance fee is negotiable subject to a maximum of N1 per milleExplanation
The correct answer is that the current account maintenance fee is negotiable subject to a maximum of N1 per mille. This means that the fee can be negotiated based on individual circumstances, but it cannot exceed N1 per mille.Rate this question:
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- 2.
One of the following is the bank draft charge on Ecobank current account
- A.
N=300.00
- B.
N=500.00
- C.
N=200.00 flat
- D.
N500 + 0.1% of Draft value
Correct Answer
A. N=300.00Explanation
The correct answer is N=300.00. This means that the bank draft charge on Ecobank current account is a flat fee of N300.00. There are no additional charges or percentages applied to the draft value.Rate this question:
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- 3.
One of the following is the bank draft charge on Ecobank savings account
- A.
N=300.00
- B.
N=500.00
- C.
N=200.00 flat
- D.
N500 + 0.1% of Draft value
Correct Answer
B. N=500.00Explanation
The correct answer is N=500.00. This means that the bank draft charge on an Ecobank savings account is a flat rate of N500.00.Rate this question:
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- 4.
One of the following is the bank draft charge for non-Ecobank account holders
- A.
N=300.00
- B.
N=500.00
- C.
N=200.00 flat
- D.
N500 + 0.1% of Draft value
Correct Answer
D. N500 + 0.1% of Draft valueExplanation
The correct answer is N500 + 0.1% of Draft value. This means that the bank draft charge for non-Ecobank account holders is N500 plus 0.1% of the value of the draft. This implies that for every draft, there is a flat fee of N500, and an additional 0.1% of the draft value is charged.Rate this question:
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- 5.
What is the interest on DBN loan for 2nd time borrower
- A.
5%
- B.
4%
- C.
1%
- D.
3%
Correct Answer
B. 4%Explanation
The interest on a DBN loan for a second-time borrower is 4%. This means that if someone has already borrowed from DBN before and is now applying for a loan for the second time, they will be charged an interest rate of 4% on the borrowed amount.Rate this question:
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- 6.
One of the following account class qualifies for micro finance loan
- A.
EMSA go
- B.
EMSA grow
- C.
EMSA progress
- D.
Savings account
Correct Answer
D. Savings accountExplanation
A savings account qualifies for a microfinance loan because it is a type of account that allows individuals to save money and earn interest on their savings. Microfinance institutions often provide loans to individuals with limited access to traditional banking services, and a savings account demonstrates that the individual has the ability to save and manage their finances responsibly. This makes them a suitable candidate for a microfinance loan, which can help them start or expand a small business, improve their livelihood, or meet other financial needs.Rate this question:
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- 7.
One of the following is not a type of loan available under our microfinance segment?
- A.
Trading Finance cash- To augment working capital
- B.
Trading finance asset- To purchase income-generating asset
- C.
Group Finance (Unity Loan)
- D.
Employee credit – For salary earners
Correct Answer
D. Employee credit – For salary earnersExplanation
The correct answer is Employee credit - For salary earners. This is because the other options mentioned (Trading Finance cash, Trading finance asset, Group Finance) are all types of loans available under the microfinance segment, while Employee credit is not specifically mentioned as a type of loan available for salary earners.Rate this question:
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- 8.
What is the DBN loan Tenor under our microfinance segment?
- A.
Between 1- 6 months for Trading Finance cash, and 1 - 12 months for Trading finance asset.
- B.
Between 1- 6 months for Trading finance asset, and 1 - 12 months for Trading Finance cash
- C.
Between 1- 8 months for Trading Finance cash, and 1 - 24 months for Trading finance asset.
- D.
Between 1- 8 months for Trading finance asset, and 1 - 24 months for Trading Finance cash
Correct Answer
A. Between 1- 6 months for Trading Finance cash, and 1 - 12 months for Trading finance asset.Explanation
The correct answer states that the DBN loan Tenor under the microfinance segment is between 1-6 months for Trading Finance cash and 1-12 months for Trading Finance asset. This means that for cash transactions, the loan period can range from 1 to 6 months, while for asset transactions, the loan period can range from 1 to 12 months.Rate this question:
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- 9.
Collateral is required for microfinance loan
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Collateral is not required for microfinance loans. Microfinance institutions provide small loans to individuals who do not have traditional collateral such as land or property. These loans are typically given to low-income individuals or entrepreneurs in developing countries who lack access to traditional banking services. Microfinance institutions rely on alternative methods of assessing creditworthiness, such as group lending and social collateral, rather than requiring physical collateral. This allows them to reach a wider range of borrowers and promote financial inclusion.Rate this question:
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- 10.
The compulsory pledged fund on microfinance loan is
- A.
10%
- B.
15%
- C.
20%
- D.
25%
Correct Answer
C. 20%Explanation
The compulsory pledged fund on a microfinance loan is set at 20%. This means that borrowers are required to deposit 20% of the loan amount as a pledge or collateral. This serves as a guarantee for the lender in case the borrower defaults on the loan. By requiring a pledged fund, the lender can mitigate the risk associated with lending to individuals or small businesses with limited credit history or collateral. This practice helps protect the lender's interests and ensures a certain level of security for the loan.Rate this question:
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- 11.
Ecobank current PIN reissue charge is
- A.
N=100.00
- B.
N=50.00
- C.
N=200.00
- D.
None of the above
Correct Answer
D. None of the aboveExplanation
The correct answer is "None of the above". This means that the current PIN reissue charge for Ecobank is not any of the amounts listed (N=100.00, N=50.00, N=200.00).Rate this question:
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- 12.
Card Maintenance Fee on debit cards linked to current account is
- A.
N=50 per quarter
- B.
N=75 per quarter
- C.
N=52.50 monthly
- D.
None of the above
Correct Answer
D. None of the above -
- 13.
Cards linked to savings accounts - maximum of N50 quarterly maintenance fee
- A.
TRUE
- B.
False
Correct Answer
A. TRUEExplanation
The statement is suggesting that cards linked to savings accounts have a maximum quarterly maintenance fee of N50. This means that regardless of the amount of money in the savings account, the fee charged for maintaining the card will not exceed N50 per quarter. Therefore, the answer is true.Rate this question:
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- 14.
One of the following is not a requirement to amend a name change from the name used during the BVN enrolment
- A.
Relaxed ID
- B.
Newspaper Publication
- C.
Sworn Affidavit stating full names of customer/Marriage Certificate (in the case of marriage)
- D.
One Valid Statutory ID card stating full names of the customer.
Correct Answer
A. Relaxed IDExplanation
A relaxed ID is not a requirement to amend a name change from the name used during the BVN enrolment. The other options, such as a newspaper publication, a sworn affidavit stating full names, or a marriage certificate (in the case of marriage), are all valid requirements for amending a name change. However, a relaxed ID is not mentioned as a necessary document for this process.Rate this question:
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- 15.
A customer/person can change the BVN details as often as possible provided he/she have the requirements
- A.
TRUE
- B.
False
Correct Answer
B. FalseExplanation
The statement is false. A customer/person cannot change their BVN (Bank Verification Number) details as often as possible. The BVN is a unique identification number issued by banks in Nigeria to customers for the purpose of verifying their identity. Once the BVN is issued, it is meant to remain the same and cannot be changed frequently. Changing BVN details would require a valid reason and proper documentation, and it is not something that can be done frequently or easily.Rate this question:
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- 16.
Hard token replacement fee is =N=3,500
- A.
TRUE
- B.
False
Correct Answer
B. FalseExplanation
The given statement is "Hard token replacement fee is =N=3,500" and the correct answer is False. This means that the statement is incorrect and the hard token replacement fee is not =N=3,500.Rate this question:
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- 17.
BVN enrolment can only be done within Nigeria
- A.
TRUE
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because BVN enrolment can actually be done outside of Nigeria. The Central Bank of Nigeria has made provisions for Nigerians living abroad to enrol for BVN at designated centres in different countries. This allows Nigerians in the diaspora to have their BVN and access banking services even if they are not physically present in Nigeria. Therefore, BVN enrolment is not limited to within Nigeria only.Rate this question:
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- 18.
All the following are Ecobank digital channel except
- A.
USSD
- B.
MobileApp
- C.
Ecobankonline
- D.
In branch cash deposit
Correct Answer
D. In branch cash depositExplanation
The correct answer is "In branch cash deposit." This option does not belong to the category of Ecobank's digital channels because it involves physically going to a branch to deposit cash, which is not a digital transaction. The other options, USSD, MobileApp, and Ecobankonline, are all digital channels that allow customers to perform banking transactions electronically without the need to visit a physical branch.Rate this question:
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- 19.
The applicable charge for draft repurchase is =N=100.00
- A.
TRUE
- B.
False
Correct Answer
B. FalseExplanation
The given statement is false. The applicable charge for draft repurchase is not =N=100.00.Rate this question:
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- 20.
Which of the following is false of electronic fund transfer
- A.
Below N5,000 – N10
- B.
N5,001 - N50,000 – N25
- C.
Above N50,000 – N50
- D.
N5,001 - N50,000 – N35
Correct Answer
D. N5,001 - N50,000 – N35Explanation
The given answer, "N5,001 - N50,000 – N35," is false because according to the provided information, the correct fee for transfers within the range of N5,001 to N50,000 is N25, not N35.Rate this question:
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Current Version
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Mar 19, 2023Quiz Edited by
ProProfs Editorial Team -
Mar 09, 2020Quiz Created by
Judith
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