United Bank for Africa (UBA), a leading pan-African financial services institution with a global footprint, has on Wednesday November 25, 2020, launched five products to promote financial inclusion and meet customers’ need.
The five products launched by the Bank include, Dreams Account, Next Level, Teens Account, Sharp Sharp low KYC account, and Extra account.
The Chief executive Officer of UBA Sierra Leone, Usman Isiaka said that the launch of liability products and Know Your Customer (KYC) savings accounts are geared towards meeting the needs and requirements of customers in different age bracket. He said that UBA is committed to satisfying the needs of customers. He registered his commitment to make UBA the preferred bank for every African citizen.
The head of Retail Banking, UBA, Victoria Olukotun said that the products are tailored to meet the needs of their customers. “UBA is a bank for everyone,” he said.
Explaining the products, Branch Manager Joseph Kemoi said that Teens Account could be opened with a minimum balance of Le250,000 (USD 25). He said some of the benefits of the Account are: free SMS Alert, mobile banking transactions, opportunity to be awarded scholarships and internship with a prospect of gaining full employment with the bank.
On UBA Dreams account, Kemoi said the Minimum Opening Balance is Le1,000,000 (US$100) with no limit on the maximum cumulative balance. He said that some of the benefits of the Dreams account are that, the customer is privileged to transfer funds within the Bank and to another Bank, have access to SMS alert, mobile banking and all UBA online banking platforms.
On UBA Extra Account, he said the Minimum Opening Balance is Le 500,000 (US$50) . He said that account holders of the UBA Extra would qualify for quarterly draw to win: motorcycle, auto rickshaw (Keke), refrigerator, shopping vouchers and cash prizes.
Speaking on UBA Sharp Sharp Account, Branch Manager, Daphne Roy-mac Johnson, said that that type of account is opened and operated on LOW Know Your Customer (KYC) basis with the following minimal documentation requirement: completed account opening forms; Internal Due Diligence Form; and two Passport photographs.
She said that the target market for this product is: the unbanked and the underbanked; students of tertiary institutions; farmers; traders; motorcyclist; Junior Civil Servants; bus drivers; unemployed Individuals; laborers/field workers; and fishermen, among others.
She added that the key features of the account include, minimum initial deposit of Le10,000 and Le 30,000 operating balance, adding that the maximum operating balance of Le 2,500,000.
Roy-mac Johnson said that customers holding the account would have access to internet and mobile banking; access to debit card (for ATM and POS transactions)-restricted to local use; attractive interest rate; and the account could be linked to a bank account or mobile money account in the name of the same customer.
On the UBA Next Level Savings Account, she said that this type of account is opened and operated on LOW KYC basis with the following minimal documentation requirement: Completed Account Opening forms, Internal Due Diligence form, passport photograph, letter of reference attested by a local authority.
The Branch Manager said that the features of this account include, zero opening balance, Le30,000 minimum operating balance, maximum operating balance of 5,000,000 allows funds transfer within Sierra Leone, no Independent verification of customer information required and maybe opened by agents without validation by financial institution.
She said that some of the benefits of the account are: access to internet and mobile banking, access to debit card (for ATM and POS transactions)-restricted to local use, attractive interest rate, and can be linked to a bank account or mobile money account in the name of the same customer.
By Alusine Sesay
26/11/2020. ISSUE NO: 7958