The United Bank for Africa (UBA) Plc has introduced a new product named ‘U-Advance Card, a payment card that allows workers that operate a salary account with the bank to get a credit advance ahead of pay-day.
According to the bank, the U-Advance card is an internationally accepted card payment solution designed to address the salary account holders’ need for easy and quick access to extra funds during their monthly salary cycles, in form of a revolving, secured credit facility.
Divisional Head, e-Banking, UBA, Dr. Adeyinka Adedeji explained in a statement that the product would complement UBA’s existing suite of retail credit products in the form of a naira based, short term, secured financing targeted at salary account holders and will provide frictionless access to much needed credit with the cardholder’s monthly salary as security.
Though available only to salary account holders with UBA Plc, non-UBA customers can pre-qualify by opening a salary account with UBA. Ideal for staff of reputable organizations, affluent and high networth individuals (HNIs) who receive regular monthly salary; individuals wishing to obtain the U-Advance credit card can approach the nearest UBA business office for details on eligibility and how to apply.
Accepted locally and internationally, the cardholders can make cash withdrawals at over 1.9 million ATMs worldwide and point of sale terminals or web purchases at more than 30 million retail outlets around the world.
For safety, the card comes with the EMV certified chip & PIN technology plus the 3D Secure feature for enhanced protection during web transactions.
“The U-Advance Credit card has been introduced in line with UBA’s strategy of growing its retail business across Africa and strengthens its position as Africa ’s financial solution power house.
“Access to this credit card is relatively easy as the main requirement is a valid salary account which has been operated for a period of no less than three months for existing customers and six months for new customers,” Adedeji explained.
He noted that the bank, with more than seven million retail customers, is a major issuer of payment cards in the country. The bank issues MasterCard, Visa and Verve cards. UBA also pioneered the issue of Prepaid Cards in the country, which can be used without a bank account.
“Cards are a key part of the UBA e-banking strategy hence the bank’s strategic partnership with credible local and international retailers to ensure that all customers enjoy the advantages and convenience which come with the use of its payment cards,” the statement added.
Thisday
