May 18, 2020
By Peter OBIORA InvestAdvocate
-Africa’s global lender, the United Bank for Africa Plc (UBA) on Monday said its offering 1.58 percent monthly interest rate on its Quick Loan service to customers, Jude Anele, group head, Consumer & Retail Banking of UBA made this disclosure at a Zoom media parley highlighting the bank’s effort through its digital platform to boost customers banking experience amid covid-19 pandemic.
“We are offering 1.58 percent interest to salaried employees and Small and Medium Enterprises (SMEs) who are qualified to obtain the Quick Loan,” Anele said.
According to him, any salaried customer or SME is qualified to access the loan for a period of 12 months, six months and three months with option of renewal.
He affirmed that customers can get up to N5 million in 1 minute or less with super-fast loans like Click Credit using the bank’s unrestricted and secured access to clients accounts anytime, anywhere, on their computer, tablet, smart phones, or any internet-enabled device.
This is coming on the heels of the foremost lenders response to help its customers survive and navigate the ongoing Coronavirus pandemic which has ravaged leading to a new normal.
Sampson Aneke, group head, Digital Banking, UBA said the global bank has taken steps ahead of its peers to navigate alternate banking channels to serve its customers better amid the Covid-19 pandemic and bracing for the challenges of the new normal as a result of the pandemic.
“We saw what people faced the day the Federal Government eased the lock-down in Nigeria, it was a terrible experience, we quickly met and decided to improve on our alternative channels to enhance customers experience,” Aneke said.
The group head, Digital Banking, UBA said customers don’t need a card to withdraw cash from any UBA ATM. “Simply dial *919*30*
In an earlier report, Aneke had explained a new mobile app of the bank which will prompt users to use their device enabled biometrics, adding that the menu has been reduced and divided into sub-menus to enable users view Transaction History, Net worth, Trends amongst others at a glance. “With the new interface, the user can now see all the transfer options including the saved beneficiary option at a glance and can even order food for delivery via the app,” he said.
Aneke added that customers who subscribe to the lifestyle offering on the app will enjoy access to the free online medical doctor, a great response to the new norm created by Covid-19 pandemic.
Other features of the app, as highlighted by Aneke, include the live chat option, where users can communicate on the go with dedicated staff trained to assist with any enquires and challenges; biller validation; as well as group transfer – a new menu where users can create groups, save members and transfer funds to up to 100 members on the group.
This Group Beneficiary transfer feature which does a single lumpsum debit and multiple credits to beneficiaries irrespective of banks where their accounts are domiciled, makes the upgraded UBA app, the first app in Africa to be able to pay salaries, thus addressing a major need in the MSME space.
“Another exciting feature that we have already started receiving rave feedback from our customers for, Is the one that enables users make Loan Requests via Click Credit(For Salary Account Holders) or Quick loans which is available to both savings and current account holders. Our customers have already started to enjoy these services, and I can tell you that they are very pleased with these new offerings,” he affirmed.
UBA in its audited results for the full-year ended December 2019, recorded an impressive growth across top and bottom lines.
The 2019 financials filed at the Nigerian Stock Exchange (NSE) on Friday February 28, 2020, the Africa’s global bank’s gross earnings grew by 13.3 percent to N559.8 billion, compared to N494.0 billion recorded in the corresponding period of 2018. The Bank’s total assets also grew significantly by 15.1 percent to an unprecedented N5.6 trillion for the year under review. This is the first time the Bank’s gross earnings and assets will respectively cross the N500billion and N5trillion marks.
