UBA Launches 5 Promotional Products

By Foday Moriba Conteh

United Bank for Africa (UBA) which has been rated as one of Sierra Leone’s leading financial institutions, offering unswerving and contemporary services to its numerous customers, has on Wednesday 25^th November, 2020 launched 5 new liability products as part of their strides to enhance financial inclusion in the country. The launch took place at the Hub Hotel on Hill Station in Freetown.

The five liability products include: UBA Teens Account, UBA Dreams Account, UBA Extra, UBA Next Level and UBA Sharp Sharp.

In his address, Managing Director of the United Bank for Africa (UBA), Usman Isiaka said that UBA, as a Pan Africa and global Bank with a Mission to be a role model for African businesses by creating superior value for all their stakeholders, abiding by the utmost professional and ethical standards and by building an enduring institution with a Vision to be the undisputed leading and dominant financial services institution in Africa, thought it fit to launch the five products for its numerous customers across the country.

Usman Isiaka noted that as a bank they are happy for the fact that they are launching products that are in sync with the Central Bank’s initiative of promoting financial inclusion, adding that among the five products there are two products which specially border on low Know Your Customer (KYC) account of which he said will make it easy and convenient for every individual to open an account especially for the low value and low risk customers who do not need to go through a very elaborate KYC documentation which, he said, definitely distinguishes UBA in the market in terms of their commitment to the development of the banking industry in the country’s economy.

Unveiling the products, Branch Manager, UBA Kissy Road Branch, Joseph David Kemoi, said they at UBA are very committed in promoting financial inclusion in the country saying it is against such a backdrop that they are very proud to launch the products.

He said with the UBA Teens Account, teens can get scholarships plus a cash rewards and other amazing benefits, adding that with this Account teens can get 13 months reward of 10% of their monthly savings (if Savings is maintained over 12 months without interruption) and also availed the opportunity to do their internship with the bank subject to vacancy.

Joseph David Kemoi revealed that the minimum opening balance for the Teens Account is Le 250,000 with a prevailing interest rate on savings account (payable monthly), adding that there will no interest payment for more than 3 withdrawals in the month and that Full KYC is allowed for parents/guardians with no limit cash deposit.

He said the age limit for the Teens account is 13-17 years with a transition at age 18 to UBA NextGen.

The second product which he revealed was UBA Dreams of which he said customers can enjoy high interest rates while having easy access to funds, adding that with this target savings account it helps customers plan and save towards a project to make it happen.

Joseph David Kemoi revealed that the minimum opening balance for UBA Dreams is Le 1,000,000 with a prevailing interest rate of 3, 4 & 5 percent depending on the deposited amount, and that monthly interest is forfeited after 3 withdrawals in the month and that Full KYC is required.

The third product was UBA Extra of which account holders qualify for quarterly draws to win Motor cycles, Tricycles – Kekes, Refrigerators, shopping vouchers and cash prizes etc. The minimum opening balance for UBA Extra is Le 500,000 with a prevailing interest rate on savings account (payable monthly) and that monthly interest is forfeited after 3 withdrawals in the month and that Full KYC is required.

Branch Manager of UBA Adelaide Street, Daphine Ray-Johnson, who also unveiled the products said that at UBA they care for their numerous customers across the country.

She disclosed that the UBA Sharp-Sharp Account, which is part of the 5 products, is a TIER 1 Low KYC savings account under the Bank of Sierra Leone guideline designed to encourage the un-banked and the under banked to have bank accounts in line with the Financial Inclusion strategic intent of the Central Bank, adding that this type of account is opened and operated on Low KYC basis with the following minimal documentation requirement, that is Completed Account Opening Forms, Internal Due Diligence Form, Two Passport photographs.

Daphine Ray-Johnson revealed that their targeted market are the Un-banked and the Under banked. i.e. Artisans, Students of tertiary institutions, Farmers, Traders, Fishermen Rural dwellers and communities where banking is still alien etc She furthered that the Minimum Initial Deposit of Le10,000 with a Le 30,000 operating balance with a daily and monthly withdrawal limit of Le500,000 and Le 2,500,000 respectively.

Daphine said with a maximum operating balance of Le 2,500,000 otherwise the account should be converted to Regular Savings Account.

She further unveiled the UBA Next Level Savings Account of which she said is a TIER 2 Low KYC Savings Account under the Bank of Sierra Leone guideline designed to encourage the un-banked and the under-banked to have bank accounts in line with the Financial Inclusion strategic intent of the Central Bank and that this account type however has higher transaction limits.

Daphine Ray-Johnson noted 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 with a Letter of Reference attested by one of the following local authorities, Chief, Member of Parliament, Judge, Minister, Pastor/Imam etc.

She revealed that their targeted market are the Un-banked and the under banked. i.e. Artisans, Students of tertiary institutions, Farmers, Traders, Fishermen Rural dwellers and communities where banking is still alien etc, furthering that the Minimum Initial Deposit of Le30,000 with a Le 50,000 operating balance with a daily and monthly withdrawal limit of Le1,000,000 and Le 5,000,000 respectively.