Yemisi Izuora
Union Bank of Nigeria Plc said it will continue to support efforts that will encourage Nigerians to develop a savings culture.
The bank which just launched the ‘UnionKorrect’ a new product to support the initiative said the product would allow customers win extra cash up to N1 million in quarterly draws when they save.
Unveiling of the product came at the recent unveiling of the bank’s new identity which aims at making banking simpler and smarter both for customers and prospects.
Speaking at the launch of the product in Lagos, Head of Retail Banking, Union Bank, Mr. Carlos Wanderley, said the product is available at any Union Bank branch.
He explained that the UnionKorrect account can be opened as a sub-account linked to the current or savings account of a customer.
He explained that it works with a customer transferring N5,000 every month from his or her main account at Union Bank to the UnionKorrect account.
Speaking further he said “When I came to Nigeria, One thing I noticed is that a lot of Nigerians use their savings account as a transaction account. So, at the end of the day, their monies do not stay in their account for the purpose of saving for the future as they want. And there are no incentives for such account holders.
“So, what we have done is to improve the ability for people to maximise their savings, and that is what the UnionKorrect account is all about.
You save for a tenor of two or four years, enjoy interest on your savings and you stand a chance of winning a fantastic cash prize every quarter.
“So, at the end of the period, 300 people among 10,000 customers of Union Bank would be getting cash reward of between N100,000 and N1 million.
A customer can have as many UnionKorrect accounts as they wish.”
Wanderley said the UnionKorrect is the first of many innovative products that the bank would introduce to the market.
Union Bank is here to win, he added.
Also, the Head, Retail Products, Union Bank, Mr. Sheahan Arasaratnam, explained that the idea of having 10,000 customers participate in the first tranche is to make it possible for a lot of customers to have a chance to win.
What we are trying to do is to help Nigerians imbibe the culture of saving and they get rewarded for it. When you save, in four years you can have a lump sum of money to achieve your dream.
“To open a UnionKorrect account, you must be an account holder of the bank. The UnionKorrect will be a sub-account within your total relationship with the bank. From the draw which is expected to take place after the 15th month, 25 winners would emerge every quarter,” he said
