Union Bank of Nigeria Plc has launched a savings product which is aimed at helping its customers to develop a savings culture. The UnionKorrect allows customers win extra cash up to N1 million in quarterly draws when they save.
This
followed the recent unveiling of the bank’s new identity in its bid to
make banking simpler and smarter both for customers and prospects.
Speaking at the launch of the product in Lagos on Monday, the Head of Retail Banking, Union Bank, Carlos Wanderley,
said the product is available at any Union Bank branch. He explained
that the UnionKorrect account will be opened as a sub-account linked to
the current or savings account of a customer. All a customer need to do
transfer N5,000 every month from his or her main account at Union Bank
to the UnionKorrect account.
Wanderley explained: “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“.
“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, 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.
More information can be found at www.unionbankng.com.
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