UBA launches new product
UBA Bank has introduced a new product which specially targets women as part of its quest to encourage more women to take up the habit of saving.
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The product is christened Ruby.
Launching the product, the Managing Director of the bank, Mrs Abiola Bawuah, explained that the product was tailored towards women because “generally, women have a prudent savings culture because of the dependency of the family on them”.
“Women are becoming financially independent; women are taking up high positions in institutions; More women are becoming entrepreneurs, doing good business,” she added.
Main features
The new product comes in two features, the Ruby classic, which requires an account opening with a minimum of GH¢2,000 as a minimum opening balance and comes with a zero cost on transactions (Subject to maintaining the minimum operating balance) and what the bank describes as “attractive interest rates”.
The second is the Ruby Premier, which requires one to maintain a minimum operating balance of GH¢ 5,000 Minimum Opening Balance; zero cost on transactions (COT) (Subject to maintaining the minimum operating balance) and attractive interest rates, plus highly attractive interest rates of up to six per cent for balance above Gh¢20,000.
Benefit to customers
According to Mrs Bawuah, the accounts would attract zero COT account should a customer maintain the minimum operating balance.
She said access to consumer credit facilities such as salary accounts must be domiciled in UBA and employers must be listed on FinnOne, also a product of the bank; access to discounts at various partner shops/outlets/concierges nationwide using Ruby cards.
Mrs Bawuah said customers would also enjoy free enrollment for e-banking products and services, as well as customised Ruby account cheque book and Debit Card.
Benefits to the bank
The product is expected to ensure growth of the bank’s demand deposit portfolio and ensure significant fee income opportunities from transaction fees and e-Banking.
“Accounts with high minimum operating balances have remained our most profitable in the bank; this will increase the tally in number of highly profitable liability products in the bank,” she said.
Mrs Bawuah said “Key alliances and partnerships (top-end beauty salons and spa, designer labels among others) developed to support this product will be flowed into our corporate and commercial banking customer base”.