United Bank of Africa (UBA) Plc, has said it is focused on efforts to complement the cashless economy initiative of the Central Bank of Nigeria (CBN), through some products offering which the bank will unveil soon.Speaking at the launch of a new product ''Ruby'', targetted mainly at the women folks, the bank's Divisional Head, Marketing and Corporate Relation, Mr. Charles Okpala said the approvals have been secured from the apex regulator for the bank to unveil some products aimed at boosting the cashless initiative upon which the CBN would commennce a test run iin January next year.''We have secured the CBN's approvals to come up with some products, which we hope to push out soon, which in fulfillment of the desire of the cashless economy initiative of the apex regulatory authority of the banking system,'' Okpala said.Okpala said the unveiling of the new product was informed by the focus and vision of the bank to continue to leverage on its area of stronghold, retail banking with aim to specifically address the need of the female executives, self employed professionals, businesswomen, professional women, housewives (married to spouses in the mid to high income/networth bracket), and politicians.He said as a universal financial institution, the bank is expressing its intent with the product to serve the need of a particular segment, which controls about 60 per cent chunk of the nation's business and banking activities.According to him, while the new product provides the bank the opportunity to drive the bank's market share, it is a progressive way of providing for the financilal needs of the women folks, who are increasingly embracing entrepreneurship as well as the corporate terrain in the african continent.The account which is a personal current account for prospective female account holders of the bank, has features which include N500,000 opening and minimum operating balance, zero cost of transactions (COT), highly attractive interest rates: Up to 2 per cent; highest for current accounts in the industry, no limit on number and volume of withdrawals and deposits and customised Gold debit card.Others include Ruby cheque book, free eBanking channels enrolment: U-direct, SMS alert and telephone banking, cash collaterised loans for up to 80 per cent of account balanc, access to consumer finance, up to 50 per cent discount on services from world class partners and free website and email accounts for women in business from Google.Account holders of Ruby account, have access to benefits which include attractive interest rates of up to 2 per cent, access to consumer credit facilities (salary accounts must be domiciled in UBA), access to discounts at various partner shops/outlets/concierges nation wide; including Google for website development and marketing on google site, loyalty program enrolment,free enrolment for e-banking products and services, benefit of between 25 per cent and 50 per cent discount on products of UBA MetLife, UBA Trustees and UBA Stockbrokers, and up to 50 per cent discount on services from world class partners.
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