How reward scheme is deepening savings, financial inclusion

The banking industry is deep in promoting several rewards initiatives to boost its deposit and client base, but it is also deepening savings culture and the much-sought financial inclusion.

The current level of financial inclusion in the country is about 64 per cent and the Bankers Committee at the end of its 2019 yearly retreat, said it is determined to press further with products and policy initiatives that address customers’ needs.

While the National Lottery Regulatory Commission and the Consumer Protection Council are attesting to the fairness of the processes of the schemes, it is currently turning out a win-win situation for the customers, banks and the economy.

Amos Wisdom, one of the winners, told The Guardian: “All my life, I have never won anything like this and I am very happy that I won this time. Thank you so much UBA”.

For the Group Head, Retail Banking, Jude Anele, United Bank for Africa (UBA) Plc, the financial institution has, in recent times, deepened its focus on the most important aspect of the business – “the customers we serve.”

Speaking on the sidelines of the launch of the ‘UBA Bumper Account’, a hybrid account, targeted at transforming the lives of its customers, he noted that it is in line with the bank’s mission of creating superior value for stakeholders and encourage saving cultures.

“We have huge investment in technology to make banking easier and seamless, even as we introduce new offerings such as this Bumper Account, that will deliver improved value to stakeholders.

The event marked the beginning of an N250 million yearly reward for customers tagged: “UBA Bumper Credit Alert.”

Besides, it also marked the maiden edition of the reward scheme and first of the planned monthly draws at the UBA Headquarters in Lagos, with the first draw seeing the emergence of 100 customers as winners, including 20 customers, who were present at the venue.

The Head of Consumer Banking, Chiedu Ibeku, said there are two major objectives for creating the account- to say a big “thank you” to customers for being there and most importantly, to encourage a savings culture.

“Our intention is not only to reward loyalty but also to transform the lives of our customers for good. From here on, lucky customers will win from N10,000 to N2 million each in the monthly, quarterly and targeted draws.

“No fewer than 50 account holders will get a whopping N2 million each across all participating regions.

This account is open to both existing and new customers of the bank who save a minimum of N5,000.

“We will not relent, because we are aware that if our customers succeed, we ultimately succeed too and this will spur us on to make the desired impact in their lives,” she said.