Union Bank unveils product, promo for retail customers

Union Bank of Nigeria has unveiled UnionKorrect, the first of the planned series of retail product offerings, with varying incentives to customers, as well drive the new brand awareness.

The Head of Retail Banking, Union Bank, Carlos Wanderley, said the product was informed by the fact that most savings accounts customers in Nigeria operate it as transactions account, which leaves them without any benefit from the savings scheme, but they also have big dreams.

“They do not save at the end of the day because what is put in the account is withdrawn the next day. This product will help to reinforce the appropriate awareness and to benefit fully the holders must allow the money to stay in the account. They must not withdraw from it throughout the duration of the 48 months to be part of the whole incentive otherwise they can only get interest rates.

“This is the first tranche of the UnionKorrect is for 10,000 customers. Very soon, we will launch others ones, which might require lower or even higher monthly deposits and customer base. We have planned to reward 300 customers out the number, beside interest rate pegged at 3.9 per cent. Any Nigerian can have the account and as many times as possible until we reach the maximum of 10,000,” he said.
The Head of Retail Products, Sheahan Arasaratnam, however, noted that the product is a unique savings offering, but pointed out that to be part of it, “you need to have a standard savings or current account and then the UnionKorrect will be a sub-account.

So, every month, you transfer N5000 from the main account to the sub-account.”

According to him, from the 15th month into the product launch, there will be quarterly draws till the 48th month of the product’s lifespan, where 25 winners will be emerging every quarter, totalling 300 winners in all.

“Out of the 25 quarterly winners, 20 will win N100,000 each; four customers, N500,000 each; and one customer will get N1,000,000. This means that throughout the 48 months, we will be having 12 draws and 12 millionaires.

“The customers are required to save N5000 monthly to be part of the winning list and must not withdraw and where there is need to withdraw, it must not be more than three times otherwise, the customer will lose the interest rate for the period as well,” he said.
Speaking on why the bank decided to wait till 15th month before starting the draws, he explained that it is to build a level of savings culture in customers, because it has fast become the norm here to use savings account like current account, so they actually do not save.

“With the launch here today, across our branch network we will also offer the solutions to our customers, besides other similar product offerings across the geographical areas,” he added.