Nume Ekeghe writes on efforts by UBA Plc in fostering growth in the economy through its drive at making access to credit easily accessible
All over the world the COVID 19 pandemic left in its trail a significant dose of woes on many, who lost quite a lot in business, assets and loved ones. Globally Businesses are still smarting from the pangs of the contagion.
Nigeria fragile economy is even worse hit and has been grappling to recover fully from the economic recession it is currently enmeshed in. A lot of Businesses have since crumbled due to the harsh business climate and low purchasing power of Nigerians. Amid these challenges, more and more businesses need credit facilities to stay afloat but have been starved off the needed funds to do so because of the seeming apathy of banks in giving credit to businesses.
However, a few banks, namely, United Bank for Africa and Zenith bank, stood out from the crowd, shedding this toga of indifference to SME’s. Instead they have become the lifeline of these businesses helping them overcome the trying times and stimulating unprecedented economic growth in the process. United Bank for example was innovative enough to help weather the storm with several loan facilities that practically helped change the narrative and eventually catalyse growth UBA lent to its customers, a total of N178 billion, in the three months under review to put its loan portfolio to customers at N2.733 trillion, from N2.555 trillion.
UBA’s Product Variants
Some of their products which made the difference are tailored specifically to meet the varying needs of all its customers. They are skewed to cater to Students, Young Professionals, Established Professionals, Self-employed, SMEs Salary earners which includes those whose salary is not domiciled in the bank, artisan and Nigerians living in diaspora.
Lending with Ease
UBA’s Click Credit is an automated loan with no form of documentation, paperwork or queue. Customers can get up to 1 million naira instantly and pay through a period of 12 months. This loan product of UBA is known for speed, efficiency and competitive rate. This product is available to all salaried customers. Customers can apply by dialing *919*28#, Sending “Loan” to Leo and by Clicking on the “Click Credit” feature on Mobile app or Internet banking all these with no documentation required
Structured Loans
Asides from its easily accessible loan, UBA also strides in giving out personal loans, auto loans, asset finance as well as for mortgages. Personal loans is a product designed to aid the finance of the day-to-day personal needs of our customers. Available to employees of enlisted counterparties whose salaries and other emoluments are currently being paid through UBA OR are willing to transfer their accounts to UBA. While UBA personal Loan Direct is a variant of UBA Personal Loan product targeted at civil servants whose salaries are not domiciled with UBA. The product is designed to offer personal loans to civil servants who have difficulties in changing their salary accounts from other banks to UBA.
Asset finance loans are designed to facilitate the purchase of physical assets ranging from household appliances to alternative power solutions and devices by our retail customers through approved partnering vendors, giving them the convenience to pay over a period. Customers must be employees of Bank’s approved counterparties.
Also, for customers who plan to own their home, mortgage loan is a product designed to part-finance the acquisition of residential real estate by salary earners whose employers are listed on the Bank’s approved counterparty list. The product is targeted at High Net Worth Individuals (HNIs) with predictable and sustainable income.
For Nigerians that operate FX accounts with the Bank, UBA FX Cash Backed Loan is a term loan designed for such Customers who can get up to 10 million naira for investment purposes or to meet the financial needs of relatives in Nigeria.
The product is targeted at the following categories of customers with domiciliary account, Nigerians in Diaspora with FX accounts with UBA Beneficiaries of Remittances from abroad, income Earners in FX and Customers with cash-funded FX deposits.
SME LOANS
The UBA Working Capital loan offers up to NGN50M to help business owners meet their cash flow needs and expand their business. A flexible collateral cover will be required depending on the loan amount and the nature of customer’s business.
This loan product is targeted at customers with verifiable credit net worth whose cash flow patterns meet the requirement for lending to other structured groups and business clusters
UBA School Loans is a medium to long-term facility aimed at meeting working capital, asset and mortgage needs of registered privately–owned schools. The bouquet comprises of a 4-month time loan, a 3-year asset finance loan and a 10-year mortgage loan.
UBA Health Loan
The UBA Health Loan is designed to provide financing to registered hospitals, pharmacies, medical laboratories, diagnostic centres, optical and dental clinics for their business expansion/upgrade, equipment purchase as well and support their cash flow needs.
