United Bank for Africa Plc (UBA) has launched an international payment card for salary account holders, enabling them to get a credit advance ahead of their pay-day.
The payment solution dubbed “U-Advance Card” is designed for staff of reputable organisations and High Net-worth individuals (HNIs) who receive regular monthly salary.
UBA’s innovation is coming at a time when the number of high-net-worth individuals is set to increase in Nigeria and Africa in general.
According to a recent report by the New World Wealth, Nigeria is home to at least 15,700 high-net-worth individuals (HNWIs) as at 2013, and the number will increase by 47 percent to 23,000 in 2017.
South Africa and Egypt are also home to most of the continent’s high-net-worth individuals.
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Meanwhile, customers with a valid UBA salary account which has been in use for at least three months can use the “U-Advance Card” to make withdrawals across ATMs and PoS. They can also use the card to make web purchases.
For new customers, they have to operate their salary account for six months before they are eligible to benefit from the product.
UBA Divisional Head, e-Banking, Adeyinka Adedeji described the payment solution as an “easy and quick access to extra funds during their monthly salary cycles, in form of a revolving, secured credit facility.”
UBA Divisional Head, e-Banking, Adeyinka Adedeji described the payment solution as an “easy and quick access to extra funds during their monthly salary cycles, in form of a revolving, secured credit facility.”
“The U-Advance Credit card” is designed to help strengthen the bank’s growing retail business across Africa.
To guarantee card security, the “U-Advance Card” comes with the EMV certified chip & PIN technology and a 3D Secure feature for enhanced protection during web transactions.
With over seven million retail customers in Nigeria, UBA’s U-Advance Credit Card is accepted in Nigeria and across other 17 African nations where the bank operates. (VENTURES AFRICA)
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