Home Finance How UBA stimulates economic growth in Africa via consumer lending

How UBA stimulates economic growth in Africa via consumer lending

by Kola Bola
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United Bank for Africa (UBA) Plc has emphasized its unwavering commitment to the support of businesses and financial inclusion in Africa through its array of consumer lending products.

It is obvious that credit remains a major economic stimulant and growth driver. However, it has been largely unavailable to the informal sector which dominates the African economies, and small businesses that constitute the primary growth engine. Consequently, the bank has further deepened its consumer lending product offerings with an aim to delivering services that will empower the customers, thus, stimulating economic growth on the continent.

UBA’s Head, Consumer Lending, Anant Rao, said that the bank’s focus on this critical aspect is in line with its customer first philosophy, which is to ensure that the customers are delighted at every touch point. Speaking during a virtual media parley attended by a diverse group of journalists and publishers from all over Africa, he said, “UBA considers consumer lending very important because of the active role it plays in economic development. At UBA, we recognize that customers are important to economic growth. Therefore, our various offerings are positioned to support them in this regard. These loans have been developed by the bank in line with its purpose to meet the financial needs of customers and to be a part of their daily lives”.

He said: this is why consumer lending is very essential to us, as it is the category of financing centered on individual and household consumers, which includes personal loans extended to people who use the funds for individual or family purposes, as well as home and auto loans. So, today in UBA, we make the following loan products available to our customers: UBA Personal Loan; Credit Card; Advance to Pensioners; Education Loan; Auto Loan; Asset Finance; Insurance Premium Financing; UBA Mortgage among others. He took time to speak on UBA’s Click Credit – a much loved and accepted facility that makes instant cash available to customers with salary accounts within minutes. “Available to all salaried customers, the Click Credit product is an instant loan with no form of documentation, paperwork or queues and is available within seconds of request. In fact, anybody who owns a mobile phone can borrow from UBA. The product can also be accessed via USSD, Leo, U-Mobile and Internet Banking.” The consumer banking boss elaborated on the innovations that drive the bank’s business, including Mobile Banking, Internet Banking, USSD, LEO, Kastle among others. UBA is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries. With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa, Europe and America through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services

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