Barely a week after unveiling its new brand identity, Union Bank of Nigeria Plc has launched UnionKorrect a savings product which is aimed at helping its customers to develop a saving culture.
According to the bank the product allows customers win extra cash up to N1 million in quarterly draws when they save. Speaking at the launch of the product in Lagos, the Head of Retail Banking, Union Bank, Mr. Carlos Wanderley, said the product is available at any Union Bank branch.
He explained that the UnionKorrect account will be opened as a sub-account linked to the current or savings account of a customer. All a customer need to do transfer N5,000 every month from his or her main account at Union Bank to the UnionKorrect account.
Wanderley explained: When I came to Nigeria, One thing I noticed is that a lot of Nigerians use their savings account as a transaction account. So, at the end of the day, their monies do not stay in their account for the purpose of saving for the future as they want. And there are no incentives for such account holders.
So, what we have done is to improve the ability for people to maximise their savings, and that is what the UnionKorrect account is all about. You save for a tenor of two or four years, enjoy interest on your savings and you stand a chance of winning a fantastic cash prize every quarter. So, at the end of the period, 300 people among 10,000 customers of Union Bank would be getting cash reward of between N100,000 and N1 million.
A customer can have as many UnionKorrect accounts as they wish. Wanderley said the UnionKorrect is the first of many innovative products that the bank would introduce to the market.
Also, the Head, Retail Products, Union Bank, Mr. Sheahan Arasaratnam, explained that the idea of having 10,000 customers participate in the first tranche is to make it possible for a lot of customers to have a chance to win.
What we are trying to do is to help Nigerians imbibe the culture of saving and they get rewarded for it. When you save, in four years you can have a lump sum of money to achieve your dream. To open a UnionKorrect account, you must be an account holder of the bank.
The UnionKorrect will be a sub-account within your total relationship with the bank. From the draw which is expected to take place after the 15th month, 25 winners would emerge every quarter, he said.