United Bank for Africa, Nigeria’s fourth largest bank by asset is rewarding its customers with millions of Naira through its wise savers promo, in order to encourage the habit of saving in them, Group Executive, Digital and Consumer Banking for the tier one lender says.
On Tuesday, 15th January 2019, the bank flagged off the first of its quarterly draw, were it rewarded 20 loyal customers across all its branches in the country with N1.5 million each.
“The reason for the promo is that we want our customers to develop the habit of savings, Rao said. How long this can be achieves doesn’t matter but we are bent on inculcating the attitude of savings in our customers so that the money can come in handy to meet their targeted need like school fees and health issues”.
The UBA wise saver’s promo started in September last year and will run for a one year period till September 2019. The promo draws is divided into four phases with each phase to be held in every quarter.
The first phase of the UBA Wise savers draw took place last week at the banks’ headquarters in Lagos.
At the event, a total of N30, 000,000 was won by 20 lucky customers who were selected following a draw that was witnessed by key regulatory officials including representatives of the National Lottery Regulatory Commission, (NLRC); Lagos State Lottery, Board, (LSLB) Consumer Protection Council (CPC) as well as members of the media.
“What this does is that it will creates a whole lot of customers for the bank and improve stickiness however, the whole idea is not to make money out of it but to develop the culture of savings so that customers financial life style can improve and can have a very secured future for them self and their families.
To qualify for the draws, new and existing customers of the bank are expected to save at least N10, 000 each month for three consecutive months, or N30, 000 for 90 days in the promo, which will run for the rest of the year. Apart from the N30 million won by 20 customers on Tuesday, another N90 million is still expected to be won by 60 more loyal customers in the remaining three quarters of the year.
The winners, who cut across all regions of the country, are: Nnadumije, Ebube Dawn; Onwochei Christiana Okwukwe; Eze Mathias Nnaji; Christian N Orie; Uka, Okwudiri; Okata Stephen Uche; Okafor Onyinye Esther; Nwanekezi Chimezie Jude; Ayomide V Yahaya and Olanegan, Oyetunde Keji.
Others are Emmanuel Onu Chidozie; Mohammed Fatima; Aminu, Mustapha; James Nanre; Pahinti Albert; Emmanuel O Adeniji; Jaki Movihinze Mercy; Saminu Muritala Mohammed; Ezeh Raphael Uballa; Uchenna Iheji.
When contacted on the phone, one of the 20 lucky winners; Nnadumije, Ebube Dawn, excitedly expressed gratitude to the bank and said he was happy to be a customer of the bank. He thanked the bank, and said the move was thoughtful and will help to enrich customers especially during these trying economic times.
The Group Executive, Digital and Consumer Banking, Mr. Anant Rao, who addressed participants at the event, said the promo was launched as part of the bank’s initiatives towards prioritising customers. He added that customers who save consistently would be rewarded in order to promote the financial inclusion initiatives of the bank. ‘We believe it is time we rewarded our customers who have been very loyal over the years. Without them, we would not have made the giant strides attained thus far’ .
According to Rao, “because our customers are invaluable to all that we do, we listen and give them nothing short of the best that they deserve’
“We remain committed to consistently improving customer service and rewarding our loyal customers. The Wise Savers Promo seeks to compliment current initiatives aimed at growing savings,” he noted.
UBA has actually simplified banking in Africa nowadays we do not want customers to come to the bank to open an account but sit in the comfort of their homes and open accounts either on their mobile or online.
What this does is that it will creates a whole lot of customers for the bank and improve stickiness however, the whole idea is not to make money out of it but to develop the culture of savings so that customers financial life style can improve and can have a very secured future for them self and their families.
Obviously, UBA is a PAN African bank, so this promo runs across all our countries.
Even if the situation of the country is tough for people, still, people have to survive so this is how you save for the rainy days if you have saved and you have money, it accumulates so they can use it for important purposes.
Gross Earnings for the half year improved over the corresponding year by 15.80 percent, from N222.71 billion to N257.91 billion.
Interest Income stood above that of similar period of 2017 by 20.87 percent; standing at N187.29 billion, as against the previous N154.95 billion.
Interest Expenses increased at a higher momentum, compared to the rate of income/ gross earnings growth, rising from N53.57 billion to N76.21 billion, representing a difference of 42.26 percent
Having considered all expenses and incomes, N58.14 billion was reported as Profit before Tax for the period, which is only 1.06 percent above the N57.53 billion reported in the same period of 2017
After deducting income tax expense, the financial institution reported N43.79 billion as profit for the period as against the N42.33 billion earned in 2017 half-year. In other words, the profit only improved by 3.43 percent.
Total Comprehensive Income for the period stood 42.72 percent below what was reported in 2017 half year financial activities. A total of N30.48 billion was reported, compared to N53.21 billion.
Retained Earnings grew to N165.71 billion from N149.46 billion, a 10.87 percent improvement within the two periods under comparison.
Total Assets was valued at N4.26 trillion after enjoying 15.65 percent improvement over the period.
Total Liabilities was estimated at N3.77 trillion, as against N3.20 trillion in 2017.
Total Deposits received for the period stood at N3.03 trillion, compared to the N2.58 trillion in the corresponding half-year of 2017, a difference of 17.42 percent.
Meanwhile, Loan and Advances to customers dropped marginally against the previous half-year’s figure. According to the released document, Loan and Advances is currently N1.55 trillion, as against N1.57 trillion last year.
Net Assets, on the other hand improved by a marginal 2.72 percent in the period under consideration in this report
