United Bank for Africa Plc has announced the introduction of a payment card that allows workers who operate a salary account with the bank to get credit advance ahead of pay-day.
The U-Advance Card was introduced in Lagos last week.
A statement by the bank quoted the Divisional Head, e-Banking, Dr. Adeyinka Adedeji, as saying, “The U-Advance Card is an internationally accepted card payment solution designed to address the salary account holders’ need for easy and quick access to extra funds during their monthly salary cycles in form of a revolving and secured credit facility.”
According to the lender, the card will complement its existing suite of retail credit products in the form of naira-based, short-term, secured financing, which is targeted at salary account holders.
UBA said the product would also provide access to much-needed credit with the cardholder’s monthly salary as security.
The statement said, “Though available only to salary account holders with UBA Plc, non-UBA customers can pre-qualify by opening a salary account with UBA. Ideal for staff of reputable organisations, affluent and high net worth individuals, who receive regular monthly salary; individuals wishing to obtain the U-Advance credit card can approach the nearest UBA business office for details on eligibility and how to apply.”
Accepted locally and internationally, U-Advance cardholders can make cash withdrawals at over 1.9 million Automatic Teller Machines worldwide and Points of Sale or web purchases at more than 30 million retail outlets around the world, according to the bank.
Adedeji added, “The U-Advance Credit Card has been introduced in line with UBA’s strategy of growing its retail business across Africa and strengthens its position as Africa’s financial solution power house.
“Access to this credit card is relatively easy as the main requirement is a valid salary account, which has been operated for a period of not less than three months for existing customers, and six months for new customers.”
According to Adedeji, cards are a key part of the UBA e-banking strategy hence the bank’s strategic partnerships with credible local and international retailers to ensure that all customers enjoy the advantages and convenience that come with the use of its payment cards.