According to the bank, the new product will complement UBA’s existing suite of retail credit products in the form of a Naira based, short term, secured financing targeted at salary account holders and will provide frictionless access to much needed credit with the cardholder’s monthly salary as security.
Though available only to salary account holders with the bank, non-UBA customers can pre-qualify by opening a salary account with UBA. The scheme is designed for staff of reputable organisations, affluent and high net-worth individuals who receive regular monthly salary.
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The users of the U-Advance Card, which is accepted locally and internationally, can make cash withdrawals at over 1.9 million ATMs worldwide and POS or web purchases at more than 30 million retail outlets around the world.
For safety, the U-advance card comes with the EMV certified chip & PIN technology plus the 3D Secure feature for enhanced protection during web transactions.
Adeyinka Adedeji, divisional head of e-banking at UBA, said: "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, secured credit facility."
"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 no less than three months for existing customers and six months for new customers," Adedeji added.
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