It’s another first from Union Bank with the launch of the UnionFuture account, which took place at the Banks ASPAMDA branch recently. UnionFuture is an account which provides a simple savings plan for customers who are not under a formal payroll scheme. The account will allow them save a minimum amount which they can access in the future to meet any obligation.
Speaking at the launch event, Mr. Sheahan Arasaratnam, Head, Retail Products, Union Bank stressed on the importance of having money set aside for the future. He also said that many Nigerians are self-employed and do not have savings kept aside to cater their needs after active service and this problem can be addressed with the UnionFuture account.”
He said “The UnionFuture is a savings account designed to assist customers, especially those in the informal sector, in saving for and securing their future. Customers enjoy seven percent interest on their UnionFuture account each month, until the person decides to close the account. We want to encourage both existing and prospective customers in the informal sector to leverage on the product, which can go a long way to help them when they become inactive”.
“Besides the regular seven percent interest, when a customer saves up to N100,000, Union Bank will provide them an Insurance cover of N100,000, which can be accessed anytime it is necessary”, Sheahan concluded.
Also speaking during the launch, Mr. Ayuba Isaya, Group Head, Retail Banking, Union Bank stressed the bank’s commitment to excellent and effective customer service and how the bank will continue to offer simpler and smarter packages.
“The launch of this product signals a new phase in the savings culture of Nigerians as we set our sights on superseding customer’s expectations while remaining focused on providing smart banking solutions to all our customers,” he concluded.