Union Bank boosts access to finance with BCtA

As part of effort to provide access to financial services to a minimum of 30,000 people from low income communities within 11 states across Northern Nigeria by 2020, Union Bank of Nigeria (Union Bank) has announced its membership of Business Call to Action (BCtA).

BCtA, which was launched at the United Nations in 2008, aims to accelerate progress towards the Sustainable Development Goals (SDGs) by challenging companies to develop inclusive business models that engage people at the base of the economic pyramid – people with less than US$10per day in purchasing power – as consumers, producers, suppliers, distributors of goods and services and employees.

Union Bank, stated that its membership of BCtA reaffirms the Bank’s leadership in, and commitment to, inclusive and sustainable business initiatives especially for those at the base of the pyramid. Its initiative under BCtA is expected to tackle financial exclusion in the North through the scale up of dedicated financial products and channels.

According to the bank, its commitment includes the “Project North” initiative, an innovative and strategic approach for the bottom of the economic pyramid, in areas of Nigeria where economic activities are gradually recovering following the 8 year-long battle against terrorist insurgency.

Under Project North, Union Bank has launched UnionKorrectDaiDai, a tenured savings product, in selected states across Northern Nigeria for the benefit of low income earners. It features incentive-based banking including reduced monthly savings and opportunities to win prizes in quarterly promotional draws.

Commenting on the membership, Chief Executive Officer of Union Bank, Mr. Emeka Emuwa said: “Joining Business Call to Action is a logical step for us as we work to galvanize private sector participation in developing Nigeria following our call to action for N100bn fund.

As a Bank, we will continue to develop sustainable products and services that address poverty and financial inclusion in line with our commitment to support the communities within which we operate.

Also commenting, BCtA Programme Manager, Paula Pelaez said: “Union Bank of Nigeria’s approach to tackling the challenge of access to financial services in northern Nigeria shows both innovation and creativity, enabling it to meet the specific needs of communities living in this area, while maintaining company profits.”

In addition to UnionKorrectDaiDai, Union Bank offers a range of financial products that have a low entry barrier, aimed at promoting financial inclusion. These include UnionFuture, a long-term savings product with minimum monthly savings targets of ₦2,000 and UnionBeta, a one-off savings product where part of the interest accrued is used to support any charity chosen by the customer.

With this membership, Union Bank has joined over 200 companies, ranging from multinationals to social enterprises, and working in 67 countries, who have responded to BCtA by committing to improve the lives and livelihoods of millions in developing countries through access to markets, financial services, affordable healthcare, water and sanitation, education and other critical services.

Motolani Oseni