A pan-African financial institution, United Bank for Africa Plc, has said it is committed to supporting businesses and financial inclusion in Africa through its consumer lending products.
UBA said there had been clear evidence that credit remained a major economic stimulant and growth driver.
According to the lender, credit has been largely inaccessible to the informal sector, which dominates the African economies and small businesses that constitute the primary growth engine.
The bank said it had deepened its consumer lending product offerings to deliver services that would empower the customers and stimulate economic growth on the continent.
The Head, Consumer Lending, UBA, Anant Rao, said the bank focused on these critical aspects in line with its philosophy to ensure that the customers were satisfied.
Speaking during a virtual media briefing, which was organised by the bank on Wednesday, said, “UBA takes consumer lending very important because of the active role it plays in economic development.
“At UBA, we recognise that customers are important to economic growth, therefore our various offerings are positioned to support them in this regard. These loans have been developed by the bank in line with its purpose to meet the financial needs of customers and to be a part of their daily lives.
“And this is why consumer lending is very essential to us, as it is the category of financing centered on individual and household consumers, which includes personal loans extended to people who use the funds for individual or family purposes, as well as home and auto loans.”
He added, “Today, in UBA, we make the following loan products available to our customers: UBA Personal Loan; credit card; advance to pensioners; education loan; auto loan; asset finance; insurance premium financing and UBA Mortgage, among others.”
According to Rao, UBA’s Click Credit is an accepted facility that makes instant cash available to customers with salary accounts within minutes.
“Available to all salaried customers, the Click Credit product is an instant loan with no form of documentation, paperwork or queues and is available within seconds of request. In fact, anybody who owns a mobile phone can borrow from UBA,” he said.