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UMBL links savings culture to economic growth

By BusinessNews Staff on May 20, 2015

United Mortgage Bank Limited has emphasised the importance of savings culture, saying it will enhance economic growth among other benefits.

In its drive to promote savings culture, the lender said it had introduced three new products aimed at addressing fundamental needs of customers.

The Managing Director and Chief Executive Officer, United Mortgage Bank, Mr. Walter Akpani, stated this in Lagos at the formal unveiling of the bank’s new account and promos.

Akpani said the promos and the newly introduced account would offer several benefits to the consumers.

He said, “We are gathered here today to witness the launch of two very exciting promos and one new account to show appreciation and at the same time reward our new and existing customers at United Mortgage Bank Limited.

“With the three new products we’re offering, we’re not just encouraging the savings culture, we’re giving hope to our customers that through a savings culture benefits await them.”

Explaining how the mortgage bank began operation in 2006, the CEO noted that the overall strategy had been to deploy integrated financial products and services to meet the needs of its customers, especially in the area of mortgage banking.

“To achieve this, United Mortgage Bank will continue to develop and sustain passion for excellence in customer service by doing ordinary things exceptionally and professionally,” he added.

The three new products being offered by the lender are Bubble Switch Savings promo, Terra Savings promo and Joy Savings Account.

Akpani, who maintained that the promos were designed to enable customers make the most of their savings, said a reward system had been put in place for customers who operate any of the accounts.

However, to stand a chance of winning in the Bubble Savings Promo, for instance, existing and new account holders are expected to open an account with a minimum balance of N50,000 and maintain a minimum account balance of N300,000 for six months.

This, he said, could qualify a customer to win a gift voucher worth N20,000. It also attracts a four per cent interest rate per annum.

On the other hand, for Terra Savings Promo, customers are to open the account with a minimum balance of N100,000 and save up to N500,000 for a year and qualify for a raffle draw to win a plot of land on Lagos Mainland.

Customers who save up to N1m for a year in Terra Savings promo will qualify for a raffle draw to win a plot of land in Lekki. This also attracts a four per cent interest rate per annum and payable quarterly.

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