The United Bank for Africa (UBA) has launched “Click Credit”, a loan product designed to meet the urgent needs of clients who have payroll accounts with the bank.
According to a statement released by the bank, customers can apply for loans up to 5 million naira and repay over a 12-month period at an interest rate of 1.58% per month.
The bank said employees who earn at least N 25,000 and are between the ages of 18 and 59 are eligible for the loan without the need for collateral or documents, at no additional cost.
Commenting on the product, Jude Anele, UBA’s retail banking group, said some customers started enjoying the service after eligibility was confirmed in less than a minute.
“As Africa’s most innovative and technological financial institution with a range of innovative products and services tailored to the needs of its millions of clients, we have launched Click Credit, which is simple and more affordable than many other loan products on the market. Its unique feature is that it meets a critical credit need for our customers, ”he said.
Anele explained that the product was rolled out in Nigeria ahead of its subsequent release in other countries where UBA operates.
For his part, Dupe Olusola, marketing manager of the UBA group, said the bank is committed to giving its customers the means to finance their urgent needs.