LAGOS, FEBRUARY 1, 2018 – Union Bank of Nigeria Plc has announced its membership of the group, Business Call to Action (BCtA), with a commitment 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.
Launched at the United Nations in 2008, BCtA aims to accelerate progress towards the Sustainable Development Goals (SDGs), by challenging companies to develop inclusive business models that will engage people at the base of the economic pyramid.
Union Bank’s membership of BCtA reaffirms the Bank’s commitment to inclusive and sustainable business initiatives especially to tackle financial exclusion in the North through the scale up of dedicated financial products and channels.
This commitment includes the “Project North” initiative, an innovative and strategic approach for the bottom of the economic pyramid in areas in Nigeria, where economic activities are gradually recovering following the eight 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, which features incentive-based banking including reduced monthly savings, and opportunities to win prizes in quarterly promotional draws.
Speaking on the membership, the Chief Executive Officer, Union Bank, Emeka Emuwa, noted that Joining Business Call to Action is a logical step for the bank, towards its efforts to galvanise private sector participation in developing Nigeria following their action for a N100billion 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,” Emuwa said.
Also speaking on the membership, 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, education and other critical services.
