By Peter Egwuatu

As part of its effort to bring the informal sector into the banking system, Union Bank Nigeria Plc unveiled a new product known as Union Future, which enables both existing and prospective customers to save for retirement period.

Speaking at the unveiling ceremony, Mr. Sheahan Arasaratnam, Head Retail Products of Union Bank Nigeria Plc said “Union Bank has come of age as it is 99 years and by next year will be 100 years. We have been weathering the storm because of our customers. Majority of our traders and businessmen do not have pension; majority of Nigerians are self employed and do not have pension.

All that is needed for this  category of people is to open an account with the bank to have future.”

While explaining the features of the product,  Arasaratnam said “ What is needed to key into the pension account is for a person to open a saving account with a minimum of N2,000.00.  From the savings account, the bank will withdraw N2,000.00 and pay into the Future Account, which represents pension fund. So, every month the bank will be removing N2,000 from the customers savings account into the Future Account.”

Continuing on the product, he said “The bank pays seven per cent interest for the Union Future Account every month. This savings will continue until the person attains minimum of 60 years old. The person may choose to save for more than 60 years of  his or her life time, but the interest payment will continue until the person decides to retire finally.”

He encouraged both existing and prospective customers who are not in the formal sector to key into this product as it will go a long way to help them when they become inactive.

Beside, the regular seven per cent interest on every month, Arasaratnam  said “ When a customer saves up to N100,000.00, Union Bank will provide an Insurance cover up to N100,000.00. This is to encourage them to continue  and add as an additional benefit.

Speaking as well during the launch, Mr. Ayuba Isaya, Group Head, Union Bank said “ The bank started what it called transformation journey some years ago. The transformation of the bank is a response to customers’ desire and the bank’s commitment to serve its customers better.  The bank offer simpler and smarter package that will afford their customers quality, reliable, secured and effective services.

The bank identified six critical pillars and this includes quality of innovation, quality of service, quality of clients, quality of professionals, quality of banking , quality of platform and quality of earnings. So , we  believe that critical milestones we have achieved in the past few years have laid a solid foundation for us as a bank. The launch of this product signals a new phase in Union Bank’s transformation as we set our sights on attracting a new base of customers while remaining focused on providing simple and smart banking solutions to all our customers.”