United Bank for Africa (UBA) Ghana, a leading commercial bank in the country has unveiled a current account meant for only females. The account dubbed ‘Ruby’ is said to be the first of its kind in the country.
Officials of the bank described the new account as ‘ an account specially designed and targeted at the bankable women within the mass affluent and high net worth individual segment of the population’.
Because the new product is meant for females, 95% of people who attended the launch in Accra were young ladies and women.
Launching the product, the excited Managing Director/Chief Executive Officer of the UBA Ghana, Mrs. Abiola Bawuah said the Ruby account was launched to address issues of women, saying: ‘If you are a discerning woman this product is meant for you because every woman deserves a Ruby account’.
Holders of the Ruby account would enjoy free healthcare services, buy luxurious cars on credit and visit SPAs for free, among others, as the bank is partnering with Alliance Motors, Sugar n Spice, Labadi Beach Hotel, Lapalm Royal Hotel and others.
She noted that women generally have a prudent savings culture because of the dependency of the family on them; they are becoming financially independent; and more women are becoming entrepreneurs, doing good business.
According to her, the bankable women within the mass affluent and high net worth individual segment of the population are the target of the Ruby account.
Other targets of the Ruby account, Mrs. Bawuah mentioned, include self Employed Professionals; executives; entrepreneurs; professional women-mid to senior level officers and management; employed professionals; politicians; and housewives, married to spouses with mid to high income.
The benefits of the Ruby account to holders of the account include Zero COT account (Subject to maintaining the minimum operating balance); attractive interest rates of up to 6% for balances above GH¢20,000; access to consumer credit facilities; access to discounts at various partner shops/outlets/concierges nationwide using Ruby cards on post of Sales (POS) at the shops; free enrolment for e-banking products and services; and customized Ruby account cheque book and Debit Card.
While the benefits of Ruby to the bank include growth of the bank’s demand deposit portfolio; significant fee income opportunities from transaction fees and e-Banking; and key alliances and partnerships (top-end beauty salons and spa, designer labels, etc.) developed to support this product will be flowed into the bank’s corporate and commercial banking customer base.
Touching on the features of the product, Head of e-banking and Product Sales at UBA Ghana added that one of the values of Ruby was convenience, reliable, quick and quality services.
With Internet banking and U-Mobile Ruby account holders would have access to their cash at anytime. Its free email, and among others makes holders abreast with activities happening around them.
CAPTION: (L-R) Inna Patty former Miss Ghana, Zimbabwe Ambassador H.E, Pavelin Musaka, Miss Ghana 2013, UBA MD/CEO Abiola Bawuah and UBA DMD Usman Isiaka
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