The United Bank for Africa (UBA) Ghana Limited has announced the introduction of a flexible loan product, purposely designed to give easy access to credit for all persons working in the government sector.
The UBA Flexi Loan has flexible repayment terms and can be accessed within 48hours. The facility is available to both UBA account holders and non-account holders, so long as the person receives a salary through the Controller and Accountant General’s Department.
According to the UBA Ghana’s Chief Executive Officer and Managing Director, Olalekan Balogun, he acknowledged the challenging economic situation caused as a result of the outbreak COVID-19 and noted there is the need to stimulate the economy through the provision of easy credit facilities which can lead to the revamp of economic activities.
“One of the ways to do that is to support workers with flexible loans to enable them to live their dreams and at the same time support economic activities” Balogun noted.
The Managing Director further noted that:
“As a bank, we shall continue to augment efforts of government at stimulating economic growth by making credit available to our customers to promote the financial wellbeing of the citizens of the country”.
Speaking on the features of the Flexi Loan Product, the Head of Retail at UBA Mrs. Victoria Attipoe explained the product has an individual limit of up to GHS140,000 for customers without provident fund and up to GHS275,000 for applicants who have provident fund. The repayment period for Flexi Loan is between 36 months (3 years) for customers who do not have provident fund and 60 months (5 years) for customers with provident fund and requires no collateral.
Mrs. Attipoe also noted that:
“The good news is customers with existing loan facilities with UBA or other financial institutions can access a takeover, top-up or restructure for increased loan amounts, longer repayment period and low-interest rates”.
