The launch of Ecobank Advance Account heralds the beginning of financial freedom for confirmed employees of approved corporate names, local corporate, top SME, public sector, educational institutions and faith based institutions.
Ecobank Advance Account is an exciting new product in the Nigerian market which addresses a real and present need across the bank’s chosen customer segments – a current account which provides prompt personal loans to salaried account holders.
Speaking to financial journalists at the launch of the product in Lagos, Jubril Aku, managing director, Ecobank Nigeria plc said this “product will further strengthen the relationships we have with our salaried customers and open up new opportunities to grow our customer base. The target market is confirmed employees of approved corporate names, local corporate, top SME, public sector, educational institutions and faith based institutions.”
Aku noted that since the completion of acquisition of Oceanic bank by Ecobank, the bank’s branch network has grown to 600 from initial 200, while its customer base now stands at 4.5million. “The integration is going well.”
Nike Kolawole, Head, Assets & Liabilities Products, Ecobank Nigeria said that condition of accessing this loan includes that beneficiaries shall be employees of approved target market names.
According to her, “Beneficiaries shall maintain salary account with Ecobank Nigeria. Facilities shall not exceed 50 percent of expected net monthly salary after all loan deduction. The maximum limit shall not be more than N2million. The tenor of the facility is one year with a 30 days clean up cycle. Beneficiaries would have received at least one month salary with Ecobank Nigeria before the limit on the salary account would be set. Each drawdown by the customer shall be fully repaid with the next salary of the obligor.”
For this new product, Business Day learnt that the applicable interest rate is 24 percent per annum; processing fee of 1percent (flat) of the utilised amount but not less than N1, 000 only; and a monthly flat fee of N300 shall be charged on the account of the customers upon signing up for advance account.
She noted that other packages to be sold along with the product include branded Ecobank Advance Account Debit Card (this will attract discount on purchases made via our Loyalty scheme with key vendors); Branded Ecobank Advance Account Cheque book; Internet banking facility; SMS alert, e- alert, e-bank statement; Standing Order Instruction.”
