Its new credit programme is being pursued under a mandate to reset the bank’s credit philosophy and leverage smart lending to stimulate Nigeria’s economic growth and impact people’s lives, the Group Head, Consumer Lending, Anant Rao, told journalists yesterday during a virtual meeting. A mass roll-out of credit and secured cards, he said, would be central to the new credit philosophy, adding that the bank “will be using credit cards to track transaction patterns and consumption/spending behaviours” of its customers. We are turning debit cards into credit cards… Customers would be able to process and access credit within a few minutes; everybody that has a mobile phone will be able to borrow from UBA. In the heart of the bank’s credit culture is 3-1-0 credit system. With this, Rao explained, UBA would only require four minutes to process loans and grant approvals.

Source: The Guardian July 01, 2021 02:26 UTC