UBA unveils four new products as it targets to dominate banking sector

12Feb 2020
The Guardian Reporter
Dar es Salaam
The Guardian
UBA unveils four new products as it targets to dominate banking sector

IN a bid to dominate the local banking industry, United Bank for Africa in Tanzania has introduced four new products in the market targeting almost all groups in the society.

UBA Tanzania managing director, Usman Isiaka speaks during the launch of four new products in Dar es Salaam yesterday. Health minister Ummy Mwalimu graced the event. Photo courtesy of UBA.

Speaking in Dar es Salaam yesterday during the launch of UBA Malaika, UBA Janja, UBA Hazina and UBA Kizazi kipya, UBA Tanzania’s Managing Director cum CEO, Usman Isiaka said the bank is aiming to make banking a lifestyle among consumers hence invests heavily in innovation.

 “The formulation of these product is consistent with the bank’s customer-first philosophy, where we are doing things not the way we like but exactly what the customers want, where they want it, and in the exact way they want,” Isiaka said.

He further noted that the launching of the products, especially the UBAMalaika and UBAJanja Accounts aligns well with the government’s financial inclusion objectives as spelt out by Bank of Tanzania because children and teenagers will be indirectly exposed to banking services at infancy stage.

“In UBA, we focus on coming up with various products and services delivered on a platter of cutting edge technology and customer service excellence to improve our market share and competitiveness in the industry,” the UBA Tanzania CEO added.

He said the new products have been packaged with special features and benefits that suit specific requirements of the various age groups and encourages a saving culture. “With eyes on the future, and conversant with the new trend in customer behaviour, the bank is constantly innovating, taking strategic steps to integrate more people into the digital financial services net, drive down cost of service and build consumer confidence in all platforms,” Isiaka noted.

Backing his boss, UBA Tanzania’s Head of Retail Banking, Geofrey Mtawa said the four products are part of the bank’s wider effort to becoming the number one retail banking service provider in the industry.

“This is why our retail team has reviewed and introduced a bouquet of retail products to suit the needs of diverse individuals in the market,” Mtawa said while promising that the bank will keep innovating and developing products and services aimed at making banking seamless and effortless for millions of its existing and potential customers.

He said UBA Malaika’s is designed for parents who are keen to safeguard their children’s future right from pregnancy level up to the age of 12. UBA Janja is for 13 to 17 year olds who are young and diverse while UBA Kizazi kipya is for the trendsetters, fashionable and dynamic youth who make banking a lifestyle at the age of 18 -25.

Hazina is for those who wish to fulfill their dreams and aspirations by saving money to meet their future funding needs be it for education, business set up or implement a project and targets adults  aged 25 and above.

Speaking at the launch, Minister for Health, Ummy Mwalimu urged the bank to integrate its banking and insurance services plus products with National Health Insurance Fund. “Only eight percent of Tanzanians are subscribed to national health insurance which if we take Toto Afya Card service which fetches 50,400/- as fee per annum more children will be insured,” she said.

Mwalimu reiterated government’s commitment to improve the country’s health services noting that banks have a crucial role to play in ensuring that universal health coverage is realised sooner rather than later.

Top Stories