By: Fred Yaw Sarpong
Ruby is a current account, specially designed and targeted at the bankable women within the mass affluent and high net worth individual segment of the Ghanaian population. It was launched by United Bank for Africa (UBA).
The Ruby account has unique features that set it apart from other banking products in the industry. The features include; Zero COT and highly attractive interest rates of 6%, customized debit cards and cheque book, no limit on number of withdrawals or deposits; up to 50% discounts on services from RUBY partners.
The Ruby partners are made of women hospitals, spas, automobile companies, furniture firms, mobile phones companies, and many more.
The targeted women are Self Employed Professionals, Executives, Entrepreneurs, Professional women – mid to senior level officers and management, Employed professionals, Housewives, married to spouses with mid to high income, Politicians, and among others.
The Chief Executive Officer/Managing Director of the bank, Mrs. Abiola Bawuah explained that they focused on women because; generally women have a prudent savings culture because of the dependency of the family on them.
She noted that women are becoming financially independent, they are taking up high positions in institutions, and more women are becoming entrepreneurs, doing good business.
Mrs. indicated that this initiative is to increase the growth of the bank demand deposit portfolio; significant fee income opportunities from transaction fees and e-Banking.
‘Accounts with high minimum operating balances have remained our most profitable in the bank; this will increase the tally in number of highly profitable liability products in the bank,’ she added.
According to her, key alliances and partnerships (top-end beauty salons and spa, designer labels etc) developed to support this product will be flowed into their Corporate and Commercial Banking customer base
Daily Express gathered that any Ruby account holders will automatically become members of Ruby Club. The Ruby Club will offer various kinds of meetings for the women to share ideas, learn developmental issues, plan their progress, and also offer social services to Ghanaian society
The Ruby account is in two parts: Ruby Classic and Ruby Premier. Ruby Classic requires GHc2,000 as a minimum opening balance, while GHc5,000 minimum opening balance also required for Ruby Premier. All these accounts comes with special discounts and benefits.
Some of the additional benefits to the account holders are zero COT account (Subject to maintaining the minimum operating balance); access to consumer credit facilities (salary accounts must be domiciled in UBA and employer must be listed on FinnOne); Access to discounts at various partner shops/outlets/concierges nationwide using Ruby cards on POS at the shops; and free enrolment for e-banking products and services.
The Ruby Current Account is doing extremely well in Nigeria and expected to be move to all UBA operating countries.
United Bank for Africa (UBA) Plc is one of Africa’s leading financial institutions offering universal banking to more than 7.5 million customer accounts. UBA currently operates in 19 African countries besides presence in leading world economies such; New York, London and Paris.