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UBA, A Bank That Made A Difference Through Lending In A Turbulent Time

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All over the world the COVID 19 pandemic left in its trail a significant dose of woes on many, who lost quite a lot of loved ones. Globally Businesses are still smarting from the pangs of the contagion. Nigeria’s fragile economy is even worse hit and has been grappling to recover fully from the economic recession it is currently enmeshed in. A lot of businesses have since crumbled due to the harsh business climate and low purchasing power of Nigerians. Amid these challenges, more and more businesses need credit facilities to stay afloat but have been starved off the needed funds to do so because of the seeming apathy of banks in giving credit to businesses.

However, a few banks, including, United Bank for Africa, stood out from the crowd, shedding this toga of indifference to SME’s and individuals. Instead they have become the lifeline of these businesses helping them overcome the trying times and stimulating unprecedented economic growth in the process. United Bank for example was innovative enough to help weather the storm with several loan facilities that practically helped change the narrative and eventually catalyse growth… UBA lent to its customers, a total of N178 billion, in the three months under review to put its loan portfolio to customers at N2.733 trillion, from N2.555 trillion…

Below are some of the banks products which made the difference and transformed lives:

Our loan products are tailored specifically to meet the varying needs of all our customers. The bank is now starting a campaign aimed at creating more awareness for a variety of our loan products targeted at people from different works of life

Target Audience

Students
Young Professionals
Established Professionals
Self-employed
SMEs
Salary earners (Including those whose salary is not domiciled in the bank.
Artisan
Nigerians living in diaspora

CLICK CREDIT

This is an automated loan with no form of documentation, paperwork or queue. Customers can get up to 1 million naira instantly and pay through a period of 12 months. This loan product of UBA is known for speed, efficiency and competitive rate. This product is available to all salaried customers.

Customers can apply by:

Dialing *919*28#
Sending “Loan” to Leo
Clicking on the “Click Credit” feature on Mobile app or Internet banking
Required Documents

UBA Structured Loans

Personal Loans
Auto Loans
Asset Finance
Mortgage

Personal Loans

A product designed to aid the finance of the day-to-day personal needs of our customers. Available to employees of enlisted counterparties whose salaries and other emoluments are currently being paid through UBA OR are willing to transfer their accounts to UBA.

Required Documents

Letter of introduction and awareness from Employer
Copy of customer’s Staff ID
Copy of customer’s Valid ID
Duly Accepted offer letter
Duly filled loan application form

Asset Finance

This product is designed to facilitate the purchase of physical assets ranging from household appliances to alternative power solutions and devices by our retail customers through approved partnering vendors, giving them the convenience to pay over a period. Customers must be employees of Bank’s approved counterparties.

Required Documents

Letter of introduction and awareness from employer
Copy of customer’s staff ID
Copy of customer’s valid ID
Proforma invoice in UBA/customer’s name
Duly filled loan application form
Accepted offer letter

Mortgage

UBA Mortgage Loan is a product designed to part-finance the acquisition of residential real estate by salary earners whose employers are listed on the Bank’s approved counterparty list.

The product is targeted at High Net Worth Individuals (HNIs) with predictable and sustainable income. The product is to enable customers buy fully developed properties or draw equity from their home as loans for specific purposes

UBA Personal Loan – Direct

UBA Personal Loan – Direct is a variant of UBA Personal Loan product targeted at civil servants whose salaries are not domiciled with UBA. The product is designed to offer personal loans to civil servants who have difficulties in changing their salary accounts from other banks to UBA.

This loan is available to:

Federal Civil Servants that are enrolled on IPPIS Platform.
State Civil Servants – State Civil Servants (this will be limited to states whose salary are managed by ICT firm)
Required Documents

Duly filled loan application form
Copy of customer’s staff ID
Copy of customer’s valid ID
Customer’s instruction letter

UBA FX Cash Backed Loan

UBA FX Cash Backed Loan is a term loan designed for Nigerians that operate FX accounts with the Bank. Customers can get up to 10 million naira for investment purposes or to meet the financial needs of relatives in Nigeria.

The product is targeted at the following categories of customers:

Domiciliary Account Holders
Nigerians in Diaspora with FX accounts with UBA
Beneficiaries of Remittances from abroad
Income Earners in FX
Customers with cash-funded FX deposits.

SME LOANS

Working Capital Loan

The UBA Working Capital loan offers up to NGN50M to help business owners meet their cash flow needs and expand their business. A flexible collateral cover will be required depending on the loan amount and the nature of customer’s business.

This loan product is targeted at

– Customers with verifiable credit net worth whose cash flow patterns meet the requirement for lending

– Other structured groups / business clusters

UBA Asset Finance for SMEs

With the UBA SME Asset finance loan, you can get funding to purchase new assets and also expand your business. It is available to registered SMEs in the following business types:

Food & Drink
Wholesale/Retail Trade & Key Distributors
Entertainment & Recreation
Agri-Business
Green Economy and Fintechs
Exports
Professional Firms & Service Providers.
Educational Institutions
Other viable Business Segments

UBA School Loans

This is a medium to long term facility aimed at meeting working capital, asset and mortgage needs of registered privately–owned schools. The bouquet comprises of a 4-month time loan, a 3-year asset finance loan and a 10-year mortgage loan.

UBA Health Loan

The UBA Health Loan is designed to provide financing to registered hospitals, pharmacies, medical laboratories, diagnostic centres, optical and dental clinics for their business expansion/upgrade, equipment purchase as well and support their cash flow needs.

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Bitcoin Rallies Towards $52K, Ethereum Consolidates, Altcoins In Uptrend

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Bitcoin price gained bullish momentum above USD 50,000. Ethereum is consolidating below USD 4,000, XRP surged above the USD 1.30 resistance. QNT and FTM are up over 28%.

Bitcoin price remained well bid and it started a fresh increase above the USD 50,000 resistance. BTC gained nearly 4% and it even broke USD 51,500. It is currently (11:35 WAT) consolidating gains below the USD 52,000 resistance zone.

Besides, most major altcoins are also rising. ETH is holding gains, but it is facing resistance near the USD 4,000 zone. XRP is up over 6% and it broke the USD 1.30 resistance. ADA is still struggling to clear the USD 3.00 resistance zone.

Bitcoin price

After a successful close above USD 50,000, bitcoin price gained bullish momentum. BTC broke many hurdles near USD 51,000 and USD 51,200. It even traded close to USD 52,000 before the bears appeared. It is now consolidating gains below the USD 52,000 resistance. If there is an upside break above USD 52,000, the price could rise towards the USD 53,000 level.

On the downside, the price could find support near the USD 51,200 level. The main support is now forming near the USD 50,500 level.

Ethereum price

Ethereum price made another attempt to clear the USD 4,000 resistance, but it failed. As a result, ETH corrected lower below USD 3,950.

However, the bulls were active near the USD 3,850 level. The price is now consolidating above USD 3,900, with many hurdles near USD 3,980 and USD 4,000.

If there is another downside correction, the price could find support near USD 3,850. The next major support is near the USD 3,800 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) failed to stay above USD 3.00 and corrected lower. However, downsides were limited below USD 2.85. The price is now stuck in a range below the USD 3.00 resistance. A close above USD 3.00 could start a stronger increase.

Litecoin (LTC) broke many hurdles near USD 200 and USD 212. LTC even cleared USD 220 and it is now consolidating gains. An immediate resistance is near the USD 230 level. A clear break above USD 230 and USD 232 could open the doors for a move towards the USD 250 level.

Dogecoin (DOGE) is up over 4% and it broke the USD 0.312 resistance. The next major resistance is near the USD 0.320 level. Any more gains might lead the price towards the USD 0.335 level. If not, there might be a downside correction towards the USD 0.300 level.

XRP price gained pace above the USD 1.30 resistance. It is up over 6% and it even cleared the USD 1.32 resistance. There was a spike towards the USD 1.34 level, where the bulls faced resistance. XRP is now consolidating around USD 1.32, with support near USD 0.305 and USD 0.300.

Other altcoins market today

Many altcoins are up over 5%, including QNT, FTM, FIL, OMG, LINK, LUNA, QTUM, AMP, HT, ICP, ALGO, ATOM, CRO, EOS, and COMP. Out of these, QNT rallied over 41% and it surpassed the USD 335 level.

Overall, bitcoin price settled well above the USD 50,000 resistance zone. If BTC continues to rise and clears USD 52,000, there could be a move towards USD 53,000 or USD 53,500.

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Bitcoin Above USD 50K, Ethereum Eyes USD 4K, SOL Extends Rally

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Bitcoin price recovered losses and it climbed above USD 49,200. BTC is currently (11:46 UTC) trading above USD 50,000. A close above this level could push the price higher in the near term.

Besides, most major altcoins are trading in a positive zone. ETH regained strength and it broke the USD 3,900 level. XRP is consolidating near the USD 1.265 support. ADA could regain momentum if it settles above the USD 3.00 resistance.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a short-term downside correction, bitcoin price started a fresh increase above USD 49,000. BTC surpassed USD 49,500 and USD 50,000. A successful close above USD 50,000 could start a fresh rally. The next major resistance is near USD 52,000. An intermediate resistance might be USD 51,200.
If there is a downside correction, the price might find support near USD 49,200. The next major support is now forming near the USD 48,500 level.

Ethereum price

Ethereum price started a fresh rally above the USD 3,800 resistance. ETH is up almost 6% and it traded close to the USD 4,000 level. If there is a break above USD 4,000, the price might rise towards the USD 4,200 level.
If there is a downside correction, the price might find bids near the USD 3,900 level. The next major support is near the USD 3,850 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) corrected lower below the USD 3.00 level. It even tested the USD 2.90 level and is consolidating in a range. If there is a fresh increase, the price could accelerate higher towards the USD 3.10 and USD 3.12 levels. The next major resistance is near the USD 3.20 level.

Litecoin (LTC) is gaining pace and it cleared the USD 188 resistance zone. The main hurdle is now near the USD 200 level. A close above USD 200 could start another increase. If there is a downside correction, the price might find support near USD 185. The next major support is now forming near the USD 180 level.

Dogecoin (DOGE) is struggling to clear the USD 0.300 resistance. If the bulls succeed, the price could rise towards the USD 0.312 level. The next major resistance is near the USD 0.320 level. On the downside, the price may possibly remain stable above the USD 0.280 level.

XRP price failed to clear USD 1.295 and USD 1.300. It corrected lower and it traded below USD 1.280. The price is now stuck near USD 1.265. The next major support is near USD 1.25, below which there is a risk of a major decline. Conversely, the price could visit the USD 1.30 resistance zone.

Other altcoins market today

Many altcoins gained over 5%, including SOL, REV, NEAR, CEL, AUDIO, MIOTA, AVAX, BTT, HOT, ALGO, ZIL, LINK, and ICX. Out of these, SOL rallied over 20% and it trades near USD 140.

To sum up, bitcoin price is now attempting an upside break above USD 50,000. If BTC succeeds, it could rise further towards the USD 52,000 level.

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Apple plans to loosen App Store payment policy

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Apple announced on Wednesday it will loosen some of its App Store policies, allowing media apps to steer customers directly to their websites without paying commission.

The change, to be implemented early next year, is being introduced to end an investigation by the Japan Fair Trade Commission.

The modification will spare so-called reader apps that provide digital content such as newspapers, books, music or video from having to use the App Store payment system and thus avoid paying a 30 percent commission.

“We have great respect for the Japan Fair Trade Commission and appreciate the work we’ve done together, which will help developers of reader apps make it easier for users to set up and manage their apps and services while protecting their privacy and maintaining their trust,” Apple Fellow Phil Schiller said in a blog post.

Developers of the digital content apps will be able to link to their websites where users can create or manage accounts, according to Apple.

While the change resulted from an agreement with the JFTC, it will apply globally to all reader apps at the App Store, the Silicon Valley tech giant said.

Apple has come under fire for its tight control of the App Store, where developers are required to use its payment system.

Apple charges a commission of as much as 30 percent on sales of digital content or subscriptions at the App Store, with the payment system making certain the company gets its piece of the action.

“Because developers of reader apps do not offer in-app digital goods and services for purchase, Apple agreed with the JFTC to let developers of these apps share a single link to their website to help users set up and manage their account,” Apple said in a post.

Apple last week agreed to loosen payment restrictions on its App Store, a major change announced in a settlement with small developers as the US technology giant faces growing scrutiny and legal challenges over its tightly controlled online marketplace.

The change will allow small developers to inform their customers of alternative payment options beyond the official App Store.

In a class-action lawsuit, the developers had accused Apple of monopolistic distribution practices by operating the sole gateway to get apps or other content onto iPhones and other devices powered by iOS software.

The proposed settlement is pending court approval.

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