uBank is a well-established financial services provider that has managed to grow over the years and entrench itself primarily within the gold and platinum mining communities in South Africa.
With a mandate to extend affordable financial services to South Africans, uBank has been providing quality services for more than 40 years.
Formerly known as Teba bank, the institution changed its name to uBank in 2010.
Since inception, uBank has established a strong presence and customer accessibility mainly in selected mining and rural communities in South Africa.
Products currently provided by uBank include:
- Transaction Accounts
- Debit Cards (issued with VISA)
- Lending products (Personal Loan and Home Loan) UBank allows individuals aged between the ages of 18 and 65 to apply for a pension-backed home loan. You get access to home loan amounts of R5000 to R35 000. These loans are repayable within a period of 10 years.
- Personal Loans are offered with this product. You are able to get access up to R80 000 in finance. Repayments are flexible, offered at between 1 and 60 months.
- Savings (Fixed Deposits, 32 day notice, save together.)
- Funeral Plan products. USecure is a funeral plan offered by UBank. To qualify, you must be older than 65 years old and need to bring your valid SA ID and proof of physical address.
- Cell phone banking
UBank truly lives up to its motto: “A bank more focused on you,” through its comprehensive range of financial services.
With the current range of products and services available from uBank, it’s been speculated that the uBank credit card may be the next step for the institution.
Good reasons for the establishment of the uBank credit card:
- Credit cards can provide users with flexible financial solutions.
- The mining communities which uBank serves could benefit from some of the rewards programmes associated with credit cards.
- The cards may give users easier access to funds in cases of emergencies, or when they would rather avoid having to carry large sums of cash around.