Dubbed, ‘Salary Advance Account’, the product allows employees’ with current bank accounts with Ecobank to access up to 50 per cent of their monthly earnings to meet contingency expenses thereby giving them financial freedom.
Mr. Ernest Asare, Executive Director, Operations and Technology, Ecobank, who launched the product in Accra at the weekend, said the product was aimed at addressing the real and present needs of customers of the bank.
He said the product which was available to current account holders provided prompt personal loans to salaried account holders.
The product, he said, would help to further strengthen the relationships between the bank and its salaried customers.
“Beneficiaries shall be employees of approved target market names. Beneficiaries shall maintain salary account with Ecobank Ghana. Facilities shall not exceed 50 per cent of expected net monthly salary after all loan deductions.
Mr. George Mensah-Asante, Executive Director, Domestic Bank, Ecobank, said the bank had dedicated this year as “the year for the customer”.
According to him, the launch of the product was in line with the premium the bank placed on customers.
The product, he said, would help customers to finance the payment of school fees, rent advance, home improvement and procurement, among others.
Mrs. Shirley Dontoh, Head Consumer Banking, in a short presentation on the product, said it would save customers the problem of accessing short-term finance.
She urged the bank’s current account holders to take advantage of the product to address their needs.
Employees, who sign up to the Ecobank Advance Account, will receive a Visa electron card that can be used in 30 countries across Africa, e-statements and alerts, among other benefits.