United Bank for Africa (UBA) Plc, says it has paid more than N400 million in anniversary bonuses to thousands of customers under its flagship UBA Bumper Account, underscoring the growing competition among Nigerian lenders to deepen retail deposits through customer rewards and savings-led banking.
The payout, one of the largest loyalty distributions since the savings product was introduced, comes as banks increasingly focus on mobilising low-cost deposits to strengthen funding bases amid high interest rates and evolving regulatory requirements.
According to the bank, the cash rewards were credited directly into the accounts of eligible customers whose UBA Bumper Accounts reached their anniversary, reinforcing the bank’s strategy of encouraging long-term savings while rewarding customer loyalty.
The UBA Bumper Account allows customers to earn annual cash bonuses by maintaining and growing their savings balances, providing an incentive for disciplined saving beyond conventional interest earnings.
Speaking on the milestone, Tomiwa Sotiloye, UBA’s head of retail products, said the initiative reflects the bank’s commitment to sharing value with customers who maintain long-term banking relationships.
“At UBA, we believe customer loyalty deserves meaningful recognition. Every bonus paid is our way of saying ‘thank you’ to customers who continue to trust us with their financial aspirations. Surpassing the ₦400 million milestone reflects our commitment to creating products that not only help customers save but also reward them in tangible ways,” he said.Â
Sotiloye noted that the bank continues to make the product easily accessible through its digital channels, including the UBA Mobile Banking App, USSD banking platform, online account opening portal and branch network.
Industry analysts say Nigerian banks are placing greater emphasis on retail savings products as they seek to attract stable, low-cost deposits that can support lending activities while reducing reliance on more expensive wholesale funding.
Customer reward programmes have also become an increasingly important differentiator in the retail banking market, where lenders are deploying cash incentives, digital services and loyalty schemes to expand their customer base and improve deposit retention.
UBA said the Bumper Account forms part of its financial inclusion strategy by encouraging sustainable savings behaviour while providing customers with direct financial rewards.
According to Alero Ladipo, the bank’s group head of brands, marketing and corporate communications, the initiative reflects UBA’s customer-centric approach to product development.
“The UBA Bumper Account reflects our unwavering commitment to putting customers first. We deliberately design products that reward responsible financial behaviour while delivering real value. Crediting over N400 million directly into customers’ accounts is not just a payout; it is evidence of our promise to make banking more rewarding and to continually appreciate the confidence our customers repose in us,” she said.
With operations in 20 African countries, as well as the United Kingdom, the United States, France and the United Arab Emirates, UBA serves more than 45 million customers across its network, positioning retail banking as a key pillar of its long-term growth strategy.
