Union Bank of Nigeria formerly known as Colonial Bank, it was f established in the year 1917. It became a listed bank on the NSE and share acquisitions/transfers between the years 1971 & 1979. Which resulted in a whole new Nigerian-owned entity (UBN “the Bank” or “Union Bank”)
The Union Bank of Nigeria Plc later on acquired two other Banks, former Universal Trust Bank Plc and Broad Bank Ltd, eventually occupied its one-time subsidiary, Union Merchant Bank Ltd. All this was achieved during the Central Bank of Nigeria’s (CBN) banking sector consolidation policy.
The union bank is owned by Union Global Partners Limited. An investment company who invest in systems, processes, and infrastructure to deliver customer centric product and services.
How To Open An Account
To open a union bank account you need to visit the original page of Union Bank.
Step 1: Select the service option you are interested in;
- Open an account
- Apply for a loan
- 24/7 banking
- Trade Finance.
In this case you want to open account,
Step 2: Select open an account.
Step 3: Select the class of account;
- Personal account
- Business account.
They are available in 4 types;
- savings account.
- Current account.
- Domiciliary account.
- Target Savings.
Allows regular savings with competitive interest rates and flexible withdrawals. This account is designed specifically for long term savings and other benefits.
Savings accounts are available in different types;
- Union save
- Union save more
- Savings account
- Union sliver
- Payroll savings
- Union vibe (student/ NYSC)
- Union hybrid enterprise
- Fixed deposit.
This account is flexible enough to meet everyday banking needs. It is also known as a customized account for salary earners. It offers overdraft facility, zero maintenance fee, and access to personal loans
There are different types of current accounts you can choose from like
- Basic current
- Payroll plus current
This is a foreign currency account that gives it’s customers the option to bank in global currencies (only this three) (US Dollars, Euros and GB Pounds).
It is equally available in different types.
- Domiciliary current
- Union ace USD Domiciliary account.
This is a tenure savings targeted for future expenses (e.g. school fees, medical bills), for individuals with low disposable income. Target savings is only available to 11 states in the northern part of Nigeria at the moment.
Target savings has it types and they include,
- Union korrect
- Dai Dai
- Union goal.
The business account is a type of account that supports business activities of all types. To know more about opening a business account, it advantages and disadvantages visit the union bank official website. In the main time, here are the types of business accounts available for business activities ,
- Cash flow leading
- Union Accelerate Dollar & I
- Local letter of credit
Step 4: fill the necessary forms ( BVN, Name, Email, Telephone number)
And that’s it!
You will be sent your account number through an SMS after a few days. Then you can set up your pin and other requirements. To get a debit card you will make a deposit of at least N1000 and visit a union bank branch near you.
You can also become an agent of Union Bank Nigeria. Visit their website for more information.