ABSA Bank has launched a new product dubbed ‘Absa Assurance Account’ to help customers of the bank and the general public to access loans to meet their financial needs.
The product was opened to the general public including salary and non-salary workers, entrepreneurs, and public service workers and comes with different insurance policies such as personal accident insurance policy, permanent and temporary disability policy.
Launching the product in Accra yesterday, the director of retail banking at Absa, Mr Charles Addo, said the objective of the product was to cushion customers and the general public of the effects of the COVID-19 pandemic.
He said the COVID-19 had brought financial difficulties to individuals and the new products was to provide them opportunity to access loans to meet their financial demands.
“The COVID-19 pandemic has shown that customer needs are changing. Customers are now demanding more than just banking services. They are looking for convenience, accessibility and some sort of security and that is the reason for the launching of the product,” Mr Addo said.
He explained that the product came with personal accident insurance cover, travel insurance cover and a wide range of banking services.
He noted that for the personal accident insurance cover, customers would receive an amount of GH¢5, 000 for death cover, GH¢5, 000 for permanent disability cover, GH¢1, 600 for temporary disability cover and a hospitalisation cover of GH¢1, 200.
MrAddo further said that customers would receive an amount of GH¢100, 000 for travel insurance cover and a free debit card, standing order to other banks, waives on swift transfers and a cheque book.
The Director of Retail Banking, opined that his outfit was devising other ways of developing new products that brought convenience to customers.
The Head of Deposit of Absa Bank, Mr Lawson Tornyi, said the new product “was a solution to the transformation of banking services as it speaks to the prime needs of the people.”
BY BENJAMIN ARCTON-TETTEY