Africa’s Global Bank, United Bank for Africa (UBA) Plc has rewarded customers holding its Bumper Account savings product with more than N400 million in anniversary bonuses, reinforcing the bank’s strategy of encouraging long-term savings through guaranteed annual cash rewards.

The payout, which UBA described as one of the largest under the Bumper Account initiative since the product was introduced in 2020, was credited directly to eligible customers who maintained the required average account balances during the qualifying period.

UBA Bumper Account is a savings product that rewards customers with an annual cash bonus on the anniversary of their account, provided they continue to save and maintain or grow their account balance.

How the bonus works

According to information on the Bank’s website, the Bumper Bonus operates under what UBA describes as a Guaranteed Reward Model where customers are grouped into one of four reward tiers based on their average deposit balance during the qualifying period, with each tier attracting a different bonus rate.

The bonus is paid annually on the last day of the customer’s account anniversary month. It is paid in addition to the standard savings interest of two per cent per annum, which the Bank says is credited monthly.

Unlike some of the Bank’s previous reward schemes, which relied on monthly and quarterly raffle draws, the Bumper Bonus is not based on chance. UBA says the change follows a Central Bank of Nigeria (CBN) circular dated 27 November 2025, which prohibited lottery-based and chance-driven promotional schemes by banks.

Under the current model, customers who meet the qualifying balance requirements receive the bonus automatically, without participating in a draw.

Customers can open the account through the UBA Mobile Banking App or by dialling *919*20# to open one instantly or *919*20*1# for existing UBA savings account holders to migrate to the Bumper Account.

UBA explains the payout

Speaking on the payout, UBA’s Head of Retail Products, Tomiwa Sotiloye, said the Bumper Account was designed to reward customers for their loyalty and encourage a culture of saving.

“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,” Mr Sotiloye said.

He said the N400 million payout reflects the Bank’s commitment to developing products that not only encourage savings but also provide tangible rewards to customers.

Mr Sotiloye added that both new and existing customers can open a Bumper Account through the Bank’s website, any UBA branch, the UBA Mobile Banking App or by dialling *919#.

According to him, customers who open the account and meet the required savings conditions will qualify for future anniversary bonuses.

Also commenting, UBA’s Group Head of Brands, Marketing and Corporate Communications, Alero Ladipo, said the Bank remains committed to rewarding responsible financial behaviour.

“The UBA Bumper Account reflects our commitment to putting customers first. We deliberately design products that reward responsible financial behaviour while delivering real value,” Ms Ladipo said.

The Bank on its website says both new and existing customers are eligible for the anniversary bonus, provided they maintain the required average balance throughout the qualifying period and continue to operate their accounts.

It further clarified that customers are not required to lock away their savings to qualify for the bonus, explaining that withdrawals made before the account anniversary date may only reduce the average balance used to calculate the bonus, resulting in a lower payout.