New Barclays accounts come with hospital cover

By Deo Wasswa

Barclays bank Uganda has introduced a new innovative product dubbed, Access plus account which has been developed in line with the bank’s a gender for financial inclusion.

The account is a game changer and comes with a number of amazing benefits including hospital cash cover of up to Uganda shilling 900.000 with a maxim of Uganda shillings 30,000 per day and monthly cash back on every  Uganda shillings  50.000 purchase. To open this nature of account, one needs a national identity card, passport photo and no minimum deposit is required..

‘’ A customer on the Barclays access plus account has access to hospital cash with our partners prudential assurance and what happens when a customer is hospitalized we will pay 30.000 shillings each day the customer spends in the hospital up to 900.000 shillings’’ said by Gunilla Ouko, the head of customer network at Barclays   bank during the official launch of the Access plus account at Wandegeya Market.

Gunilla reiterated Barclays’ commitment to invest in innovative services and products as part of its firm quest to continuously tap into the ‘unbanked’ population.

‘’ As a bank it is our obligation to always listen to what the market is saying and adjust accordingly, and this is what guides our innovations, we are in the business of offering our customers the best financial solution and whatever that may be, we shall always strive to have it covered’’,  Gunilla added.

The other benefit of the access plus account is that when you open it, it comes with a debit card and and this can do many things such as using it for shopping and get rewarded with a cash back of 0.5% Uganda shillings.

A 2013 report by Finscope returned glowing figures in regard to state of financial inclusion in the country.

The survey revealed that 54% of the country’s adult population had access to bank and non banking financial services institution, compared to only 28% in 2009.

On 26 October 2017, the Uganda government launched the national financial inclusion strategy 2017-2022  entails that “all Ugandans have access to, and use of, a broad range of quality and affordable financial services which helps ensure their financial security”.

Uganda’s NFIS is based on five key pillars that address both demand and supply side barriers to financial inclusion, with critical gaps identified under each strategic pillar. These pillars include: reducing financial exclusion and barriers to access financial services; developing the credit infrastructure for growth; building the digital infrastructure for efficiency; deepening and broadening formal savings, investment and insurance usage; and protecting and empowering individuals with enhanced financial capability.