Migration is a natural phenomenon. People migrate for different reasons, but the main reason remains that they want to change their living conditions. The “Japa” wave is currently sweeping across Nigeria and it doesn’t look like it is slowing down any time soon. Some people like to have a diaspora account in their home country to provide financial services to them as if they were still in their home country. Diaspora banking services offer a lot of benefits to the diaspora communities. Below are some of them:
Remittances
Diaspora banking facilitates the easy and cost-effective transfer of money back to the home country. This is particularly important for immigrants who send money to support their families and invest in their home countries’ economies.
Community Support
The money sent back home is used to support the community in terms of development and in taking care of essential human needs of the members of the community.
Currency Exchange
Exchange rates are favourable and fees for currency conversion are often lower in diaspora banking which makes it more affordable to send money home or conduct international transactions.
Investment Opportunities
Diaspora banking may provide access to investment opportunities in the home country, allowing immigrants to invest in businesses, real estate, and other assets in their home countries.
Wealth Preservation
Immigrants can use diaspora banking to preserve and grow their wealth in their home country in case they wish to invest or retire to their home country.
Convenience
These services offer convenient access to banking through online platforms and mobile apps, allowing immigrants to manage their finances from abroad.
BENEFITS OF OWNING A UBA DIASPORA ACCOUNT
As a UBA diaspora account owner, there are specific benefits that you enjoy. Check them out below:
- Access to a Naira loan up to ₦10 million.
- Account can be in Naira, Dollars, Pounds or Euros.
- Get a debit card shipped to you anywhere in the world (Customers with both Naira and domiciliary accounts can request a dual currency debit card).
- Keep track of transactions via our digital channels.
- Make bill payments in Nigeria and top up airtime (Nigerian networks).
- Attractive interest rates for Naira and Domiciliary accounts.
UBA DIASPORA ACCOUNT CHECKLIST
Duly Completed diaspora account opening form via the Online Account Opening Page
- A valid means of identification (Valid Nigerian International passport/ Driver’s licence/ resident permit/work permit or foreign passport with Nigerian place of birth/country of origin backed with any form of Nigerian ID even if expired.
- Proof of address (Utility bill for the last 2 months or Bank Statement for the last 6 months).
- Proof of source of funds (recent pay slip/ work ID/ letter of reference from current banker/ business registration documents if self-employed).
- 1 recent passport photograph (for joint account holders, one recent passport photograph for each signatory).
UBA Diaspora Banking is literally banking like you never left your home country. Our services are rendered in the most convenient way to ensure that you always have a great experience.
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