Consumer Banking Products Flashcards
What is the Ecobank Salary Account?
The Ecobank Salary Account is an Account designed for salary workers. It offers an easy and convenient way an employer of the account holder can deposits a fixed amount of money as ‘salary’ at an agreed frequency every month (i.e., twice, or once a month etc.)
What are the two types of Ecobank Salary accounts?
- Advantage salary account
- Classic salary account
What are the current charges for a classic salary account?
12 cedis
What are the current charges for an advantage salary account?
14 cedis
What are some benefits of the salary account?
- free life insurance
- free debit card for first time issuance
- no minimum balance
- internet and mobile banking services
- save as you spend
- loans
Describe the insurance package available to classic salary account holders
Classic salary account holders are eligible for the following insurance benefits:
- Death Insurance: GHS 5,000
- Permanent Total Disability: GHS 5,000
- Critical Illness: GHS 2,500
- Hospitalization/Temporary Disability: GHS 30 per day (up to 30 days) or GHS 100 per week (for up to 3 months)
- Retrenchment Benefit: GHS 600 per month (for up to 6 months)
Describe the insurance package available to advantage salary account holders
Advantage salary account holders are eligible for the following insurance benefits:
- Death Insurance: GHS 10,000
- Permanent Total Disability: GHS 10,000
- Critical Illness: GHS 5,000
- Hospitalization/Temporary Disability: GHS 50 per day (up to 30 days) or GHS 200 per week (for up to 3 months)
- Retrenchment Benefit: GHS 850 per month (for up to 6 months)
Describe the save as you spend programme
It is a consumer banking product that helps you to save at up to 10% of what you spend using Ecobank Account and watch your savings grow at a competitive interest rate.
What are some benefits of Save As You Spend (SAYS)?
- Financial security
- Financial independence
- Interest earnings
- Flexibility
How do you get a salary account?
- go to the branch to open an account
- online account opening
How do you convert other accounts to salary accounts?
- branch
- Ecobank website
- contact center
What is Ghana Pay?
It is a bank wide wallet deployed as a joint initiative between GAB and GhIPSS under the guidance of the Bank of Ghana.
What is the USSD for GhanaPay?
*707#
What are some value added services of Ghana Pay?
- Bill payment
- Savings wallet
- Standing order instructions
- Sponsored wallet
- Crowd funding
What are some features/ benefits associated with premier banking account?
- Dedicated Relationship Manager
- Access to Premier lounges across the Ecobank group
- Platinum Ecobank Visa or Mastercard Platinum Cards
- Priority pass which gives access to VIP lounges in major airports across the world
- Investment advisory services
What are some features/ benefits associated with advantage banking account?
- Dedicated Relationship manager
- Access to all Ecobank digital offerings
- Access to discounts and exclusive offers across the country via Ecobank Gold card
- Savings and Current accounts
- Access to great packages from insurance partners
- They can take a salary advance of up to 50% of their monthly income
What is a junior saver account?
It is an account opened in trust for children and teens below 18 years to ensure a brighter future for them and help them cultivate the habit of saving.
What are the features of a junior saver account?
- a minimum amount of GHC. 50.00 needed to open the account
- The minimum amount to earn interest is GHC. 200.00
- No monthly maintenance fee
- Withdrawal frequency is once every quarter to reflect school’s academic calendar
What is an employee personal loan?
It is a loan used for financing credit facilities. It includes, salary advance, personal loans, rent loans and capital equipment.
What are the features of an employee personal loan?
- It is capped at the cedi equivalent of USD 50,000
- repayment is up to 60 months
- prepayment is allowed with no penalty
- interest rate of 24% p.a
- processing & facility fee of 2.5% of loan amount
- credit life insurance is 1.5% of amount
- repayment without penalty
What is an auto loan?
It is a loan that helps in the acquisition of automobiles either new or used (up to 5 years)
What are the features of an auto loan?
- it is capped at the cedi equivalent of USD 120,000
- repayment up to 60 months
- interest rate of 24%
- no down payment
- prepayment allowed without penalty
What is a mortgage?
It is loan used to finance the purchase of property from approved real estate developers/vendors with registered title to property in areas acceptable to EGH.
What are the features of a mortgage
- it is capped at $350,000 with a tenor up to 20 years
- The interest rate is 24% per annum
- There is a down payment of 20% as equity
What are the features of by now pay later?
- It is capped at GHS 150,000
- It has no facility fee
- there is no interest rate
- repayment is done qithin 18 equal monthly installments
What are the various EGH remittance partners?
- Rapid transfer
- western union
- moneygram
- ria
- vigo
- unity link
What re the main things you need to know to send out a remittance?
- bank name
- receiver’s name
- account number
- sort code(130101)- this is for western union
How can customers access their funds once a remittance has been sent?
- ATM
- Xpress Point
- Transact with the mobile money up
- move funds unto a prepaid card (that is if remittance was received by an express account)
Why are third party remittances important?
- it is a major source of FX for the bank
- facilitates payments- trade
- it is a source of deposits
- it contributes to the bank’s revenue
- referral point for client acquisition
What is rapid transfer?
It is an Ecobank owned remittance product that allows customers and potential customers the platform to send and receive funds from all 33 African countries where Ecobank is present
What are some channels that can be used to access rapid transfer?
- Eco-mobile (Ecobank Mobile App.-Ecobank Africa)
- Ecobank Online (Internet Banking)
- In branch (All our branch network locations)
- Sub-agents (License agents i.e. Pan African S&L)
- Rapid Transfer App (Currently under redevelopment)
- Xpress Points (Xpress points for receive transactions and INTRA GHANA) USSD (Non internet devices *770#)
What is the cap for sending rapid transfer?
Sending Rapid Transfer has a limit of $10,000 equivalent currently capped at GHs129,000
What is bancassurance?
A partnership between an insurance company and a bank aimed at offering insurance products or insurance solutions/benefits to the bank’s customers.
What are the various distribution/sales model for bancassurance?
- Bank Staff (tellers, customer service officers, relationship managers)
- Insurance agents or Financial Advisors of the insurance company
3.Hybrid (both bank staff and insurance agents)
What sales model does Ecobank operate when selling bancassurance?
A hybrid model
Who is EGH’s Non-life insurance partner?
Sanlam Allianz
Who is EGH’s Life insurance partner?
Old mutual
What are some non-life insurance products?
- the home insurance policy
- the motor insurance policy
- the travel insurance policy
What are the features of the home insurance policy?
- it is an insurance cover for a homeowner or tenant of a residence used for private and domestic purposes
- it provides coverage to the insured building and contents if duly insured
- provides cover against fire, burglary, floods and other named perils
- The premium payable is a percentage of the value of the property. Usually a one-time annual payment.
- For contents insurance, the premium payable is based on the total value of the contents to be covered.
What are the types of motor insurance cover?
- third party
- smart drive
- comprehensive
What are the features of the motor insurance policy?
- The mandatory third-party policy only provides cover for damages/injuries caused to a third party or damages caused to a third-party property.
- The Smart Drive is an enhanced third-party policy which pays for damages for minor scratches and dents as well as broken mirrors and windscreen, in addition to the third-party cover.
- The Comprehensive insurance policy provides extensive cover for third party as well as own damage caused to your vehicle
Describe the travel insurance policy
It is a policy that provides protection against medical emergencies or accidents while on a trip outside Ghana. It also provides cover for baggage delays, loss of baggage and personal belongings, loss of travel documents and trip delays.
Premium is based on age, cover selected and duration of travel.
Premium is a one-time payment
What are the life insurance products?
- The transistion plan
- the educator plan
- the ecoretire plan
- the international travel health policy
Describe the transition plan product
- Purpose: Provides a lump sum payment to cover funeral expenses.
- Coverage Amount: GHS 1,000 – GHS 50,000.
- Eligible Lives: Self, spouse, parents, parents-in-law, and children.
- Payout: Full sum assured for adults; 50% for children under 15.
- Cashback: 10% of premiums paid every five years.
- Medical Requirement: No medical examination needed.
- Waiting Period: 6 months for self, 1 year for others.
- Lapse Condition: Policy lapses if three consecutive premiums are missed.
- Refund Policy: No refund if the policy is canceled (pure risk policy).
Describe the educator plan
- Purpose: A long-term savings and insurance plan for children’s education.
- Type: Savings with an insurance component.
- Payout: Pays the guaranteed sum assured plus contributions and accrued interest if the policyholder passes away before maturity.
- Policy Term: 10 to 18 years.
- Eligibility: Policyholders aged 18–55 years.
- Fund Access: After 2 years, clients can withdraw up to 50% of accumulated funds.
Describe the Ecoretire plan
- Purpose: A long-term savings and insurance plan for retirement.
- Type: Insurance savings product with a guaranteed sum assured.
- Payout: At maturity, a lump sum is paid. If the policyholder passes away, the higher of the sum assured or accumulated funds is paid.
- Policy Term: Minimum of 5 years; maximum term depends on cease age of 65 years.
- Eligibility: Policyholders aged 18–55 years.
- Fund Access: After 2 years, clients can withdraw up to 50% of accumulated funds.
Describe the international travel health policy
- Purpose: Covers medical emergencies or accidents while traveling outside Ghana.
- Coverage Amount: Up to €30,000 for medical emergencies.
- Premium Calculation: Based on age, selected cover, and travel duration.
- Payment: One-time premium starting from GHS 60.00.
- Refund Policy: Premium refund available for visa denial, minus administrative charges.
What are some bancassurance products that are embed in other products?
- credit life- for personal loans issued to EGH clients and staff
- mortgage life- for all mortgages issued to EGH clients and staff
- Auto loan insurance- for all auto loans issued to EGH clients and staff
Who falls within the direct banking category?
People who earn or deposit less than USD 20,000 annually
What are the pillars of direct banking?
- Digital channels/ self-service
- agency banking network
- contact center
Who falls within the youth banking category?
People aged 25 years and below
How much should you earn to fall within advantage banking?
Not less than USD 20,000 but not more than 200,000 dollars annually
How much should you earn to fall within premier banking?
200,000 dollars and above annually
Describe the salary advance
This is a loan that allows you take up to 50% of salary received to finance personal needs. It has a has a tenor of 3 months and processing fee of 2.5% of the amount
Describe a consumer finance loan
It is a loan that allows you take a maximum of 100,000 cedis to finance the purchase of household appliances / equipment from EGH approved vendors. It has a tenor of 12 months and disbursement is made directly into the vendor’s account
Describe the credit card product
This is a loan product that allows you to access an amount up to 50% of your salary or 90% of an investment, via a card. It can be used for personal needs and has a tenor of 36 months, an issuance fee of GHS 100 and a rate of 4.16% per month.
