ubank is a well-established financial services provider that has grown over the years and managed to entrench itself primarily within the gold and platinum mining communities.
The mandate and plan to service the broader working market in South Africa has become imperative in order to extend affordable financial services to South Africa. ubank has a strong presence and customer accessibility, mainly in selected mining and rural communities in South Africa.
ubank has a long and rich history of providing basic financial services to mineworkers and their families spanning almost 40 years. In 1975, when other financial institutions largely ignored this sector of the market, Teba Cash Financial Services was formed to provide mineworkers with basic financial services. These included facilitating the remittance of funds to families and dependents in the rural and labour sending areas using a linked account facility.In the early 1990’s, as South Africa was undergoing fundamental political change as a country, the Godsell Motlatsi Commission was formed. This led to the transition from a savings fund into a commercial bank.In June 2000, ubank (then Teba Bank), was granted a banking license although its ownership remained in the form of a Trust managed by trustees are elected by the National Union of Mineworkers and the South African Chamber of Mines. The beneficiaries of the Trust are the Bank`s customers.In 2007, ubank welcomed a new vision, mission, set of values and strategy. Essentially, this saw ubank set itself up to become the Workers Bank of Choice.
In October 2010, the name of the bank was changed to ubank and launched to the public. Since the birth of the new brand and strategy, various initiatives to improve and expand the business have been delivered.
ubank is driven by a social consciousness that underpins all we do our customers are our owners and we exist to serve them through the provision of financial services that meet their changing needs and improve their lives.
We are proud of our long association with the mining industry, including mineworkers, mining companies, the National Union of Mineworkers, and the Chamber of Mines who have played a significant role in the development of this bank.
ubank offers basic banking products that can be described as follows:
– Transaction Accounts (stand alone and package options);
– Debit Cards (issued with VISA);
– Lending products (Personal Loan, Home Loan);
– Savings (Fixed Deposits, Save Together);
– Funeral Plan products;
– Cellphone Banking (sms notifications); and
– Airtime contracts.