Connect with us

Business

UBA Group Emerges African Bank of the Year at The Banker Awards

Published

on

UBA Group

Pan-African financial institution, United Bank for Africa (UBA) Plc has once again proven its leadership on the continent, as the Banker Magazine crowned UBA the “African Bank of the Year 2017”. This Banker Award is premier for Nigeria, as it marks the first time a Nigerian-headquartered bank will be wining the prestigious and highly coveted regional award.

 

To further demonstrate the group’s strength and dominance in the financial sector on the continent, four of UBA Group’s operations in Africa also led contenders in their respective countries to emerge the Best Bank of the Year 2017 in their respective markets. UBA Congo, UBA Tchad, UBA Gabon and UBA Senegal emerged the Best Bank of the Year in Congo, Tchad, Gabon and Senegal, reinforcing the strong franchise of the Group across its chosen markets in Africa. Notably, UBA Gabon and UBA Senegal won the same awards in 2016, as both subsidiaries of UBA Group remain the Banks to beat in Gabon and Senegal.   

 

A publication of the Financial Times Newspaper, The Banker Magazine is a global financial intelligence magazine that provides global bank ratings/analysis and it is the definitive reference in international banking for high level decision makers globally. According to the magazine, the aim of the award “is to highlight industry wide excellence within the global banking community. The winner is selected from participating banks in each of the 120 countries from which entries are received for the competition.”

 

Explaining the rationale behind UBA carting multiple categories in its December issue, the Banker’s Magazine noted that Africa’s economic landscape has been unpredictable in recent times which resulted in recession in some of Africa’s best performing economies, while the region as a whole only expanded by about 1.3% in 2016. “In these conditions only the most diversified and innovative of regional banks can prosper. And this is precisely why the United Bank for Africa (UBA) has scooped the 2017 regional winner award. For one, the lender registered impressive top- and bottom-line growth over the review period,” it noted.

 

The magazine went further to enumerate the various achievements recorded by UBA group during the period, noting that earnings for the year reached N384bn ($1.07bn) signalling 22% growth from its 2015 performance while profit before tax also grew, by 32%, to reach N91bn. According to the organisers, “Equally impressive is UBA’s capital adequacy ratio which, at the end of 2016, stood at 20%, while its nonperforming loan ratio was a healthy 3.9%. Operating across 19 markets in Africa, the bank serves more than 14 million customers.”

 

It added that the Pan-African bank’s foray into various ventures in Africa also helped to clinch its activities in the year under consideration, stating, “Beyond the numbers, the bank has won and acted on a number of headline deals. These include the financing a new stadium in Douala, Cameroon, for the 2019 Africa Cup of Nations for $285m. In Senegal, more than $250m of trade finance was provided to the state oil company, while the lender acted as arranger and bank agent in the raising of $160m to finance road infrastructure. The bank’s digital tax collection solutions are also helping regional governments in Senegal and Burkina Faso.”

 

The organisers noted that UBA is making impressive strides in the digital space, adding that in terms of internet banking, the organisation processed 7 million transactions valued at more than N600bn in 2016. Mobile banking processed transactions valued at N70bn over the same period. UBA has also launched eMailMoni, a service that lets customers transfer funds via e-mail, while Chat Banking allows clients to perform basic transactions through social media platforms. “For these reasons, and others, UBA is the winner of our 2017 African Bank of the Year award,” the Magazine stated.

 

The Group Managing Director/Chief Executive Officer, UBA Plc, Mr. Kennedy Uzoka, who was delighted by the recognition from The Bankers said; “These awards mark another milestone for UBA Group and is a testament of the diligent execution of the bank’s strategic initiatives on customer service. Being recognized as Africa’s best bank complements positive feedback from customers and is a recognition of our improving efficiencies, service quality and innovation. I therefore dedicate it to our growing loyal corporate and retail customers, who are our essence. Given our heritage commitment to Africa’s development, we continue to impact lives through our service as well as funding to individuals, businesses and government.”

 

Uzoka added; “The bank remains focused on its goal of democratizing banking in Africa, leveraging on new technologies and our rich pool of talent. It is satisfying that our efforts towards leadership are yielding great results. We continue to gain market share across our chosen markets, as we deepen financial inclusion, meeting basic and complex financial service needs of the growing African population. We are Africans and determined to change the narrative of financial services in Africa and this is just the beginning,” he noted.

 

On his part, Mr. Emeke Iweriebor, Regional CEO, UBA Francophone Africa, described the awards as exciting, stating that the bank’s great work in Africa is increasingly being recognized.

 

Iweriebor who dedicated the awards to the bank’s esteemed customers, said “Our pioneering innovations in the African banking sector are undoubtedly critical to the growth and development of the continent. Africa’s banking sector has come a long way but we still have a lot to do. We at UBA Group are dedicated to being a critical part of this transformation.”

 

He added that the bank will continue to leverage its local knowledge, global exposure as well as presence to drive positive change in Africa, working actively with the government, local businesses, regulators and other stakeholders in deepening financial services.

 

The Banker award’s “Bank of the Year Awards” are widely regarded as the Oscars of the Banking Industry.  For 90 years, The Banker has been the world’s leading monthly journal of record for the banking industry.  The organisers note that the aim of the awards programme is to highlight industry wide excellence within the global banking community.

 

The Banker selects one winning bank for each of the 120 countries that are covered. Over 1,000 applications are entered and judges select winning banks based on the ones that have made most progress over the past 12 months.

 

UBA was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949. The United Bank for Africa (UBA) Plc merged with Standard Trust Bank in 2005 and from a single country operation founded in 1949 in Nigeria – Africa’s largest economy – UBA has become one of the leading providers of banking and other financial services on the African continent. The Bank provides services to over 14 million customers globally, through one of the most diverse service channels in sub-Saharan Africa, with over 1,000 branches and customer touch points and robust online and mobile banking platforms.

 

UBA was the first Nigerian bank to make an Initial Public Offering, following its listing on the NSE in1970. It was also the first Nigerian bank to issue Global Depository Receipts. The shares of UBA are publicly traded on the Nigerian Stock Exchange and the Bank has a well-diversified shareholder base, which includes foreign and local institutional investors, as well as individual shareholders.

Share
Also Read:  Frown, Jeer Trail Peter Okoye's Reality Show***As Glo Restrict “Dance with Peter” To Only Glo Subscribers
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Jumia: Promoting Nigerian Economy through MSMEs Empowerment

Published

on

MSMEs Empowerment

 

The role of micro, small and medium scale enterprises (MSMEs) in areas of promoting inclusive growth, increasing the country’s gross domestic product (GDP), creation of employment opportunities and wealth creation, the world over, can never be overemphasised. Their immense contributions to the growth of their micro and macroeconomics is the reason countries, developed and developing, highly regard their MSMEs sector.

 

According to the International Council for Small Business (ICSB), MSMEs make up over 90 percent of all firms and account for an average of 60 to 70 percent of total employment and 50 percent of Gross Domestic Product (GDP) of any economy. In Nigeria, however, according to the Nigerian Bureau of Statistics (NBS), the sector has over 37 million MSMEs and employs over 54 million skilled and unskilled labour while contributing about 54 percent to GDP of the country.

 

To underscore the importance of the role the sector plays towards the economic development of every country, almost all countries make special provisions to aid the growth of the sector. For example, while the Indian government created a separate ministry to cater to their needs, Nigeria established the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to specifically promote the development of the MSME sector in Nigeria. The efforts of Nigerian government in boosting the sector, notwithstanding, the sector needs more facilitators if it would catch up with its counterparts in other developed and developing countries.

 

One company that stands out in complementing the efforts of the government in facilitating the growth of the MSMEs in the country is Jumia Nigeria, the leading pan-African e-commerce platform. The company, which started in 2012 in Lagos and currently has a presence across more than 11 African countries, has woven its operations and products to suit the peculiar needs, and also serve the interests of the MSMEs.

 

Being the leading online marketplace in Africa for a wide range of products, the company offers all manufacturers, distributors, and sellers, most of whom are MSMEs, a platform to sell their goods and services to their consumers. The company also offers logistics service, which enables the shipment and delivery of packages from sellers to consumers, and payment service, which facilitates transactions among participants active on Jamia’s platform in selected markets.

Also Read:  Flavour's Baby Mamas, Anna Banner, Sandra Okagbue In Face-off

 

Jumia Nigeria alone has over 15,000 active sellers, about 80 percent of whom are MSMEs, offering a wide range of goods including smartphones, consumer electronics, fashion and apparel, home and living, consumer packaged goods, beauty, and perfumes, etc. It also provides consumers with easy access to a number of services, such as restaurant food delivery, airtime recharge, etc. The Jumia platform saves each of these MSMEs the cost of marketing, renting and operating physical stores, thereby increasing their profitability and boosting their growth.

 

Only last year, the company launched the Jumia Mall, an online platform where any interested brands could reach their target audiences through advertisement and display of their products and services. This platform, with its wide reach, offers these brands, irrespective of their sizes, a much wider reach at a much-reduced price thereby reducing their cost of marketing and advertising. Many MSMEs, and even some Fortune 500 companies are taking advantage of the platform to reach their current and prospective consumers.

 

On the logistics aspect of its business, Jumia, not only uses its own vehicles but also third-party logistics companies to deliver merchandise from the sellers to the consumers. Apart from satisfying its numerous customers, Jumia has facilitated the growth of the logistics business in Nigeria by offering ready businesses, through patronage, to these third-party logistics services providers, who are mostly MSMEs. The company has over 100 local logistics services providers on its integrated network. It recently incorporated Gokada, one of the motorcycle hailing companies whose operations were recently restricted in Lagos State, saving the company from imminent collapse as a result of the regulatory restriction.

Also Read:  Skye Bank Plc Shares Plummet On The Floor Of Nigerian Stock Exchange

 

The company also has a payment service, JumiaPay, designed to offer a safe, fast and easy solution to online payments on its platform. The service which is available in six countries – Nigeria, Egypt, Ivory Coast, Ghana, Morocco, and Kenya – has been expanded beyond the physical goods marketplace to also include the purchase of the company’s on-demand services such as restaurant food delivery, and airtime recharge.

 

JumiaPay offers convenience to all the parties for every transaction – customers, sellers, financial institutions etc. Prior to the launch of the service in 2016, Jumia users had to use other payment platforms to make payments for purchased items. This state of affairs was fraught with issues, especially when transactions are not completed. It, then, took days to weeks to get a refund when, for example, an item you ordered for wasn’t delivered or is damaged, or doesn’t match website description etc. Jumia works with banks to provide a more secure option of payments where you get reimbursed instantly if anything goes wrong with your order. It also ensures prompt payment to the sellers once the transaction is completed.

 

On job creation, few private companies have impacted on the Nigerian economy as Jumia. They have promoted entrepreneurship by reducing the hassles that come with marketing and logistics. By offering these at reduced prices, Jumia has emboldened many prospective entrepreneurs to take up the challenge of entrepreneurship thus, not only employing themselves but also employing many other people.

 

Jumia has shown that the nation’s economic growth could be facilitated by private corporate concerns through the building of ecosystems that could empower MSMEs in every aspect of their businesses. Jumia deliberately built its ecosystem this way and it is working out, not only for the company but for the country at large.

Share
Continue Reading

Business

GTBank’s MD/CEO, Segun Agbaje to speak at Social Media Week 

Published

on

***Thursday, February 27 Is D-Day

 

 The Managing Director and Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, is set to lead a conversation at Social Media Week Lagos on Thursday, February 27, 2020. 

Tagged “Going Beyond the Digital Experience,” Segun Agbaje’s Keynote at the Social Media Week 2020 will focus on the role of banks in Africa’s rapidly changing digital and financial services landscape.

 

As banks continue to expand their digital touch-points, Segun Agbaje will expand on why banks must think less about channels and more about contexts, in order to deliver services and experiences that enrich people’s lives. This means staying consistent in delivering human experiences that treat customers not just as part of segments but as people with individual emotions and motivations.

 

Passionate about innovation and embracing disruptive technologies, Segun Agbaje is currently driving the transformation of the Bank into a business platform that offers customers a wide range of benefits beyond banking whilst delivering the utmost in human experiences.

 

To attend Segun Agbaje’s keynote at the Social Media Week Lagos, click here to register.

See you soon!

Share
Also Read:  Tania Omotayo steps out alone
Continue Reading

Business

Financial Empowerment: UBA Launches ‘Click Credit’ to Ease Access to Cash for Customers

Published

on

UNIBEN Alumni

Pan African financial institution, United Bank for Africa (UBA) Plc has launched ‘Click Credit’, a time loan designed to address the urgent needs of customers whose salary accounts are domiciled with the bank.

As a bank backed by a strong retail franchise with over 1,000 business offices serving 19 million customers, UBA has introduced this product in line with the bank’s mission of creating value for its customers while assisting them to meet up with their urgent needs. The loan product, already being enjoyed by millions of customers in  Nigeria will be extended to the Bank’s other franchises in Africa.  

Click Credit, which has been carefully crafted to improve the lives of the UBA customers, is a superfast loan product which will allow qualified customers to apply for up to N5 million loan and pay back over 12 months at an interest rate of 1.58% per month, with no hidden fees.

Specifically, salary earners from N25,000 per month who fall between the ages of 18 and 59 can benefit from this facility with no extra fees; no need for collaterals, no paper-work or other difficult issues when it comes to this facility; as customers can even apply via LEO, UBA Mobile Banking and UBA internet banking.

UBA’s Group Head of Retail Banking, Mr. Jude Anele, who revealed that qualified customers have begun to enjoy the service, explained that the loan provides immediate access to funds once eligibility is confirmed in less than a meeting

He said, “As Africa’s most innovative and technology-driven financial institution with an array of novel products and services tailored to the needs of its millions of customers, we have launched Click Credit, which is straightforward and more affordable than many other loan products in the market.  Its unique feature is that it meets a critical credit need for our customers”.

Anele while emphasising the critical role that credit plays in any developing and developed society, said that it is part of the customers’ financial power where they can be assisted to get the things they need, when they need them without hassles.

While explaining that this product is being rolled out first in Nigeria and subsequently in the rest of UBA’s countries of operations; he explained that UBA is committed to ensuring that Click Credit helps the bank’s customers to cover critical needs and set them up for success, having moved past that moment of need.

On her part, UBA’s Group Head, Marketing, Dupe Olusola, reiterated that UBA remains focused on empowering its customers to fund their urgent needs.

“At UBA, we work hard to be there in the moments that matter to our customers, hence, our huge investment in technology and other facilities to make banking easier and seamless,” Olusola explained, adding that the bank has deepened its focus on the most important aspect of its business which are its the customers.

To ensure ease of access, customers can apply for Click Credit by simply dialling *919*28# or via UBA’s chat bank ‘Leo’, UBA Mobile Banking app and UBA Internet Banking.

 Customers can also speak to the Bank’s  Customer Fulfilment Centre (CFC) about Click Credit. The terms of the loan are available at www.ubagroup.com/clickcredit.

Share
Also Read:  AFRICA POISED TO BECOME THE ENGINE OF ECONOMIC GROWTH SAYS TONY ELUMELU
Continue Reading

Facebook

Trending

Copyright © 2019, February13 Media