UBA poised to drive Africa’s economy
The United Bank for Africa Plc (UBA) has positioned itself to support key sectors driving the economies of African countries where it operates.
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The bank said over the last 75 years, it had played a pivotal role in the development of agriculture, infrastructure, education, small and medium enterprises (SMEs).
“On infrastructure gap in Africa, I can tell you from agriculture, roads, ports and telecoms, power the infrastructure gap is a lot. But that lies the opportunity we have in Africa.
“UBA’s strategy has been: in countries that we are present, we support the key sectors that are driving the economy of those countries,” the Group Managing Director (MD) of UBA, Oliver Alawuba, said.
He was speaking at a global press conference monitored from Nigeria last Monday as part of the bank’s 75th anniversary celebration.
“So, we are committed to developing Africa and supporting the key sectors that are pushing African economies. It is showing even in our performances and our businesses.
“If you look at our accounts and performance, you will see that our performance has continued to improve, reflecting clearly what we are doing,” he said.
Expansion
Mr Alawuba indicated that the bank was also committed to expanding its presence, seizing growth opportunities, and delivering value to all stakeholders.
He said the collaboration and partnerships, as exemplified by the $6 billion SME funding agreement signed with the African Free Trade Area (AfCFTA), will be instrumental in achieving its strategic objectives.
“We are dedicated to deepening relationships with customers, employees, regulators and other stakeholders for mutual benefit and long-term success.
Since its inception in 1949, UBA has evolved from a modest beginning in Lagos Island to a global financial institution with a presence in 20 African countries and four global financial nerve centres in New York, London, Paris and Dubai,” he said.
“Today, we have over 25,000 staff, over 35 million customers served through multiple channels – over 350,000 POS terminals, 2,000 ATM terminals, 1,000 Business Offices and 19.7 million Card Customers.
“The past 75 years have been marked by stability and excellence, pillars upon which UBA's legacy stands tall,” the MD added.
Adoption of technology
On its adoption of technology, which has played a role in advancing the bank’s operations across Africa, the Chief Operating Officer (COO) of the bank, Alex Alozie, explained that the bank invested a lot in cybersecurity to ensure that customers’ funds were safe.
“Serving 45 million customers means that you must have enhanced technology and at the same time have the technology that can also prevent fraud.
“What we have done across Africa is to ensure that we have technology that connects one country to another. With UBA technology you can transfer money from Ghana to Togo, from Ghana to Kenya without coming into the bank,” he said.
Operational excellence
For his part, the Deputy MD, Muyiwa Akinyemi, said the robust performance, especially over the last couple of years, underscored its sound strategies and commitment to operational excellence.
“At UBA, innovation and digital transformation are at the heart of our future growth as we remain committed to enhancing the experience of our customers across all touchpoints while solidifying our position,” he said.