Banking is gradually moving away from the banking halls. It is no longer where a bank operates from that matters, but what it does. Banks that are adapting to the fast changes in the industry are getting rewarded with bigger deposits and recognitions. United Bank for Africa (UBA) has won The Banker awards for lifting the industry through technology and quality service, writes COLLINS NWEZE.
Banking is getting more interesting by the day. Mobile banking, one of the digital banking routes the the world is travelling to creates more value for their customers, is at the centre of making banking fast and more efficient.
For Nigeria, it is the long road to financial inclusion and freedom of getting transactions done at the lowest possible cost and at the speed of light.
Hence, banks with eyes on the future are developing new products and services that are defining the sector’s successes and reach.
Banks that play effectively and seamlessly on the digital space are getting recognitions. The United Bank for Africa (UBA) Plc revolu-tionlised the e-banking space with the introduction of Leo, a chat banking personality on social media platforms.
Group Managing Director/CEO UBA Plc, Kennedy Uzoka, who unveiled Leo in Lagos, described it as a solution developed with people’s lifestyles in mind. He described Leo as the UBA Chat Banker, who enables customers use their social media accounts to carry out key banking.
The bank’s laudable strides in the industry has earned it recognitions.
For instance, late last year, The Banker Magazine, a magazine owned by the UK Financial Times, named UBA as the ‘African Bank of the Year 2019’. It was the second time UBA had won the prestigious award, the first was in 2017.
Also, six UBA subsidiaries – UBA Benin, UBA Tchad, UBA Gabon, UBA Congo, UBA Cote D’Ivoire and UBA Sierra Leone – won the ‘Best Bank Category’ for their regions. The unprecedented wins marked the first-time ever in the history of the Banker Awards; no other bank, previously, had won six regional awards in one year.
The Middle East and Africa Editor for The Banker, John Evering-ton, said 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 countries from which entries are received for the competition”.
According to some sources, the “Bank of the Year Awards” are regarded as the Oscars of the Banking Industry. For over 90 years, The UK magazine has positioned itself as the world’s leading monthly journal for the banking industry.
At the awards, which took place at the Sheraton Grande, Park Lane in London, UBA was represented by its CEO, UBA Africa, Victor Osadolor, who received the seven awards.
“UBA group will continue to innovate and lead in all our business segments, while delivering top-notch operational efficiencies and best-in-class customer service.
We are beginning to realise early gains from our ongoing transformation programme and I am excited about the days ahead,” Osadolor said.
Uzoka expressed delight over the recognition from The Banker.
“The recognitions come as a reassurance that we are on track in consolidating our leadership position in Africa, as we continue to create superior value for all our stakeholders. UBA must be doing something right, and for us, these awards mark another milestone for the Group.
It is a testament of the diligent execution of the bank’s strategic initiatives geared towards customer service. Being recognised as Africa’s best bank complements positive feedback from customers and is 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,” he said.
He dedicated the awards to UBA’s customers, “whose loyalty, support and patronage have remained the source of the group’s growth and competitive edge in all the markets we operate”.
Aside Leo launch, a social media report by Alder Consulting ranked the bank among the top three, in effective use of social media in Nigeria.
The UBA is active on Twitter, Facebook, Youtube, Instagram and Google plus and runs a corporate blog. With a large customer base, the bank has invested heavily in building a robust and secure e-Banking platform that supports its e-banking operations globally through strategic partnerships with various local and international organisations.
Also, the bank’s customers can also receive transaction alerts on their twitter handles as direct messages. It is an innovative first from the pan-African bank and the only bank in Africa to offer this service.
“What we have done is take social media banking to a new level. Twitter is increasingly becoming a popular means of communication, especially among the young adults.
As a highly innovative bank, we are giving the Millennials, who are increasingly banking with us an option to get transaction alerts on their preferred platform,” the bank said.
More investments for Africa
UBA has signed Memorandum of Understanding (MoU) with United States Agency for International Development (USAID) to boost African trade and investment in the United States.
Details of the agreement showed that USAID will provide technical assistance and advisory services to prospective businesses in the US through its Trade and Investment Hubs. The agency will also connect UBA with African Diaspora business groups working across the US.
The MoU enables UBA, the only sub-Saharan African bank licensed to operate in the United States, to expand access of its reach and extend financing to American companies in the United States looking to do business with African nations.
At the centre of the partnership is the Prosper Africa initiative created to increase two-way trade and investment between the United States and African nations.
This deal also ensures businesses are equipped with the technical and financial tools needed to enter into new trading and investment relationships in Africa and the US.
“Recognising tremendous growth opportunities, USAID and UBA are collaborating to advance Prosper Africa’s goal of substantially increasing two-way trade between Africa and the United States.
By working together, they will extend financing and technical assistance to businesses that will strengthen the American economy, grow African economies, and create jobs on both sides of the Atlantic,” a statement from the bank said.
The two institutions entered into the pact as part of the opening ceremony of the Tunisia Prosper Africa Conference, co-organised by the United States Embassy in Tunis and the American Chamber of Commerce of Tunisia.
The event also facilitated United States and African business-to-business connections and featured remarks by key representatives from the US Government and African private sector.
Workforce empowerment
The bank has empowered its workers as seen in recent promotions. Just weeks after the awards from The Banker, UBA promoted over 5,000 of its workers and recruited over 4,000.
The bank said beneficiaries of the promotion would get about 170 per cent increase in their salaries and benefits, while others have been moved to higher grade levels.
It embarked on the restructuring in the last quarter of last year, adding that it has transformed its grading system and processes to become one of the most competitive within the industry.
It also said it crashed its grade levels to 12 levels from entry-level to the top of the pyramid where previously it had been 16 levels.
This means that staff will now find it much easier to attain top leadership management positions at UBA as their careers progress much faster, according to UBA officials.
Uzoka, who broke the news, noted that UBA is seeking new ways to improve the fortunes of its workers as they are the backbone of the bank.
Also, UBA announced top management changes, with Oliver Alawuba being appointed as CEO of UBA Africa. He will oversee the bank’s 20 African country operations. Alawuba succeeded Victor Osadolor, who retired from the Group Board, after nine years of service.
Alawuba has close to three decades’ experience. He was once the CEO of UBA Ghana and rose to become Regional CEO, UBA Africa before returning to Nigeria to run UBA’s East Bank. Under his leadership, UBA’s Nigerian East Bank division became the fastest growing regional bank in the group, according to UBA sources.
The UBA Board further appointed Senegalese national, Abdoul-Aziz Dia as Executive Director (ED) for Treasury and International Banking, subject to CBN’s approval.
By the appoinment, Dia became the first non-Nigerian Group ED of the bank. He will be responsible for UBA’s global operations in New York, London and Paris.
The ED Operations, Chukwuma Nweke, was confirmed by the Board as the Group ED, Retail and Payments, demonstrating the group’s commitment to its retail offering.
Nweke about three decades’experience spanning Banking Operations, Finance, Technology, Audit and Strategy.
The board also announced the appointment of Chiugo Ndubisi as Group ED and the Group Chief Operating Officer (COO), subject to the CBN’s approval.
Chiugo has almost three decades’experience that includes the role of Chief Finance Officer (CFO) and Executive Director.
On the appointments, UBA Group Chairman, Tony Elumelu said: “These appointments emphasise the group’s commitment to our pan-African and global network, our huge retail client base and our operational infrastructure.
We are focused on improving our efficiency and further strengthening our pan-African mission, using the extraordinary pool of talent and experience available in the group.”