Tag: UBA

United Bank for Africa has reiterated its commitment to increasing its investment in cutting edge technology and training to support SMEs.

The move will contribute to economic growth in Africa.

The bank gave this pledge during the 38th Lagos International Trade Fair at Tafawa Balewa Square, in Lagos,

UBA’s Group Head of Retail and Digital Banking, Shamsideen Fashola said: “The bank’s investment in cutting edge technology are yielding business value, and this commitment has proven to be instrumental in delivering enhanced customer experiences and optimising operational efficiency…”

This feat, Fashola noted, continues to engender their growth and success, as well as reinforce the bank’s passion and commitment to support SMEs.

“it is for this reason that we are constantly evolving, with innovation and are very intentional in our investment in cutting edge technology, dedicated to putting the power to succeed in the hands of our customers as it concerns our wide range of products”.

He added, “to this end, it is safe to say, we are relentless in advancing the growth of SMEs, and that is why we want to further equip them with what they need to achieve even more, by introducing the UBA SME Card—a bespoke financial solution designed specifically for SMEs.

“This card is primely dedicated to empowering business owners by providing seamless access to financing, efficient expense management, and exclusive benefits tailored to help streamline operations. With the UBA SME Card, we aim to equip our entrepreneurs with the necessary tools to thrive in an increasingly competitive landscape”.

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Since 2019, UBA has consistently maintained its headline sponsorship of the trade fair, which has grown to become the largest trade show in sub-Saharan Africa, drawing over 1,600 global companies and providing a crucial platform for business networking and international trade opportunities.

Fashola also emphasized UBA’s impressive footprint across over 20 African nations and its strategic partnership with the African Continental Free Trade Area (AfCFTA).

“With our presence in 20 African countries, where we have consistently driven rapid growth for the continent, UBA is dedicated to fostering intra-African trade, as seen in our partnership with AfCFTA, recognizing its critical importance for sustainable economic growth on the continent,” he said

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“By facilitating cross-border trade and investment, we are not only helping businesses expand their reach but also contributing to the overall economic integration of Africa,” Fashola explained.

Head of SME Banking, Babatunde Ajayi, UBA, also  underscored the critical need for comprehensive SME support, highlighting UBA’s strategic approach to providing enhanced capital access and targeted financing solutions that address financing disparities for small businesses, as well as women and youth entrepreneurs.

“Our support for the Lagos International Trade Fair is beyond the acquisition of customers; it’s more about providing value to them,” Ajayi said.

“We have partners across Africa, and as such, we can bring value to them and use this opportunity to showcase our products. For instance, we are partnering with AfCFTA and Afreximbank to showcase our PAPPS product, which allows our customers across Africa to transact seamlessly.”

• Net interest income up by 149%

United Bank for Africa (UBA) Plc recorded N2.398 trillion gross earnings in its unaudited third quarter results for the period ended September 30, 2024.

The performance represents 83.2 per cent increase from N1.308 trillion recorded in September last year.

Other performance records for the period, showed the bank’s resilience and impressive growth trajectories across all its key indicators.

The bank’s net Interest income which stood at N443.0 billion at the end of the third quarter in 2023, rose impressively by 149 per cent to N1.103 trillion in the period under consideration.

The bank’s financial report filed with the Nigerian Exchange Limited on Monday also indicated a 20.2 per cent increase in Profit before Tax (PBT) to close at N603.48 billion compared to N502.09billion recorded at the end of the third quarter of 2023, while profit after tax also rose remarkably by 16.9 per cent from N449.26 billion recorded a year earlier to N525.31 billion in the period under review.

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As in the preceding two quarters this year, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N31.801 trillion, representing a 54.0 per cent increase over the N20.653 trillion recorded at the end of December 2023, just as the bank  benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Total Deposits rising to N26.50 trillion, representing a 52.7 per cent rise, up from N17.355 trillion at the end of the last financial year.

UBA shareholders’ funds remained very strong at N3.585 trillion up from N2.030 trillion recorded in December 2023, again reflecting a strong capacity for internal capital generation and growth.

Commenting on the result, UBA’s Group Managing Director/CEO, Oliver Alawuba, expressed pleasure that the Group continues to record strong and sustainable growth in its various revenue streams, building on its strong performance earlier in the year.

“The UBA Group achieved a profit before tax of N603.5 billion and our intermediation business continues to show strong growth with net interest income expanding by 149 per cent year-on-year to N1.10 trillion and net interest margin closing at 8.03 per cent, which is 17.60 per cent above the 2023 position, despite persisting macroeconomic headwinds, geopolitical tensions, insecurity, inflationary pressure and exchange rate volatilities across our markets,” Alawuba stated.

According to the him, the bank’s performance has been underpinned by consistent strong growth on all core and sustainable banking income lines, as he added that “Our substantial investments in technology are yielding tangible business value. This commitment is instrumental in delivering enhanced customer experiences and optimizing operational efficiency.”

The bank’s Executive Director, Finance & Risk, Ugo Nwaghodoh, said, “I am delighted at the milestone reached in driving operational efficiency, reflected in cost-to-income ratio normalizing around the 50 per cent range. Shareholders’ funds recorded a 77 per cent growth from N2 trillion at FYE2023 to N3.59 trillion demonstrating the Group’s significant capacity for future growth.

On plans to consolidate its performance for the rest of the 2024 financial year and beyond, Nwaghodoh said, “We remain on track with various strategies to optimize our cost of funds and operating expenses. Furthermore, the Group has finalized plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”

On plans to consolidate its performance for the rest of the 2024 financial year and beyond, Nwaghodoh said, “We remain on track with various strategies to optimize our cost of funds and operating expenses. Furthermore, the Group has finalized plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”

He explained that UBA remains committed to sustainable growth in its core banking revenue lines and maintaining its strong compliance and risk management culture, even as the Group identifies further opportunities to expand.

Since the release of its audited half-year results, United Bank for Africa (UBA) Plc has been the most-sought-after shares at the stock market. In this report, Deputy Group Business Editor, Taofik Salako, underlines that a record-breaking dividend and sturdy half-year performance have further endeared UBA to the investing public.

Investors’ reaction is the immediate assessment of a corporate announcement of publicly quoted company. The general maxim is: positive report elicits positive response, to the degree of the intervening variables.

United Bank for Africa (UBA) Plc is riding the bulls on the back of the release of its latest performance report- audited report and accounts for the half-year 2024. It is the most-sought-after shares and a major contrarian stock in the overall moderation trailing share pricing recently. When adjusted for the takeover deal between Tolaram and Guinness Nigeria, which saw the transfer of the majority equity stake of 58.02 per cent held by Diageo in Guinness Nigeria to Tolaram during the week, UBA closed weekend as the most active stock for the week.

UBA Group’s share price has seen the highest gain in the banking sector in recent days, closing with more than five-fold gain above the overall market’s benchmark return for the week. This has further strengthened UBA as one of the most attractive banking stocks so far this year, with average return twice higher than the average sectoral return.

UBA Group’s rally underscored investors’ sentiment on the long-term outlook of the pan-Africa banking group after top-line earnings crossed the trillion naira mark in the first half of 2024. Key extracts of the audited report and accounts for the six-month period ended June 30, 2024 released at the Nigerian Exchange (NGX) showed that UBA’s gross earnings reached a milestone of N1.37 trillion within the first six months of this year, an increase of 39.6 per cent on N981.77 billion recorded in comparable period of 2023.

Interest income had increased by 134.3 per cent to N1.003 trillion in first half 2024, from N428.2 billion in first half 2023, underlining the fact that the group’s top-line performance was driven by core banking operations. Net interest income jumped by 143 per cent to N675 billion, further underlining the strength of group’s core banking operations. Digital banking income doubled by 107.8 per cent to N106 billion, while funds transfer and remittance fees rose by 188.7 per cent and 228 per cent respectively. Income from trade transactions also grew by 83 per cent to N18 billion.

All these underlined UBA Group’s competitive advantages in terms of diversity and spread of earnings as the group continues to reap from its investment in digital banking and payment solutions and leadership in intra-regional and international business facilitation.

The balance sheet of the bank also showed that total assets grew by 37.2 per cent from N20.6 trillion in December 2023 to close at N28.3 trillion by June 2024. Customer deposits increased by 33.7 per cent in the same period to close at N23.2 trillion up from N17.3 trillion recorded at the end of 2023. Shareholders’ funds increased by 47 per cent from N2.03 trillion in December 2023 to N2.99 trillion in June 2024.

In line with the bank’s culture of paying both interim and final cash dividend, the board of UBA has declared a record-breaking interim dividend of N2 per share, 300 per cent increase on interim dividend of 50 kobo paid for the first half 2023. With a dividend yield of about 7.8 per cent, it is also the highest interim dividend ever paid by any bank in Nigeria. UBA’s pre and post-tax profits had closed first half 2024 at N402 billion and N316 billion respectively as against N403 billion and N378 billion in comparable period of 2023. However, when adjusted for unrealised foreign exchange (forex) gains and derivatives, UBA has the second highest profit among the six largest banks. Shareholders on the register of the bank as at close of business on Monday, October 14, 2024 will receive total dividend of N68.4 billion, about 21.6 per cent of the group’s net profit within the six-month profit, the most generous payout among the largest banks

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Analysts’ reviews

Investment pundits were unanimous on the generally positive outlook of the UBA Group’s results. Analysts at FSDH Capital, CardinalStone and Cordros Capital among others rated the overall outlook of half-year 2024 report positive.

Analysts at Cordros Capital noted UBA Group’s “sturdy growth in the group’s core income line, as the elevated interest rate environment underpinned interest income growth”.

“Looking ahead, we expect the group to close the year positively, as the high-interest rate environment and improved risky asset creation will remain a catalyst for earnings growth. Investors have reacted very positively to the result, with the stock currently trading at limit up,” Cordros Capital stated.

Analysts outlined that the UBA Group’s “stellar interest income”, which grew by 134.3 per cent to N1.00 trillion, was driven “by gains recorded across all the major lines”. Specifically, the group generated higher income from investment securities, which rose by 167 per cent to N510.21 billion; loans and advances to customers, which grew by 92.5 per cent to N343.76 billion; loans and advances to banks, which rose by 464.3 per cent to N101.67 billion and cash and bank balances, which grew by 18 per cent to N47.92 billion.

Analysts at FSDH Capital noted that UBA Group’s “good topline growth”, increased customers’ deposits, and digital edge helped to offset decline in trading and forex income in second quarter 2024. The UBA Group’s net trading and foreign exchange income fell by 78 per cent to N86.3 billion in second quarter 2024 compared with N392.2 billion in the prior period, primarily due to fair value loss on derivatives. Analysts pointed out that the decline in trading and forex income was “predominantly influenced by the very tough comparable in the prior year quarter”.

Providing a breakdown, FSDH Capital noted that after a solid first quarter 2024, UBA Group further consolidated its performance with 40.5 per cent growth in gross earnings from N570.2 billion in first quarter 2024 to N800.9 billion in second quarter 2024. Notably, the net interest income grew 24.4 per cent to N373.9 billion in second quarter 2024 as against N300.7 billion in first quarter 2024. The top-line was further boosted by a quarter-on-quarter growth of 20.5 per cent in net fee and commission income to N136.9 billion in second quarter 2024 compared with N113.7 billion in first quarter 2024. Net trading and foreign exchange income surged by 625 per cent to N86.3 billion in second quarter 2024 compared with N11.9 billion in first quarter 2024, leading to a 47.4 per cent quarter-on-quarter expansion in operating income to N558.0 billion in second quarter 2024. The bank paid the income tax at an effective tax rate of 29.1 per cent in second quarter 2024, up from 8.8 per cent in first quarter 2024. Thus, net profit rose by 21.9 per cent in second quarter to N173.8 billion as against N142.6 billion in first quarter 2024.

CardinalStone described UBA Group’s performance as “robust”, noting “strong improvements in the bank’s core operations”. Analysts noted the increase in cost of risk from 3.5 per cent in first half 2023 to 1.9 per cent in first half 2024.

Group outlook

Group Managing Director, United Bank for Africa (UBA) Plc, Mr. Oliver Alawuba said the half-year 2024 results underscored the bank’s commitment to consistently deliver value to its shareholders.

He said: “UBA Group has continued to deliver strong double-digit growth in high quality and sustainable banking revenue streams, driven by a focused growth in balance sheet, transaction and digital banking businesses across geographies in line with our strategic goals.”

According to him, the group’s performance has been buoyed by consistent strong growth in all core and sustainable banking income lines with the intermediation business showing strong growth as net interest income expanded by 143 per cent to N675 billion.

“As of first half 2024, the economic environment remained challenging across the regions where we operate. High inflation, rising debt levels, increasing interest rates, and tighter monetary policies have created significant pressure on economies globally. Despite these headwinds, our bank has demonstrated resilience.

“Our strong leadership, a dedicated team, supportive customers and a clear strategic direction have enabled us to achieve sustained and profitable growth. We have remained focused on navigating these challenges while upholding the ideals of Enterprise, Excellence, and Execution (3 Es).

“Our commitment to these principles, encapsulated in our “EXECUTION” mantra, has brought us closer to industry leadership in several markets. Our financial performance reflects our unwavering focus on delivering value to our customers through our Customer-First (C1st) philosophy,” Alawuba said.

On the plans for the rest of the year, Alawuba said: “As the group intensifies its customer acquisition drive, we are making significant investments in technology, data analytics, product research and innovation to enhance our value proposition and customer experience.”

Executive Director, Finance & Risk, United Bank for Africa (UBA) Plc, Mr. Ugo Nwaghodoh, expressed delight at the milestone achieved by the bank in driving operational efficiency, as reflected in cost-to-income ratio normalising around the 50 per cent range.

 “Our cost optimisation provides scope for further moderation, as we explore options towards a drastic reduction of our foreign currency denominated cost components, robotising and automation of processes and application of artificial intelligence to our operations,” Nwaghodoh said.

He added that the group would focus on effectively managing the heightened credit, operational, cyber and information security risks, as it continues to conduct its business within the tenets of our moderate risk appetite in alignment with our sustainability goals.

 “The Group has made significant progress and is on course to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions that we operate in,” Nwaghodoh said.

Outlining the growth outlook of the bank during the post-release investors’ conference, Alawuba said the bank’s performance reflected its disciplined execution of strategic goals, focusing on balance sheet expansion, transaction banking, and digital banking businesses across its markets.

He noted that the group’s strategy of investing in technology, innovation, and data analytics has continued to yield significant returns, positioning it as a leader in digital transformation.

According to him, the various recognitions of the bank as Global Finance’s Best Bank in Frontier Markets, Best SME Bank in Africa, Best SME Bank in Mozambique and The African Banker’s Regional Bank of the Year for West Africa underscored the group’s commitment to excellence and delivering sustainable growth across its markets.

Looking forward, Alawuba said the group would continue to invest in building a better bank through improvements in people, processes, and technology.

“People: We recognise that our people are our greatest asset. In 2024, we promoted over 2,000 employees and paid the 2023 bonus to eligible staff across Nigeria and UBA Africa, excluding Nigeria.

“Process Improvements: Our smart automation initiatives are simplifying service delivery. For instance, our website now offers self-service options for BVN and NIN linkage, account updates, card blocking, and more. Additionally, a comprehensive review of our procurement processes has led to significant cost optimisation.

“Technology Investments: Our ongoing investments in technology are enabling us to deliver superior customer experiences, drive operational efficiency, and unlock new growth opportunities,” Alawuba said.

He noted that strategic partnerships remain central to the group’s growth strategy, pointing out that UBA was one of six banks, which, earlier in the year, signed a Memorandum of Understanding with the Pan-African Payment Settlement System (PAPSS), enhancing cross-border trade and financial integration across Africa. UBA has since successfully deployed instant payment systems in five African countries, with more to follow.

He added that the UBA Group’s collaborations with telco partners have also expanded, with funds under management now exceeding $1 billion. These partnerships enable the bank to deliver impactful solutions such as micro-lending and savings products, enhancing financial inclusion.

While driving business growth, Alawuba assured that the group remains committed to its Environmental, Social, and Governance (ESG) responsibilities. UBA, he noted, is determined to “do good” by supporting inclusivity and environmental sustainability. The group pledges to plant one million trees over the next one year as part of its environmental stewardship. It will also continue roll out of its Braille account opening packages to more countries, promoting inclusivity for visually impaired customers. Loans to young entrepreneurs, women-led businesses, and SMEs across Africa are also part of broader commitment to driving inclusive growth.

“We enter the second half of 2024 from a position of strength. Our proven resilience, strong capital position, and market-leading capabilities position us to continue our growth trajectory. “EXECUTION” will remain our driving force as we focus on market leadership and delivering excellent customer experiences at every touchpoint,” Alawuba said.

With its interim dividend setting a new threshold, investors appear to be taking positions ahead in UBA. 

World leaders, policy-makers, industry captains and celebrities were last night hosted by the United Bank of Africa (UBA) PLC in New York City to celebrate the banking giant’s 40th and 75th anniversaries of its USA branch and Group, respectively.

Themed an Evening of influence and impact, the dinner which held at the The Pierre, A Taj Hotel in highbrow Manhattan on the sidelines of the ongoing United Nations General Assembly (UNGA) 79, had the UBA’s Group Chairman, Tony Elumelu as host.

The Nation reports that the cocktail preceded series of insightful conversations and meaningful connections on Africa’s economic growth; empowering the next generation of young entrepreneurs, and transforming energy for a more sustainable future.

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It highlighted Africa’s growing influence on the global stage while celebrating the bank’s 75 years of driving financial inclusion globally.

The event headlined issues affecting the African continent and how to better shape its future especially on the global stage.

The bank earlier interfaced with global leaders and policy-makers on the need to collectively foster progress, invest in impactful change for Africa’s future and put the continent on the global stage at the ongoing UNGA79.

“There is a better way to invest in Africa for a sustainable future that creates value for all,” Elumelu told delegates, reiterating the same message during his meeting with Jamaica’s Prime Minister, Andrew Holness, which focused on enhancing partnerships between the Caribbean and Africa.

“The young people in the Caribbean, just as those in Africa, need the same economic opportunity and hope as their peers elsewhere in the world. They are resilient, creative, hardworking and innovative. We must prioritise and empower our young entrepreneurs because they are the lifeblood of our regions,” he said.

The UBA Group chairman also joined former U.S. President, Bill Clinton on the Clinton Global Initiative Executive Roundtable lunch on “Speed and Scale: Achieving Climate Targets”, which emphasised on the urgent need for innovative solutions to climate goals while fostering sustainable development.

At the World Food Programme (WFP) reception, Elumelu joined WFP Executive Director, Cindy McCain, to call for urgent collaboration to tackle the global hunger crisis.

Emphasising shared responsibility to support the 733 million people facing food insecurity, Elumelu said success in business cannot be realized, if people are hungry.

According to Elumelu, the outings at UNGA79 were targetted at convening global leaders to talk about the three things that are important to him – “transformative economic growth for Africa so that we can eradicate poverty and create prosperity for all; making sure we create employment for our young ones.

“We need to stop wasting our talents on the continent; and thirdly, talk about equitable energy transition that is beneficial for Africa”.

The President of São Tomé and Principe, Carlos Vila Nova; President of Sierra Leone, Julius Maada Bio; President of Gabon, Brice Oligui Nguema; President of Ghana, Nana Akufo-Addo, the Queen Maxima of the Netherlands and Africa’s richest person, Alhaji Aliko Dangote, were among personalities at the cocktail.

Other high-profile attendees were the Governors of Niger and Plateau states, Mohammed Umaru Baggo and Caleb Mutfwang; Minister of Women Affairs, Uju Kennedy-Ohanenye; President of the African Export-Import Bank (Afreximbank), Okey Benedict Oramah, and CEO All On, Wiebe Boer.

Veteran actress and Nollywood star, Genevieve Nnaji; Music star, David Adeleke alias Davido; Founder, Ebony Life Group, Mo Abudu; Chairman, MTN Nigeria Plc, Dr. Ernest Ndukwe, and Chief Corporate Services Officer, MTN Nigeria Communications, Tobe Okigbo, were also at the event.

The UBA team had the likes of Group Managing Director, Oliver Alawuba; CEO UBA Africa, Biola Bawuah; CEO UBA International, Sola Yomi Ajayi; and UBA Group Director for Corporate Communications, Bola Atta, among others.

United Bank for Africa (UBA) Plc, has unveiled the UBA Time Capsule as well as a Tribe Photo Wall. The move was part of the activities to mark the bank’s 75th anniversary of delivering excellent services and driving global impact.

The UBA time capsule brings together objects or information from the past 75 years that will be preserved for future generations to discover and learn more about the history of the global financial institution, that has grown from a small office in Lagos, Nigeria to a financial giant with tentacles in 20 African countries as well as four key financial capitals of the world – London, Paris, America and Dubai.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who spoke during the unveiling and ribbon cutting ceremony at the UBA Head Office on Thursday, explained to staff members and press men present that the Time Capsule as well as the Tribe’s Photo wall were set up to celebrating the dedication, innovations, and partnerships forged by the bank over the past seven decades as it continues to provide solutions to over 45 million customers worldwide.

He took time to lay the groundwork for the next 25 and 75 years as he reeled off what the bank aims to achieve in its quest to take Africa to the world, adding, “What we are doing here today is part of UBA’s 75th Anniversary celebrations which began early this year. Today, we are unveiling our Time Capsule, which shows the history of what we are and where we have been in the past seven decades.

It is a trip down our memory lane, showing all that we achieved and how we got here.

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Continuing, he said, “You can also see the UBA tribe wall which we unveiled today, this basically shows how we see all the staff of UBA, both past and present who have in one way or the other contributed to where we are today. As you all know, there is no UBA without staff, so we are today launching the UBA Tribe wall to tell our story on how the bank has grown, by showing our history of how we started and where we are now.”

On what he foresees in the next decades for the bank, Alawuba, said, “We are driven by innovation in UBA, and what we have achieved now is minimal to what we plan to achieve when UBA is 100 or 150 years. As of now, UBA is in 24 countries, and in the next 25 years, we will see UBA in 100 countries. Our current revenue base which stands at $20bn, we hope to increase to over $20tn in the next 25 years, and in that time, we also hope to be one of Top 10 banks in the whole world, because we know that the future of the world is Africa, and the future of Africa is UBA.”

He said the bank will continue to focus on the people and its customers to ensure that they tailor each of its activities, products and services to meet the growing needs of its rich clientele situated all around the world.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

Operating in twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

UBA America, the United States branch of United Bank for Africa (UBA) Plc, has reiterated its commitment to strengthening the economic and cultural ties between Africa and the United States.

The bank further affirms its committed to remaining at the forefront of championing economic advancement of Nigeria across the globe.

These goals were emphasized during the bank’s 40th anniversary commemoration, recently at its office in New York, USA amid pomp and fanfare.

A pivotal player in the banking industry, UBA America not only facilitated seamless financial transactions but has also championed initiatives that promote mutual growth and understanding.

Following its establishment in 1982, as a representative office in New York, the bank was granted a federal banking license to operate as a federal branch in 1984, having met all the conditions to begin full operations.

Interestingly, the federal banking license conferred by the United States on UBA America gave the bank the same powers and privileges as a U.S. national bank.

Despite the rigorous scrutiny and examination that UBA America has regularly been subjected to, especially by the two regulators known for their comprehensive oversight – the Central Bank of Nigeria (CBN) and the Office of the Comptroller of the Currency (OCC) – UBA America has evolved to become a pivotal player in the financial sector, bridging the gap between Africa and the United States.

Over the past four decades, UBA America has consistently provided innovative financial solutions, catering to the diverse needs of African banks, global corporate and development organizations, offering payment services, trade finance solutions, loan services through primary origination and risk participation in syndicated transactions, treasury and foreign exchange solutions.

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UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who said the celebration is monumental especially as it coincides with the 75th anniversary of the UBA Brand, said the bank has been resolute in its commitment to adhere to the principles of sound corporate governance in the United States and will continue to break barriers in the provision of innovative financial solutions to its clients across the globe.

He said, “The success story of UBA since coming into existence 75 years ago, is a testament to vision and sheer determination that deserves commendation, and UBA America at 40 is not just a celebration of longevity, but also a reflection of the bank’s significant contributions to the financial industry and the communities we serve.

 “UBA’s vision has always been to create value, promote growth, and foster strong and resilient financial eco-system and, UBA America exemplifies this vision. We are proud of what has been achieved over the past four decades and are confident that UBA America will continue to play a crucial role in our global strategy,” he noted.

Reflecting on the journey so far, the Chief Executive Officer of UBA America and Group Executive Director for International Banking, Sola Yomi-Ajayi, said, “Celebrating 40 years of UBA America is a testament to our resilience, adaptability, and commitment to Africa. UBA is not just about banking, we are committed to ensuring the sustainability of the African continent through the promotion of financial inclusion, forging strong partnerships on the continent while also providing access to the global financial markets.

Continuing, she said, “We have continuously evolved to meet the changing needs of the financial landscape, and we remain dedicated to providing exceptional service and innovative solutions that empower our clients to achieve their financial goals. As we look to the future, we are excited about the opportunities ahead and the continued growth of UBA America.”

While taking time to appreciate the hard work of its staff and dedicated employees, Yomi-Ajayi who is also the Executive Director/CEO UBA International, noted that as UBA America commemorates this remarkable milestone, the bank remains committed to excellence, innovation, and Regulatory compliance.

UBA America is the U.S. arm of United Bank for Africa, the leading sub-Saharan African bank and one of the largest employers in the financial sector on the African continent, with over 26,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

In line with its commitment to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSMEs) on the continent, Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to host another edition of its business series.

This edition of the business series, “Built to Last: Building Generational Business,” will be held on Thursday, 29 August 2024, by 12 PM (noon) at the Tony Elumelu Amphitheatre, UBA House, Marina, Lagos while online participants can also access the session on Zoom.

The UBA Business Series is a regular seminar/workshop organised by the bank as one of its capacity-building initiatives, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses, especially in a challenging business environment.

This edition seeks to spotlight businesses that have withstood the test of time, enduring through generations, and adapting to political and economic changes.

Renowned leaders from diverse industries, including Founder/CEO Melvin Marsh International, Flora Mutahi; CEO XQZMOI Television, Atunyota Ali Baba A; CEO, Diaryofakitchenlover Studio, Tolani Tayo-Osikoya,  (Chef T); and eminent photographer, Kelechi Amadi-Obi, will be on ground to share their hard-earned insights and practical strategies for building businesses that can withstand the test of time and thrive through challenging environments.

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UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola who spoke ahead of the workshop emphasised the importance of this edition of the UBA Business Series in providing a platform for businesses, especially SMEs, to learn from entrepreneurs who have built and sustained businesses across generations.

“This edition provides a platform for SMEs to learn from experienced entrepreneurs who have built and sustained businesses through the decades,” Fashola said. “Hearing their stories and strategies will be invaluable for any business owner looking to build a lasting enterprise”

Also speaking on the upcoming workshop, UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo noted that the business series is one of the many ways the bank is showing its commitment to its wide array of customers, especially during the present financial landscape

Ladipo said, “At UBA, we are committed to empowering businesses of all sizes, and this business series is one way we are fulfilling that commitment”

“We have assembled an esteemed panel of speakers who will share their wealth of experience and insights on building a generational business. This is a must-attend event for anyone serious about the long-term success of their enterprise,” she said.

United Bank for Africa (UBA) Plc has announced a partnership with Aura by Tanscorp for the rollout of exciting deals intended to make this year’s summer memorable for UBA customers across Africa.

The summer campaign, with the theme “#UBA Summer Memories,” runs from August 17 to September 7, 2024, and holds exclusive benefits and discounts for customers with UBA debit and prepaid cards.

As the name implies, #UBA Summer Memories has been loaded with irresistible benefits bound to wow customers who partake in this campaign, including a  10 per cent discount on all bookings; one lucky customer will get a free night stay worth N150,000; five customers will win N20,000 discounts on their spa vouchers, ten customers will also get N15,000 discounts on apartment bookings, while another ten UBA customers will get N10,000 discount on hotel bookings.

UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, who spoke excitedly about the campaign and what the customers stand to gain, emphasised the bank’s commitment towards encouraging savings culture, recreation, lifestyle, and rewarding loyalty among its customers.

“That is why we would be offering our loyal customers travelling abroad for vacation up to 35 per cent discount off their flights tickets, hotel bookings, shopping, and car rentals, as well as the chance to win other amazing prizes, when they make use of their UBA VISA or Mastercard Dollar Cards for transactions”, Fashola said. 

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He added, “This promotion underscores our commitment to enhancing the lifestyle of our customers. We recognize the importance of work and rest and as a bank that puts customers first in all we do, we are keen to make our customers enjoy both seasons with ease. By using the UBA Dollar cards to make payments this season, our customers will gain a lot of great benefits”.

Also speaking on the summer campaign, UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo, encouraged customers to share their beautiful summer memories on social media with the hashtag #UBASummerMemories for a chance to win a weekend staycation at a luxury resort.

She said, “We’re inviting our customers to share their summer experiences using the hashtag #UBASummerMemories across all social media platforms. This initiative aims to create a sense of community among our users and also offers them the chance to win more amazing prizes.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 35,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology