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HomeBanking & Finance UBA sustains market lead with N18tr deposits, N2tr shareholders’ funds

 UBA sustains market lead with N18tr deposits, N2tr shareholders’ funds

The United Bank for Africa (UBA) Plc has grown its deposit base to N18 trillion and  shareholders’ funds to N2 trillion, its Group Managing Director/CEO, Oliver Alawuba announced on Monday .


Speaking during a world press conference organised by the bank in Lagos to mark its 75 years of banking excellence, he said the bank has in the course of the years, demonstrated resilience, stability and excellence in serving its over 45 million customer base.

He said UBA strategy has been to support the key sectors driving the economies of countries where it has operation and has shown commitment in funding infrastructure, telecoms, agriculture, building roads, expanding sea ports, among others.

“In some countries, we have built their capacity for improved revenue generation, to ensure that government generates enough fund to run the economy. Our support for the African economies goes to the critical sectors, depending on the sectors that drive such economies. We are supporting mining, cotton production, cashew among others. We are committed to developing Africa and key sectors within the continent,” Alawuba stated.

He reiterated that the work done supporting African businesses is reflecting in the banks’ results and overall performances.

“Today, our deposit base is N18 trillion, while the shareholders’ funding is N2 trillion. We have 45 million customer base across Africa and this is growing on daily basis. We do not just support the businesses, but also the businesses within the value chain, including SMEs funding,” he stated.

The bank chief said the bank has been holding stakeholders’ meetings on the ongoing recapitalisation of the banking sector and will soon seek shareholders  shareholders’ approval this Friday for its N500 billion recapitalisation.

He said the bank fully supports the Central Bank of Nigeria’s (CBN) efforts to strengthen the banking sector and achieving government’s plan to grow $1 trillion economy.

He highlighted its importance in making the banking sector more robust and capable of significantly contributing to economic growth.

In addition, Alawuba reiterated UBA’s commitment to a $6 billion SME funding agreement with the African Free Trade Area (AfCFTA). This funding, sourced from deposits and Development Finance Institutions (DFIs), aims to increase the financial capacity of businesses across Africa, particularly in the 20 countries where UBA operates.

“Our vision is clear: to be the role model for African businesses and connect Africa to the world and the world to Africa,” he said. The fund will help businesses grow and enhance their capacity as foreign exchange generators for their countries.

He said UBA will continue to focus on expanding its international operations and supporting Small and Medium Enterprises (SMEs) across the countries it operates in.

“Today, we have over 25,000 staff and serve over 45 million customers through multiple channels – over 350,000 POS terminals, 2,000 ATM terminals, 1,000 business offices, and 19.7 million card customers,” Alawuba noted, emphasizing the bank’s extensive reach and capacity.

Speaking on the 75-year anniversary, Alawuba reflected on UBA’s resilience and financial strength amidst economic challenges.

He attributed the bank’s recent performance to robust fundamentals and strategic decisions. UBA remains committed to innovation, digital transformation, and Corporate Social Responsibility (CSR), with initiatives focused on education, healthcare, entrepreneurship, and environmental sustainability.

“Our primary focus is to be the payment bank for capital flows, trade, and investments between Africa and the rest of the world. We are committed to expanding our presence, seizing growth opportunities, and delivering value to all stakeholders,” Alawuba stated.

Also speaking,  Deputy Group Managing Director, UBA, Muyiwa Akinyemi stated that over the past 75 years, bank has shown stability, reliability, and excellence in banking, achieving key milestones and positively impacting the communities of operation.

According to him, UBA’s financial strength and resilience has been key to its success, even amidst economic challenges.

He said, “Our robust performance, especially in the past year, underscores our sound strategies and operational excellence. I am sure everyone in this room will agree with me that UBA remains an attractive investment opportunity – especially going by the significant interest and activities in our share prices in the last couple of months. We are confidently navigating the ongoing recapitalisation drive set by the Central Bank of Nigeria, and will achieve and surpass this in no time.

“At UBA, Innovation and digital transformation are at the heart of our future growth. We are committed to offering cutting-edge products and services that enhance customer experience, solidifying our position as a forward-thinking institution.”

Akinyemi added that UBA’s intentional commitment to corporate social responsibility has made significant impact across Africa through initiatives in education, healthcare, and environmental sustainability. He added that the bank will continue to impact positively on the communities where it has presence.

Executive Director, Finance & Risk, Ugo Nwaghodoh, said that UBA operates with international banking license, and will sustain the license. He said the bank has already set in motion processes to achieve the set capital base well ahead of the deadline.

He said that recapitalisation would enhance the liquidity of Nigerian banks, enabling them to compete globally and support intra-African trade.

Assuring stakeholders of UBA’s readiness to meet the recapitalisation requirements, he said the bank can only go for acquisitions where such option would add substantial value.

On his part, Executive Director, Group Chief Operating Officer, UBA, Alex Alozie, said that having 45 million customer base, also requires enhanced technology and technology that can prevent fraud.

He said the bank has empowered the customers on self-services adding that over 20 of the bank’s services are on self-service.

According to Alozie, the bank’s customers are constantly educated on how to protect their accounts, to prevent them from losing funds. This, he stated, makes UBA a safe haven for customers’ funds.


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