UG

Uba Group

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Company Market Research Report: United Bank for Africa (UBA)



Company Overview



Name:


United Bank for Africa (UBA) Plc

Mission of the Company:


To be a role model for African businesses by creating superior value for all its stakeholders, abiding by the utmost professional and ethical standards, and building an enduring institution.

Founded:


1949

Founders:


  • British and French Bank Limited (BFB)


Key People:


  • Tony O. Elumelu, CFR - Chairman

  • Oliver Alawuba - Group Managing Director/CEO

  • Erelu Angela Adebayo - Non-Executive Director

  • Angela Aneke - Independent Non-Executive Director

  • Caroline Anyanwu - Non-Executive Director

  • Owanari Duke - Independent Non-Executive Director

  • Alhaji Abdulqadir J. Bello (FCA) - Non-Executive Director

  • Aisha Hassan-Baba, OON - Independent Non-Executive Director

  • Dr. Kayode Fashola - Non-Executive Director

  • Emmanuel N. Nnorom - Non-Executive Director

  • Muyiwa Akinyemi - Group Deputy Managing Director

  • Abiola Bawuah - CEO, UBA Africa

  • Alex Alozie - Executive Director/Group Chief Operating Officer

  • Sola Yomi-Ajayi - Executive Director/CEO, UBA International

  • Ugochukwu Nwaghodoh - Executive Director, Finance & Risk Management


Headquarters:


Lagos, Nigeria

Number of Employees:


25,000

Revenue:


No information is available

What is the Company Known For:


UBA is known for being a leading financial institution originating from Sub-Saharan Africa, with operations in 20 African countries, UK, USA, UAE, and a representative office in France. It provides corporate, commercial, SME, consumer, and personal (retail) banking services to more than 45 million customers.

Products



What Products Do They Offer:


1. Savings Account
2. Business Account
3. Debit Cards
4. Prepaid Cards
5. Digital Banking Services

High-Level Description of the Product:


1. Savings Account - Various types of personal savings accounts tailored to different customer needs.
2. Business Account - Corporate accounts to cover all banking needs with full Know Your Customer (KYC) requirements.
3. Debit Cards - UBA Visa Classic® Debit Card allowing access to funds anywhere Visa is accepted.
4. Prepaid Cards - Funded directly by cardholders, offering easy access without needing a formal bank account.
5. Digital Banking Services - Internet banking, mobile app, USSD banking, and chatbot "LEO" for various transactions.

Key Features of Each Product:


1. Savings Account:
  • Variety of options to fit different lifestyles.

  • Online account opening.

2. Business Account:
  • Easy setup with full KYC requirements.

  • Features for maintaining control over finances remotely.

3. Debit Cards:
  • Can be used for purchases wherever Visa is accepted.

  • Withdrawals at over 2.1 million Visa-enabled ATMs worldwide.

4. Prepaid Cards:
  • Multi-purpose for ATM use, merchant outlets, and web transactions.

  • Allows for ease of use without a formal bank account.

5. Digital Banking Services:
  • Internet banking for secure and efficient online transactions.

  • Mobile app offering control, flexibility, and support services.

  • USSD banking for data-free access and transactions.

  • Chatbot "LEO" available on various platforms for efficient banking.


Recent Developments



Recent Developments in the Company:


  • Solid Start to 2024: UBA's gross earnings rise by 110%, with profit for the quarter hitting N156bn, delivering a YoY growth of 165%.

  • Dividend Payout: UBA paid a total dividend of N95.8bn, translating to N2.80 per share for 2023.


New Products Launched:


  • Scan To Resolve Complaint Portal: Introduced a new portal for quick and efficient complaint log and resolution.


New Features Added to Existing Products:


  • Instant Self-Registration: Introduced in internet banking for easier user onboarding.

  • Cyber Receipt: Allowing users to generate and print receipts of transactions.

  • Personalization: Options to customize user ID and nicknames in digital banking services.


New Partnerships:


  • Partnership with NBA Young Lawyers Forum: Fostering the professional growth of 50,000 practitioners.

  • Collaboration with African Guarantee Fund: Created synergy to support SMEs across Africa.


Awards and Recognition:


  • Best Regional Bank – West Africa at the African Banker Awards 2024.

  • UBA Ranked Most Visited Banking Website in Nigeria.

  • Recognition as the "Most Efficient Large Bank in Nigeria".

  • UBA Kenya CEO, Mary Mulili, acknowledged during the African Banker Awards.


Miscellaneous Updates:


  • UBA America: Strengthened commercial diplomacy by hosting diplomats and business leaders at the World Bank Summit in Washington.

  • Educational Support: UBA Uganda's support for Islamic University’s annual run highlighting commitment to community development.

  • Focus on Youth Leadership: Committed to empowering youths for leadership roles during Africa Day celebrations.


Conclusion


This detailed report on UBA highlights its position as a dominant player in the African financial landscape with impressive growth metrics, diverse service offerings, and impactful regional operations. The bank's commitment to innovation and customer satisfaction continues to drive its success and relevance in the global market.