Connect with us

Banking

Ex-Director Advises UBA to Maintain Prudent Loan Policy

Published

on

Ex-Director Advises UBA to Maintain Prudent Loan Policy

By Modupe Gbadeyanka

A former director of United Bank for Africa (UBA) Plc, Ambassador Adekunle Olumide, has urged the financial institution to maintain its prudent loan policy.

Mr Olumide gave this advice last Friday when UBA honoured its four retiring directors at a cocktail and dinner party held at the Transcorp Hilton Hotel, Abuja, which was attended by top players in the private and public sectors.

The four retired non-executive directors honoured at the ceremony were Mrs Rose Okwechime, Ambassador Kunle Olumide, Mr Jaafaru Paki and Mr Yahaya Zekeri

Speaking on behalf of the ex-directors, Mr Olumide thanked the bank for the opportunity given to them to contribute to the growth of the UBA Group.

He considered the board’s decision to expand into Africa as one of the greatest achievements during their time.

“Today UBA’s subsidiaries contribute over 40 percent to the bank’s profit. The bank’s vision of diversification of its income and its concrete contributions to the economic and infrastructural developments of Africa, make me happy to be part of that history,” Mr Olumide said.

He described UBA’s prudent loan policy as one of the best in the Nigerian financial industry.

According to him, he and his colleagues are leaving a bank with very strong corporate governance practices and principles, world-class management and very resourceful staff, which he believes will ensure the bank is maintained to the best standard.

Also speaking on the occasion, Group Chairman of the lender, Mr Tony Elumelu, commended the contributions of the retiring directors to the bank’s corporate governance policies and the actualization of its goals and targets.

“The bank’s institutionalised corporate governance has attracted more investment, increased its income base, ensuring that UBA impacts the economic and infrastructural developments in Africa. We are grateful for the contributions of the retired directors and their colleagues on the board,” Mr Elumelu said.

“Without the support given by the retiring directors, we may not be where we are today. Their investments and advisory services with the legacy Standard Trust Bank, which later grew into today’s UBA, cannot be understated,” Mr Elumelu added.

On his part, the Group Managing Director of UBA, Mr Kennedy Uzoka, said, “Tonight, we are happy but not too happy. We are happy because employees of this financial empire have come together to celebrate some great people who have contributed to building the franchise that we have today.

“Four members of our board are leaving because they have achieved the statutory years of service. If not for this fact, we would have held on to them because of the value they have given overtime,” Mr Uzoka said.

Business Post reports that the four directors had collectively served the bank for over 40 years.

UBA is a leading pan-African financial services group, with presence in 20 African countries, as well as the United Kingdom, the United States of America and France.

The bank was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949.

It merged with Standard Trust Bank in 2005 and from a single country operation founded in 1949 in Nigeria, Africa’s largest economy, UBA has become one of the leading providers of banking and other financial services on the African continent.

The bank provides services to over 15 million customers globally, through one of the most diverse service channels in sub-Saharan Africa, with over 1,000 branches and customer touch points and robust online and mobile banking platforms.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Continue Reading
Click to comment

Leave a Reply

Banking

Sterling Bank Offers Optometrists Loans at Competitive Interest Rates

Published

on

sterling bank logo

By Modupe Gbadeyanka

A Memorandum of Understanding (MoU) aimed to automate operations, enhance capacity and provide loans at competitive interest rates for optometrists has been signed by Sterling Bank Plc and the Nigerian Optometrist Association (NOA).

Under the deal, members of the association will be able to borrow from the Central Bank of Nigeria (CBN) intervention for the health sector at 5 per cent as well as obtain template credit from the bank within 48 hours at a competitive interest rate of 20 per cent, which is below the prevailing rate in the banking industry.

Business Post gathered that Sterling Bank has earmarked N10 billion for the entire health care sector in the country and would accommodate any level of funding optometrists may require.

The Group Head of Health Finance at Sterling Bank, Mrs Ibironke Akinmade, while speaking at the signing ceremony in Lagos, explained that the initiative is part of the lender’s vision to be the leading bank for businesses in the health sector.

The Head of Health Finance said the rationale behind the partnership with NOA is to further position Sterling Bank as the bank of choice for businesses in the health sector, adding that this means more business collaboration and partnership with stakeholders in the health space.

“We have adopted a community approach in engagement with stakeholders in this sector. This will not only give us leverage to develop tailor-made propositions for the community, but it also creates an inroad for engagement of their members through a cluster approach,” she said.

Mrs Akinmade said the bank recently engaged the NOA in a bid to scale on its offerings to the health sector, which includes access to finance (template credit), and access to digitalisation (payment platforms and Electronic Medical Records) as well as advisory services, among others.

Also speaking, Dr Obinna Awiaka, President of NOA, said the association wants a bank that would help its members to grow and discovered that Sterling is the only bank that has a passion for the healthcare sector.

He said the relationship between members of his association and the bank will build the economy because once the healthcare industry is built the economy will also be built.

Dr Awiaka said the NOA is satisfied with the relationship with Sterling Bank because in no distant time the bank, in conjunction with healthcare professionals, will help to develop the sector, which will translate to a better future for the country.

He said the development will make Nigerian professionals that are leaving the country in droves return to the country to practice and this will reduce medical tourism among the country’s leaders, thanking Sterling Bank for coming on board and taking the bull by the horn to support the healthcare industry.

The NOA was established in 1968 and is the prime umbrella association representing over 5,000 doctors of optometry across the 36 states of the country and the Federal Capital Territory (FCT), Abuja, as well as all other optometric interest groups in Nigeria.

Since 2018, Sterling Bank has concentrated investment in five sectors of the economy under its HEART strategy in a bid to make an impact on the country’s economic development. The five sectors in HEART’s strategy include health, education, agriculture, renewable energy and transportation.

Continue Reading

Banking

MTN Assures Nigerians Affordable Financial Services as MoMo PSB Begins Operations

Published

on

MoMo PSB

By Adedapo Adesanya

MTN Nigerian Communications Plc has announced that its fintech subsidiary, MoMo PSB Limited, has formally commenced commercial operations in the country.

In a notice on Thursday at the Nigerian Exchange, MTN said the development followed a successful pilot initiated on May 16, 2022, in commemoration of the launch of its GSM operations on May 16, 2001, and listing by introduction on the Nigerian Exchange Limited on May 16, 2019.

“Indeed, this is a key milestone in delivering the company’s Ambition 2025 strategic priorities,” the notice said.

The company said with an expansive agent network of over 166,000 active agents and digitized partnership infrastructure, MoMo PSB “is poised to enable millions of unbanked and under-banked Nigerians to access a wide range of financial service products.

“MoMo PSB will continue to scale its agent network in order to reach Nigerians across the country and remove friction from everyday payment by digitizing cash payment.

“By dialling *671# on any network, customers can open a MoMo wallet, send money to any phone number in the country and pay their bills.

“In addition, MoMo wallets in the future will enable Nigerians in the Diaspora to send money to any phone number in the country, an important feature given Nigeria’s ranking as the destination for the highest remittance inflow in Sub-Saharan Africa.”

The CEO of MTN Nigeria, Mr Karl Toriola, appreciated the support and guidance of the Central Bank of Nigeria (CBN) through the process and noted that this will help the country’s financial inclusion.

“This is an important milestone for MTN Nigeria in our mission to support the government’s drive towards financial inclusion in Nigeria. Not just for those in urban centres and markets, but also people in the rural and remote areas of the country who remain excluded from the financial system,” he stated.

On his part, MoMo PSB CEO, Mr Usoro Usoro said: “Providing easy to use, accessible and affordable financial services to all Nigerians is essential to executing the CBN’s financial inclusion strategy and digital inclusion agenda of the Minister of communications and Digital Economy.

“We look forward to playing our part and are excited about the opportunities to partner with relevant institutions across various sectors to co-create and expand access nationwide.”

This is coming on the same day that MTN’s rival, Airtel announced its subsidiary, SmartCash Payment Service Bank Limited (SmartCash PSB), has commenced operations in Nigeria.

Continue Reading

Banking

Airtel Commences SmartCash Payment Operations in Nigeria

Published

on

SmartCash Payment

By Adedapo Adesanya

Airtel Africa has announced that its subsidiary, SmartCash Payment Service Bank Limited (SmartCash PSB), has commenced operations in Nigeria.

Services will initially be available at selected retail touchpoints, and operations will be expanded gradually across the country over the next few months.

Speaking on the development, Mr Segun Ogunsanya, Airtel Africa chief executive officer, said, “I am very excited to announce our commencement of operations for financial services in Nigeria through SmartCash PSB. This is the beginning of our journey to revolutionise the financial services landscape in the country.

“To help further digitise the economy, and most importantly to help bank the unbanked by reaching the millions of Nigerians who do not currently have access to financial services by delivering current and savings accounts, payment and remittance services, debit and prepayment cards and more sophisticated services.”

This is coming less than one month after the Central Bank of Nigeria (CBN) granted the company the license to operate mobile money services in the country.

The licence will enable the telco to expand its digital financial products and reach the millions of Nigerians that do not currently have access to traditional financial services.

It will also be able to augment plans by the Nigerian Government, the CBN, and traditional financial institutions to further deepen financial inclusion in the country for the benefit of all citizens and the Nigerian economy.

Airtel Africa is a leading provider of telecommunications and mobile money services with a presence in 14 countries across Africa.

Continue Reading

Latest News on Business Post

Like Our Facebook Page

%d bloggers like this: