Banking
UBA Unveils Strategy to Improve Performance in FY 2019
By Dipo Olowookere
The management of United Bank for Africa (UBA) Plc has already rolled up its sleeves to ensure its 2019 financial year is better than 2018 fiscal year.
The results released by the pan African financial institution recently were not too impressive, but the lender is determined to make amends.
Addressing an investor call last Thursday, Group Managing Director of UBA Plc, Mr Kennedy Uzoka, assured that the bank’s prudent focus on improved asset quality as well as the continuous adoption of strict cost efficient measures will help it achieve its objectives and priorities for the 2019 financial year and beyond.
According to him, this will culminate into an institution with even stronger indices laced with the capacity to churn out strong double-digit growth in annuity-based trade services, enhanced offerings and improved customer service.
Mr Uzoka said UBA has already instituted a number of enhanced risk management and control framework which have in no small measure contributed to its financial performances and overall balance sheet growth over the years.
He explained that UBA’s well diversified asset book supported by stable funding structure placed it in a premium position to perform remarkably despite the falling economic indices in its operating environment.
“In spite of slow recovery in economic activities in Nigeria (our single largest market), the Group’s total assets has grown by 19.7 percent, driven largely by a strong deposit growth of 23 percent, as the drive for retail deposits continue to yield desired results.
“Leveraging on enhanced customer service, the Group grew retail deposits by 48 percent, thus strengthening the funding base and providing the foundation for lower cost of funds in 2019.
“Notably, the growth in balance sheet also partly reflects the impact of exchange rate difference between the reporting dates (2017: N331/$ versus 2018: N359/$), as 37 percent of loans and 27 percent of overall balance sheet is FCY-denominated.
“The Group maintained its appetite for a well-diversified balance sheet, with over 60 percent in liquid, low risk instruments.”
Mr Uzoka explained to the investors that the bank recorded impressive growths achieved across major financial lines, recording a 48 percent year-on-year growth in retail deposits and improved CASA ratio to 77 percent.
While speaking on the strength of the financial institution in the coming years, especially on the back of its African and non-African subsidiaries, Mr Uzoka said the bank’s recent foray into key markets and economies remain a milestone that will catapult the institution in the coming years.
“UBA is a unique pan-African franchise with diversified risk and earnings across fast growing African economies with sound governance, risk management and compliance culture which can be seen from our adherence to international best practice.
“Our robust digital banking platform through which we are leveraging technology to serve over 15 million customers in a cost efficient approach that has helped to deepen African banking penetration.
“We have the strong financial capacity backed by high capitalization (BASEL II capital ratio well above requirement) and strong liquidity, and we have worked hard towards connecting Africa and the world through our presence in key African markets and major global financial centres such as New York, London and Paris.”
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
