Wednesday , June 12 2024
UBA Celebrates 75 Years of Innovation, Customer Focus

UBA Celebrates 75 Years of Innovation, Customer Focus

The United Bank of Africa (UBA) commemorated its 75th anniversary with a resounding message: the bank is committed to setting the benchmark for African businesses by fostering a united continent. UBA reaffirmed its dedication to becoming the leading payment channel for capital flows, trade, and investments across Africa and the global economy.

The celebratory press conference held at UBA House in Lagos served as a testament to the bank’s impressive transformation. Born in 1949 as the British & French Bank, UBA has evolved into a global financial powerhouse.

Oliver Alawuba, Group Managing Director and CEO, addressed the gathering, highlighting UBA’s unwavering commitment to innovation and a superior customer experience.

Alawuba attributed the bank’s success to its resilience, pioneering spirit, and pursuit of excellence. He pointed to UBA’s impressive track record, including being the first Nigerian bank to offer an IPO, list on the Nigerian Stock Exchange, and establish branches in the USA and London. UBA also holds the distinction of being the first Nigerian bank to introduce mobile banking and launch a successful prepaid card program across Africa.

Looking ahead, Alawuba emphasized the importance of digital transformation and continuous innovation in driving future growth. Investments in cutting-edge products, services, and digital platforms will be a key focus area for UBA, ensuring an enhanced customer experience and improved operational efficiency.

Beyond financial success, UBA remains dedicated to its Corporate Social Responsibility (CSR) initiatives, prioritizing education, healthcare, entrepreneurship, and environmental sustainability.

The celebration wasn’t just about the past; it was a springboard for the future. Alawuba announced a $6 billion SME funding agreement with the African Free Trade Area (AfCFTA), showcasing UBA’s commitment to expanding its presence and capitalizing on growth opportunities within Africa.

Customer centricity remains at the core of UBA’s philosophy. Alawuba emphasized the critical role customers play, viewing them as the bank’s true employers. He elaborated on UBA’s three pillars of service – People, Process, and Technology – designed to deliver exceptional customer experiences.

The ceremony also included a heartfelt tribute to Tony Elumelu, the current Group Chairman, acknowledging his invaluable guidance in shaping UBA’s success story. Alawuba further expressed his gratitude to the board, staff, and customers for their unwavering support throughout the years.

“This milestone is not just a celebration of longevity, but a testament to resilience, innovation, and unwavering commitment to excellence,” Alawuba concluded. As UBA embarks on its next chapter, collaboration and continued support from all stakeholders will be paramount in ensuring the bank’s enduring success story for generations to come.

Serving over 45 million customers across Africa, the bank has grown its deposit base to N18 trillion and  shareholders’ funds to N2 trillion.

Speaking further, Alawuba said UBA represents the quintessential bank that investors are seeking. Over the past two years, our dividend yield has consistently exceeded 12%.

He noted that, “it’s crucial for us to communicate to Nigerian investors that UBA’s current share price is undervalued, presenting a substantial opportunity for those looking to invest in a bank with a truly global footprint.

Chief Financial Officer of the bank, Ugochukwu Nwagodoh also made reference to the 237% growth in the bank’s share price over the last year.

He pointed to the revenue streams from the bank’s subsidiaries outside Nigeria as a sign of the bank’s potential for share price appreciation, referring to the market (UBA presence) in 24 countries.

About Bukola Olanrewaju

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