Mr Oliver Alawuba, the Group Managing Director of United Bank for Africa PLC, recently restated the bank’s dedication to fostering the development of African economies by actively engaging in various sectors across the 20 countries where it operates.
Alawuba highlighted that the bank’s interventions in sectors such as agriculture, mining, technological innovation, and infrastructure financing have resulted in a significant increase in its customer base, with about 45 million customers across the continent, and a substantial growth in depositors’ funds amounting to N18 trillion.
Reports from Daily Trust reveal that UBA, one of Nigeria’s largest banks, recorded a customer deposit of N18.3 trillion by the end of March 2024, showing a notable increase from N14.89 trillion in customer deposits registered during the same period in 2023.
During a press conference to kick off a year-long celebration of the bank’s 75th anniversary, Alawuba emphasized the bank’s evolution from its humble beginnings in a Lagos street in 1949 to becoming one of the largest financial institutions globally, operating in 20 African countries, including Nigeria.
The GMD expressed that the 75th anniversary commemorates the legacy of past leaders, acknowledges the current leadership, and outlines a vision for the future, noting that the bank’s journey has been marked by excellence and stability.
He underscored the bank’s mission to support the economic advancement of Africa and boost intra-African trade. Alawuba mentioned the collaborative work with the Central Bank of Nigeria (CBN) to address financial challenges in the country, praising recent government decisions such as removing petroleum subsidies and adjusting foreign exchange policies.
Alawuba outlined the bank’s commitment to enhancing financial inclusion by expanding the number of banked Africans through digital innovation. He emphasized UBA’s aim to be a model for African businesses, driving progress and promoting intra-African trade through partnerships.
Furthermore, Alawuba emphasized the bank’s focus on supporting Small and Medium Enterprises (SMEs) as vital players in the African economy, stating that their development is crucial for the continent’s growth. The commitment to nurturing SMEs is reflected in the bank’s growth, with an 18 trillion deposit and a customer base of 45 million across Africa.
Ugochukwu Nwaghodoh, the Executive Director of Finance and Risk Management, shared that UBA is well-prepared for the CBN’s recapitalization program, anticipating strengthened banking system resilience. He highlighted the bank’s low non-performing loans (NPLs) at 5.8%, demonstrating UBA’s robust financial performance within the industry.
