UBA marks 75th anniversary
The Group Managing Director of the United Bank for Africa, Oliver Alawuba says the bank's strategy remains customer centric highlighting in the nearest future, the bank will be adopting more changes around Artificial Intelligence to drive customer experience. In a chat with CNBC Africa at the press conference to mark the bank's 75th anniversary, he highlights SMEs as the future and ongoing partnerships are geared towards making finance available to SMEs in Africa to support growth, capacity and leverage.
Tue, 21 May 2024 11:58:45 GMT
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AI Generated Summary
- UBA's strategy revolves around meeting the evolving needs of customers by leveraging technology and innovation, with a future focus on Artificial Intelligence.
- The bank's $6 billion SME funding agreement with the African Continental Free Trade Secretariat underscores its dedication to supporting SMEs and fostering economic development in Africa.
- UBA's partnerships with various institutions and focus on empowering women entrepreneurs highlight its mission to bridge the gender gap in access to finance and drive inclusive growth in the continent.
United Bank for Africa (UBA) is celebrating its 75th anniversary this year with a strong focus on being a role model for African businesses and driving financial inclusivity in the continent. In a recent interview with CNBC Africa, Oliver Alawuba, the Group Managing Director of UBA, emphasized the bank's commitment to connecting Africa to the rest of the world and vice versa, positioning UBA as the go-to bank for anyone looking to do business in Africa. Alawuba highlighted that UBA's strategy revolves around being customer-centric, with a keen focus on adapting to meet the ever-changing needs and expectations of its customers.
Reflecting on UBA's history of innovation, Alawuba mentioned that UBA was the first bank in Nigeria to introduce an ATM and the first bank in Africa to launch mobile banking, showcasing the bank's dedication to leveraging technology for customer satisfaction. Looking forward, Alawuba hinted at upcoming changes around Artificial Intelligence (AI) to enhance customer experiences at UBA.
One of the key initiatives that UBA recently embarked on was signing a $6 billion SME funding agreement with the African Continental Free Trade Secretariat. This partnership aims to make finance more accessible to small and medium-sized enterprises (SMEs) across Africa, supporting their growth, capacity building, and leveraging potential. Alawuba stressed the importance of SMEs as the future of African economies, highlighting their role in driving employment, empowerment, and overall development in the region.
Moreover, UBA is actively engaging in partnerships with various institutions such as AFRESIM, ADB, and IFC, in addition to the African Continental Free Trade Secretariat, to further its goal of providing financial support for African businesses. Alawuba emphasized the significant gender gap in access to finance, particularly for women-owned businesses, stating that UBA aims to make a substantial contribution to narrowing this gap and empowering women in Africa's economic development.
In conclusion, UBA's unwavering dedication to customer satisfaction, innovation through technology, and supporting SMEs and women entrepreneurs positions the bank as a leader in driving economic growth and financial inclusivity in Africa. As UBA celebrates its 75th anniversary, the bank remains committed to forging strategic partnerships and adopting cutting-edge technology to enhance the banking experience for its customers across the continent.
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