UBA emerges African Bank of the Year 2017

Living up to its reputation as a foremost player on the global financial market, pan-African financial institution, United Bank for Africa (UBA) Plc has once again demonstrated its pacesetting position on the continent by emerging the Banker Magazine’s “African Bank of the Year 2017”. That is not all. Four of UBA Group’s operations in Africa eclipsed all other contenders in their respective countries to emerge the Best Bank of the Year 2017 in their respective markets. UBA Congo, UBA Tchad, UBA Gabon and UBA Senegal emerged the Best Bank of the Year in Congo, Tchad, Gabon and Senegal, reinforcing the strong franchise of the Group across its chosen markets in Africa. Of special interest is that this marks the first time a Nigerian-headquartered bank will be wining the prestigious and highly coveted regional award. The Banker Magazine, a global financial intelligence journal, is a publication of the highly respected Financial Times Newspaper of Britain.

It provides global bank ratings/analysis and it is regarded as the definitive reference in international banking for high level decision makers globally. According to the magazine, the aim of the award “is to highlight industry wide excellence within the global banking community. The winner is selected from participating banks in each of the 120 countries from which entries are received for the competition.” And why did UBA Group cart away most awards? Here are the reasons:

• While most of African economies shrunk, indeed went into recession, while the region as a whole expanded by about 1.3 percent, the UBA Group registered impressive top-and bottom-line growth over the period under review. The bank sustained a strong performance and growth of 33 percent, thereby establishing itself as a diversified and innovative regional bank.

• Earnings for the year reached N384bn ($1.07bn) signaling 22% UBA emerges African Bank of the Year 2017 growth from its 2015 performance while profit before tax also grew, by 32%, to reach N91bn.

• I m p r e s s i v e capital adequacy ratio which, at the end of 2016, stood at 20%, while its nonperforming loan ratio was a healthy 3.9%. Operating across 19 markets in Africa, the bank serves more than 14 million customers.”

• Foray into various ventures in Africa; the bank has won and acted on a number of headline deals among them, financing a new stadium in Douala, Cameroon, for the 2019 Africa Cup of Nations for $285m, providing more than $250m of trade finance and acting as arranger and bank agent in raising of $160m to finance road infrastructure in Senegal.

• “The bank’s digital tax collection solutions are also helping regional governments in Senegal and Burkina Faso.”

• Impressive strides in the digital space; in terms of internet banking, the bank processed 7 million transactions valued at more than N600bn in 2016. Mobile banking processed transactions valued at N70bn over the same period

• Launching of eMailMoni, a service that lets customers transfer funds via e-mail, while Chat Banking allows clients to perform basic transactions through social media platforms. “For these reasons, and others, UBA is the winner of our 2017 African Bank of the Year award,” the Magazine stated.

Mr. Kennedy Uzoka, Group Managing Director/Chief Executive Officer, UBA Plc who was delighted by the recognition from The Bankers said; “These awards mark another milestone for UBA Group and is a testament of the diligent execution of the bank’s strategic initiatives on customer service. “Being recognized as Africa’s best bank complements positive feedback from customers and is recognition of our improving efficiencies, service quality and innovation. “I therefore dedicate it to our growing loyal corporate and retail customers, who are our essence. “Given our heritage commitment to Africa’s development, we continue to impact lives through our service as well as funding to individuals, businesses and government.” “The bank remains focused on its goal of democratizing banking in Africa, leveraging on new technologies and our rich pool of talent. “It is satisfying that our efforts towards leadership are yielding great results.

“We continue to gain market share across our chosen markets, as we deepen financial inclusion, meeting basic and complex financial service needs of the growing African population. “We are Africans and determined to change the narrative of financial services in Africa and this is just the beginning,” he noted. Echoing Uzoka’s sentiments, Mr. Emeke Iweriebor, Regional CEO, UBA Francophone Africa, described the awards as exciting, stating that the bank’s great work in Africa is increasingly being recognized. Similarly dedicating the awards to the bank’s esteemed customers; Iweriebor said: “Our pioneering innovations in the African banking sector are undoubtedly critical to the growth and development of the continent. Africa’s banking sector has come a long way but we still have a lot to do.