E-Financial
UBA Makes History with Leo, Chat Banking Personality on Social Media
United Bank for Africa (UBA) is fundamentally changing the way people communicate with their banks with Leo, the UBA Chat Banker that enables customers make use of their social media accounts to carry out key banking transaction.
On Thursday, January 11, 2018, the bank brought together its customers and financial journalists at The Backyard Bar & Grill on Musa Yar’Adua Street, Victoria Island, Lagos for the launch of its latest app.
Everyone present at the event knew it had to be something revolutionary.
For a bank that has scored many firsts in the industry and is ranked among the top three banks in effective use of social media in Nigeria in a social media report by Alder Consulting; a bank that has invested heavily in building a robust and secure e-banking platform that supports its e-banking operations globally through strategic partnerships with various local and international organizations, you could only expect the bar to keep going higher.
Beyond being active on Twitter, Facebook, Youtube, Instagram, Google Plus, and also running a corporate blog, Africa’s global bank is continuously innovating and developing strategies aimed at making banking seamless and effortless for millions of its existing and potential customers, while also ensuring utmost safety of their transactions.
It was, therefore, not surprising that UBA would score yet another first with the introduction of Leo, an innovation that is capable of revolutionizing the way banking is done in Africa.
Leo, a UBA Chat Banking personality that enables the bank’s customers to make use of their social media accounts to carry out key banking transactions, comes as a solution developed with people’s lifestyles in mind.
With Leo, customers are able to open new accounts, receive instant transaction notifications, check their balances on the go, carry out money transfers and airtime top-up, pay for Uber, as well as perform other transactions like payment of bills, data top-up, mini-statements, loan applications, cheque confirmation, account freezing, among others right on their mobile phones.
Designed to work within the platforms people are already familiar with, Leo has already taken off on Facebook Messenger. In the nearest future, the app is expected to show up on other social media platforms and all it takes to enjoy the services is simply to have a Facebook account.
At the official launch of Leo in Lagos, Kennedy Uzoka, Group Managing Director/CEO, UBA Plc, explained that Leo, being an intelligent personality, will give customers instant feedback as they transact their business on the platform, describing it as “a solution that is from the customer’s standpoint which is easy to use by anyone regardless of your career”.
“The formulation of this product is consistent with the bank’s customer-first philosophy, where we are doing things not the way we like but exactly what the customers want, where they want it, and in the exact platform they want,” Uzoka said.
“And so, we have been working with technology giants from around the world because for UBA with so many customers, we have to deal with those who have the global capacity. Therefore, we at UBA have collaborated with Facebook to come up with this. In future, Leo will show up with other platforms. All you need to do is to have an account with Facebook,” he said.
Highlighting some of the advantages of using the app, Uzoka said the chat language is elementary, and Leo can even help one remember what he or she needs to do at every particular point in time. On security of the platform, he said that Chat Banking with Leo does not elevate the risk already available.
“You do not need to learn to use it because it has always been part of your life. It is solution from customers’ point of view. Its greatest asset is its simplicity. Leo is an artificial intelligence. He will address all banking concerns. He should help pay for everything but you need to have an account with UBA to transact with Leo,” Uzoka said.
“This is the first time that a financial institution in Africa has come up with this manner of solution to simplify the way customers transact, something that has become necessary in today’s fast-paced world with demands for quick-time transactions and response,” he said.
He expressed belief that with the huge number of customers the bank has as well as its growing customer base in all the 19 countries of operation, customers would be served using modern and forward-looking technology.
Austine Abolusoro, group head, Online Banking, UBA Plc, who took UBA customers and journalists present through a step-by-step demonstration on how to make use of Facebook chat function to enjoy seamless banking services through chat sessions, explained that Leo is not just a chat machine but an artificial intelligence service as well a personality meant to address any type of banking concern.
“Leo is ready and waiting to help with most transactions and to deliver any form of banking services. Leo is operating a lifestyle banking platform on Facebook Messenger to assist with your transactions while chatting with your friends and business partners,” Abolusoro said.
“The security with this platform is that for every transaction, an OTP (One Time Password) is generated to the phone number that is registered on the account,” he said.
He explained further that to open an account and enjoy the chat banking advantage, the prospective customer just needs to log on to the Facebook Messenger and open up chat with Leo, who then takes over the conversation by telling the customer what steps to take.
On security measures, he said the prospective customer needs to provide a Bank Verification Number (BVN) and phone number that is linked to the BVN.
But there is a ceiling on the volume of transaction that can be done by customers, the bank said. Customers with low-key Know Your Customer (KYC) will transact to a limit of N50,000 daily, already existing customers can do N200,000 and N100,000 in the first seven days even as the accounts can be upgraded to do higher transaction volumes.
“We are increasing customers’ happiness level with this product. We have brought banking to the chartroom,” Uzoka said.
No doubt, as e-banking continues to reshape the way bank customers carry out their financial transactions by providing 24-hour services and saving customers the stress of joining long queues in banking halls, UBA Plc is leaving no stone unturned in its bid to not just keep up with technology but to always stay ahead of the game.
With eyes on the future, and conversant with the new trend in customer behaviour, the bank is constantly innovating, taking strategic steps to integrate more people into the digital financial services net, drive down cost of service, and build consumer confidence in digital platforms.
Flutterwave has distanced itself from reports claiming the federal government has approved a $75 million investment in the company as a precursor to a public listing.
In a statement, Flutterwave dismissed the reports as “inaccurate,” specifically refuting claims that it is on the verge of a $250 million Initial Public Offering (IPO).
The denial follows a flurry of local media reports on Monday, sparked in part by a now-deleted social media post from a special assistant to President Bola Ahmed Tinubu.
Flutterwave has said it has no knowledge of a reported $75 million investment by Nigeria’s federal government, pushing back against local media reports that suggested the deal had been approved as part of the company’s path toward a public listing.
Earlier reports on Monday, including a now-deleted tweet from a special assistant to President Bola Ahmed Tinubu, stated that the president had authorised an investment of $75 million in the payments company through the Ministry of Finance Incorporated (MoFI).
Flutterwave’s spokesperson clarified the company’s position stating that, “Flutterwave is not in any way close to an IPO, and they have made no announcements regarding a listing or fundraising tied to an IPO as described.”
The confusion highlights the intense scrutiny surrounding the unicorn, which was valued at over $3 billion during its 2022 funding round.
While Flutterwave has long been touted as the torchbearer for African tech on the global public stage, the company appears to have pivoted toward a more conservative timeline.
The reports also indicated that the startup was preparing to raise up to $250 million in an initial public offering.
CitiTrust Financial Services Limited, the parent company of Osun-partly owned LivingTrust Mortgage Bank, has approached the Court of Appeal sitting in Lagos, following the company’s conviction at the Federal High Court, Lagos, over alleged fraud and illegal financial operations.
CitiTrust, is challenging the conviction and asset forfeiture order handed down by the Court in the case brought the Economic and Financial Crimes Commission (EFCC).
EFCC accused it of money laundering, illegal financial operations, and operating a Ponzi scheme.
Federal High Court, had ordered the forfeiture of the firm’s assets to the federal government of Nigeria, citing evidence of unlawful financial activities.
CitiTrust is fighting back according to the hearing notice No. CA/L/571/2025, issued on April 15, 2026, the appeal against the federal government, will be heard at the Court of Appeal complex in Tafawa Balewa Square, Lagos.
The matter, listed before Court 1, will first address a motion by the appellants seeking leave to file their appeal out of time.
Oyetola Muyiwa Atoyebi (SAN), counsel to the appellants, in a motion dated September 23, 2025, argued that procedural delays necessitated the application.
He explained that although the Record of Appeal was transmitted on May 26, 2025, the defence could not file its Brief of Argument within the stipulated 45 days due to time constraints and competing professional obligations.
Atoyebi further noted that the appellants’ brief exceeds the 35-page limit prescribed under the Court of Appeal Rules, 2021, by three pages, requiring the court’s permission for its adoption.
The appellants are therefore seeking the leave of the court to file and serve their Brief of Argument out of time, an order extending the time for filing, and an order deeming the already filed brief as properly filed.
The EFCC had earlier secured a conviction against CitiTrust and its subsidiaries, CitiTrust Asset Management Limited and CitiTrust Holding Plc, over alleged fraudulent financial operations.
It would be recalled that in a ruling delivered by Justice Friday Nemakonam Ogazi of the Federal High Court, Lagos, the judge held that there was overwhelming evidence linking the firms to unlawful activities.
The court found that one of the entities was not duly registered with regulatory authorities, including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), describing the operations as illegal despite corporate registration.
Relying on Section 12 of the Proceeds of Crime (Recovery and Management) Act, 2022, the court ruled that the EFCC had established, on a balance of probabilities, that the assets were proceeds of unlawful activity.
Justice Ogazi also invoked provisions of the Advance Fee Fraud and Other Fraud Related Offences Act and the Companies and Allied Matters Act (CAMA), holding that the corporate veil could be lifted where fraud is alleged.
“The law is that when issues of fraud arise, the corporate veil must be lifted. Statutory provisions cannot be used as a refuge to justify illegality,” the court held.
The court subsequently ordered the final forfeiture of CitiTrust-linked assets, forfeiture of shares held in LivingTrust Mortgage Bank Plc, compensation of investors from recovered funds, and transfer of any balance to the Federal Government.
The anti-graft agency had also declared some executive directors of the firm wanted, alleging that they are currently on the run.
Federal court in Lagos has suspended the enforcement of Nigeria’s most comprehensive framework for regulating digital lending apps.
On April 15, Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos granted an interim injunction blocking the enforcement of the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025, better known as the DEON Regulations.
The order followed an urgent ex parte application filed the previous day by the Wireless Application Service Providers Association of Nigeria (WASPA Nigeria), the industry body representing wireless application service providers operating mainly within the telecoms ecosystem.
The suit targets twelve specific provisions of the text, covering licensing, sanctions, compliance obligations and data-handling rules, according to court documentation published by Lawyard.
Until the next hearing on April 27, 2026, the regulator cannot impose sanctions, enforce compliance directives, or issue new instructions to WASPA members.
The judge also barred the Federal Competition and Consumer Protection Commission (FCCPC) from interfering with the ongoing commercial operations of association members.
The case pits two actors whose respective mandates the Nigerian legal framework has never clearly separated.
On one side stands the FCCPC — the federal agency established in 2018 to enforce consumer protection and competition — which gazetted the DEON Regulations on July 21, 2025, under sections 17, 18 and 163 of its founding Act.
In a press statement dated September 3, 2025, Tunji Bello, executive vice chairman, FCCPC, justified the rules by citing “a long history of complaints” involving exploitative practices, data breaches, abusive debt recovery, and harassment.
On the other side, WASPA Nigeria contests the very legitimacy of the FCCPC’s intervention, arguing that services tied to telecoms — airtime credit, data loans, mobile-financing products — fall exclusively under the Nigerian Communications Commission (NCC), the telecoms regulator created by the Nigerian Communications Act of 2003.
In the affidavit deposed by Ayo Stuffman, the association contends that the FCCPC is acting ultra vires and creating a regulatory regime parallel to the NCC’s.
A jurisdictional war that stretches far beyond a procedural dispute
The conflict is not limited to a question of legal boundaries. It strikes at the commercial core of the market: who collects the licensing fees, who sets the operational conditions, who governs the financial products embedded in telecom networks.
Nigeria’s consumer credit stock reached 3.82 trillion naira at the end of December 2024, up 21.27% on September, according to Central Bank of Nigeria (CBN) data relayed by The Cable and AFP.
In the fourth quarter of 2024 alone, personal loans disbursed amounted to approximately 470 billion naira.
A growing share flows through mobile applications and telecom-embedded lending products — including MTN’s MoMo Airtime Lending, operated by the country’s largest telecom operator.
If the court validates WASPA’s position, these products fall outside the FCCPC’s scope and come under the sole authority of the NCC, a regulator historically less active on consumer protection issues.
Available data on demand illustrate the social stakes. Between 2021 and 2023, the FCCPC recorded more than 11,000 consumer complaints for harassment, data abuse and unethical debt recovery practices, according to the agency.
The number of lending applications approved by the FCCPC rose from 269 in September 2024 to 408 in March 2025, while 47 apps were delisted and 88 were placed on the watchlist, according to data compiled by AFP and OneSafe.
The DEON Regulations were meant to introduce interest-rate caps, precontractual disclosure obligations, continuous supervision of recovery practices and fines of up to 100 million naira per violation, according to Legit.ng. The compliance deadline was set for January 5, 2026, and the FCCPC had issued written compliance notices to operators with an April 16 deadline, according to WASPA’s affidavit.
It is precisely this enforcement pressure that triggered the legal challenge.
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