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UBA Makes History with Leo, Chat Banking Personality on Social Media

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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.

 

 

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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