E-Financial
Mark Zuckerberg Recognises UBA’s Leo at Facebook F8
Without a doubt, the digital revolution in the financial space is one that is sweeping across the globe, reshaping the industry’s vision on banking based on some fundamental elements, namely: proficiency, speed, opening hours, and all round total efficiency.
Having thoroughly understood that the financial industry is experiencing a deep transformation, with customers’ needs shifting from simple banking solutions to ‘ more advanced seamless financial solutions’.
United Bank for Africa, (UBA), Pan African financial institution, a bank that has scored many firsts in the industry and is ranked among the top three banks in the financial space once again showed why it is ranked highly by scoring yet another first not only in Nigeria but in Africa, with the introduction of Leo, an innovation that is capable of revolutionizing the way banking is done in Africa.
After, investing 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.
While some banks are still sticking their head in the sand, United Bank for Africa, amongst many, was quick to realize that social media is fundamentally changing the way people communicate making it pertinent, that the total customer experience needs be considered when providing value propositions. It is with this awareness that the Pan-African financial institution moved to change the face of e-banking with the introduction of Leo, the UBA Chat Banker that enables customers make use of their social media accounts to carry out key banking transactions.
Kennedy Uzoka, bank’s Group Managing Director, intelligently noted during the lunch of Leo that, customer experience needs to be considered when providing value propositions hence, in no distant time, instant payments will greatly foster innovation in payments and reshape the way we do payments in the coming years, adding value and great satisfaction for customers, who have now become our hallmark at UBA.
Today, barely four months after its launch, testimonials are bound with this new artificial intelligence banker, millions of UBA customers across Africa can now perform series of bank transactions through the Facebook messenger chat platform. All you need to do is ‘chat.’ Yes! Chat with LEO. Like we do on a daily basis with family, friends and business partners. LEO comes in handy for business individuals and organizations who have limited time to visit a bank to process banking services and requests. With easily accessible data service/network, you can chat with Leo on the go and perform your normal bank transactions such as opening new accounts, checking account balance, Airtime recharge/Top up, Fund transfer, Payment of bills, Quick application for loans, request for mini statements, etc.
Following this growing pedigree and massive impact on Nigeria and by extension, Africa’s financial space, Leo got a well -deserved recognition that was gleefully given him, by the CEO of Facebook, Mark Zuckerberg, at the tech giant’s F8 conference for developers.
“Leo is doing incredible things,” Zuckerberg reportedly said. When he reached a slider on Business and Bots, Zuckerberg said Facebook has seen good momentum for messenger business with more than 300,000 business bots and 8 billion messages exchanged between them and users. But out of the over 300,000 bots mentioned, Leo was the prime example used. See link:https://youtu.be/vLOuuOG7c-0
Launched by the United Bank for Africa (UBA) in January this year, the UBA Leo ‘Chat Banker’. Leo is an artificial intelligence (AI) powered bot that performs banking transactions on Facebook.
Leo lets you open new accounts, receive instant transaction notifications, check their balances on the go, transfer funds and airtime top up. You can also confirm cheques, pay bills, apply for loans, freeze accounts, ask for mini statements, among other things and even check the weather.
It would be recalled that When Leo was introduced, it was the first time that a financial institution in Africa ever came up with this manner of solution to simplify the way customers transact.
Leo lets you open new accounts, receive instant transaction notifications, check their balances on the go, transfer funds and airtime top up. You can also confirm cheques, pay bills, apply for loans, freeze accounts, ask for mini statements, among other things and even check the weather.
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.
Apart from being your perfect virtual banker, Leo also doubles as the perfect buddy and lifestyle application.
With Leo, an individual can carry out money transfers and airtime top-up on the go, 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.
To experience the ease, simplicity, and excellence of a banker and friend, log on to the web or mobile versions of your Facebook Messenger, type “UBA ChatBanking” into the search area of the messenger app and click on the icon, the power to transact with ease is at your finger-tips.
Renaissance Capital Africa (Rencap) has named Zenith Bank Plc its top conviction pick among Nigerian banks, ahead of GTCO and AccessCorp, in a fresh research report highlighting the lender’s robust balance sheet and dividend potential despite sector headwinds.
Zenith Bank
The comprehensive review of the Nigerian banking industry notes that Zenith’s current market valuation lags its improving fundamentals, even as the NGX Banking Index posts strong gains recently.
Rencap upgraded Zenith from HOLD to BUY, lifting its target price by 96 per cent based on a lower risk-free rate from falling government bond yields, refined beta estimates, and expectations of cleaner assets post-forybearance resolutions.
Balance Sheet Strength Drives Outlook
Analysts project challenges to earnings growth from anticipated Central Bank of Nigeria (CBN) rate cuts but foresee higher dividend payouts from resolved forbearance and single obligor loan (SOL) exposures alongside rising cash profits.
“Although we expect banks to face challenges in growing earnings… the balance sheet clean-up… will support higher dividend payouts relative to prior years,” the report states, ranking Zenith first, followed by GTCO and AccessCorp.
Key positives include loan write-offs that bolstered asset quality, enabling sustainable growth amid financial system reforms.
Dividend Recovery in Focus
Sector profitability from 2023-2024 was inflated by unrealised foreign exchange gains, which regulations barred from cash dividends, capping payouts despite headline profits.
Zenith historically led payout ratios in 2021-2022 via strong cash generation and capital discipline; Rencap expects a rebound as pressures ease, attracting income-focused investors.
Tier-1 Leadership Reinforced
Zenith Bank recently topped Nigeria’s tier-1 capital rankings for the 16th straight year, per The Banker magazine (Financial Times), affirming its resilience and positioning for long-term value creation.
CBN
- Access Bank Plc
- Fidelity Bank Plc
- First Bank of Nigeria Ltd
- Guaranty Trust Bank (GTBank)
- United Bank for Africa (UBA)
- Zenith Bank Plc
- FCMB (First City Monument Bank) – currently pushing to raise additional capital to secure its international licence.
- Wema Bank
- Standard Chartered Bank (Nigeria)
- Citibank Nigeria
- Stanbic IBTC Bank
- Sterling Bank
- Globus Bank
- Premium Trust Bank
The Securities and Exchange Commission (SEC) has revised the minimum capital applicable to all categories of regulated capital market entities after 10 years.
The minimum capital review, according to the SEC, is informed by the need to strengthen market resilience, enhance investor protection, align capital adequacy with the evolving risk profile of market activities, and ensure that regulated entities possess sufficient financial capacity to discharge their obligations in a sustainable manner.
“The revised Minimum Capital framework seeks to: enhance the financial soundness and operational resilience of market operators; align capital requirements with the scope, complexity, and risk exposure of regulated activities; promote market stability and systemic risk mitigation; and support innovation and orderly development of new market segments, including digital assets and commodities markets,” SEC said in a January 16 circular to market operators.
The SEC circular was sent to all entities regulated by the Commission, including but not limited to core and non-core capital market operators; market infrastructure institutions; capital market consultants; financial technology (FinTech) operators; Virtual Asset Service Providers (VASPs); and Commodity market intermediaries.
All affected entities are required to comply with the revised Minimum Capital Requirements on or before June 30, 2027, the circular said.
“Entities that fail to meet the prescribed requirements within the stipulated timeline shall be subject to appropriate regulatory sanctions, including suspension or withdrawal of registration, as may be determined by the Commission,” SEC said.
Tier-1 Portfolio Managers (Full Scope) involved in the management of Collective Investment Schemes (CIS) and Alternative Investment Funds (Private Equity, Venture Capital, Infrastructure Funds etc) above N20 billion Net Asset Value (NAV), or discretionary and Non-Discretionary Private Portfolio Management Services above N20 billion Assets under Management (AuM), or exposure to foreign instruments up to 40 percent of the NAV are now required to have a minimum capital of N5 billion as against N150 million.
“Any Fund and Portfolio Manager with NAV/AuM of more than N100billion should have a minimum of 10 percent of the NAV/AuM as capital,” SEC added.
For the Tier-2 fund/portfolio managers (Limited Scope) who are in the business of management of Collective Investment Schemes with limited pooled fund creation of not more than 10 times the required capital (N20 billion) on Net Asset Value (NAV), or discretionary and non-discretionary private portfolio management services of not more than N20 billion, or those exposure to foreign instruments of not more than 20 percent of the NAV, now require N2 billion as minimum capital as against low of N150 million.
Likewise, broker-dealers whose services include: client execution, proprietary trading, margin/securities lending and advisory services no longer require N300 million minimum capital to operate but N2 billion.
The SEC said the minimum capital review from 2015 low is in line with its mandate under the Investments and Securities Act 2025 to regulate and develop the Nigerian capital market.
Also, Tier 1 issuing houses who do non-interest finance services, advisory & arrangement services but no underwriting now require N2 billion as against N200 million; while Tier 2 –issuing houses with underwriting and offers a ‘one-stop-shop’ for issuers, provides underwriting services, and renders advisory and product development services require N7 billion minimum capital for this business as against N200 million.
Also, the minimum capital requirement for brokers (client execution only) has been jacked up from N200 million to N600 million, while that of dealers (proprietary trading only) has been moved from N100 million to N1 billion.
Broker-Dealers’ (client execution, proprietary trading, margin/securities lending and advisory services) has been raised from N300 million to N2 billion, while Sub-Brokers’ (Digital) from N10million to N100million; Sub-Broker (Corporate) has been increased from N10million to N50 million. Also, sub-brokers’ (Individual) now need N10 million minimum capital for the business as against N2 million while inter-dealer brokers require N2 billion as against N50 million.
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