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UBA Cements Leadership Status, Crowned African Champion of the Year 2023

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United Bank for Africa (UBA) Plc, Africa’s global bank, has been named the African Champion of the Year 2023 at the just concluded Africa Financial Industry Summit, held in Lome, Togo.

UBA Cements Leadership Status, Crowned African Champion of the Year 2023

Global Director, Trade and Supply Chain Finance, International Finance Corporation, Nathalie Louat and Chief Executive Officer, UBA Africa, Abiola Bawuah during the presentation of Award of African Champion of the Year 2023 Award to United Bank for Africa (UBA) at the just concluded Africa Financial Industry Summit, held in Lome, Togo on Thursday.

The Africa Financial Industry Summit (AFIS), organized by Jeune Media Group, publishers of pan-African publications, Jeune Afrique and African Report, is largely renowned for its acknowledgment of outstanding achievements in the financial sector, and has bestowed this honour on UBA as a result of the bank’s exceptional contribution and significant impact in shaping the financial landscape in Africa.

This huge recognition, according to the organizer, stands as a testament to the UBA’s unwavering commitment to excellence, innovation, and its pivotal role in shaping the financial landscape across the African continent.

Amir Ben Yahmed, managing director of Jeune Media Group, emphasised UBA’s commitment towards fostering economic growth, financial inclusion, and technological advancement, as these according to him, have worked towards positioning the bank as a true trailblazer in the African financial sector.

“I will like to say that UBA’s commitment to these core values resonates with the evolving needs of our continent, solidifying their position as a prominent leader in championing positive change and innovation,” Yahmed said.

Abiola Bawuah, executive director/ chief executive officer, UBA Africa, who received the award on behalf of the bank, expressed her excitement as she noted that UBA remains even more poised to contribute significantly to the economic growth and prosperity of the continent.

She said, “We are honoured to be recognized as the African Champion of the Year at AFIS 2023. This achievement is a reflection of the collective efforts of our dedicated team and the trust of our valued customers.

UBA remains steadfast in its commitment to driving positive change, fostering financial inclusion, and contributing to the economic development of the African continent.”

According to her, this prestigious recognition solidifies the bank’s position as a key player in the financial industry, setting new benchmarks and further establishing the bank as a pivotal force in shaping the future of banking in Africa.

“The award serves as a testament to UBA’s continuous pursuit of excellence, resilience, and its proactive role in advancing the financial sector for the benefit of all stakeholders,” she added.

UBA is a leading pan-African financial institution, offering banking services to more than thirty-seven million customers across 1,000 business offices and customer touch points in 20 African countries.

With presence in New York, London, and Paris and now the UAE, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

The Africa Financial Industry Summit (AFIS) is an annual event that recognizes and celebrates outstanding achievements in the financial industry across Africa.

AFIS brings together industry leaders, policymakers, and stakeholders to discuss key trends, challenges, and opportunities shaping the future of finance in Africa.

 

 

 

 

 

 

 


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E-Financial

NEXIM Bank Assures Foreign Investors 100% Access to FX for Repatriation

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The Nigerian Export Import (NEXIM) Bank has assured foreign investors of 100 per cent access to their foreign exchange proceeds for reparation.

Stella Okotete, the bank’s Executive Director, Business Development, stated this when the Mexican Ambassador to Nigeria led a high-profile delegation on a courtesy call to the bank.

She also said the bank had plans for heavy investment in the rubber sector in view of its huge potential for the economy.

The NEXIM Bank director said the motive was to make Nigeria one of the biggest tyre producing nations.

She said, “I should once again assure you that with Nigeria, as a country and with a very large opportunity in export, especially non-oil export sector, you have a 100 per cent access to your FX for repatriation and you have a very huge Return on Investment (ROI) on your investment.

“So, in terms of return on investments, this is the best place you can invest. It’s clear that Mexico has a very huge advantage in mining, Nigeria is an untapped mining destination and so, if we have businesses that would want to partner with Nigeria to develop the mining sector for export. Nigeria Export-Import Bank will be willing to work with you and support that aspect to grow the sector.”

In a statement issued by Mr. Tayo Omidiji, head, Strategy and Corporate Communications, NEXIM, she noted that Mexico’s automotive industry currently produces 70 per cent of the spare parts for one of the biggest companies.

Okotete said, “And that’s why I touched rubber because I looked, with my team yesterday, we were looking into the future; for us one of the futuristic dreams of the bank is to hugely invest in rubber production, rubber value-chain improvement.


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NGX Exploring AI, Data Apps to Reposition Capital Market

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The Nigerian Exchange Limited (NGX) is actively exploring applications of artificial intelligence and big data to reposition the capital market as driver of sustainable economic growth.

The Exchange disclosed this at its technology webinar titled, ‘Repositioning Analytics and AI for Capital Market Growth in Nigeria’ which held on Friday where stakeholders across the technology sector and financial markets aired views on how to foster growth with the use of Artificial Intelligence (AI) and analytics tools.

Dr Olufemi Oyenuga, Chief Digital Officer, NGX, in an address said the exchange was exploring the applications of Artificial Intelligence and Big Data landscape to reposition the capital market as driver of sustainable economic growth for Nigeria.

He also stated that NGX sees technology not just as a tool, but as a catalyst for progress in Nigeria’s capital market.

Also speaking, the Divisional Head, Business Support Services and General Counsel, NGX, Dr. Irene Robinson-Ayanwale, added, “At NGX, our unwavering commitment to investing in state-of-the-art technology is driving us forward. We are catalysing Big Data and AI revolution, adapting to the fast-changing landscape and ensuring that technology is not just a tool but a catalyst for progress.”

Highlighting the significance of tracking a company’s performance on the capital market using analytics, the Chief Executive Officer of Intelligent Interactive Limited, Temilouwa Sobowale, in a presentation, emphasised the importance of tracking a company’s performance on the capital market to identify the drivers, thus equipping the firm to be able to replicate a winning formula.

Also, speaking at the event, Bejide, pointed out that there was a generation of Nigerian youth who see betting as a form of investment compared to a few years back and who are deterred from entering the capital market due to its elitist disposition and tedious onboarding process.

He said, “We need to get Ada and Adamu on the street into the capital market.  There are about 50 million of them. This is one of the biggest ways to boost the market.

“I feel that the information coming out of the capital market is bulky, elitist and we have to transition to something granular. Using a combination of AI and other platforms, we can simplify and ensure the on-boarding process is easier.”


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NAICOM Puts Insurance Premium at N729bn in Nine Months

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Nigerian insurance companies earned N729.1bn as premium from life and non-life businesses in the first three quarters of 2023 financial period.

The National Insurance Commission disclosed this in a report titled, ‘Nigeria insurance market at a glance- Q3, 2023’.

According to the report, the companies paid N365.5bn gross claims, while net claims amounted to N259bn in the period under review.

Under the non-life business, oil and gas accounted for 28.9 per cent, fire 23.6 per cent, while motor was 18.1 per cent.
The figures showed that under life business, individual life accounted for 36.4 per cent, while 34.5 per cent was group life.

NAICOM stated that the industry’s total size stood at N2.81bn, while non-life and life were N1.7tn and 1.1tn respectively.

The Commissioner for Insurance, Mr Sunday Thomas, said at the insurance director’s conference in Lagos recently that the industry launched a strategic roadmap to revolutionise the insurance sector with a well coordinated implementation approach.

He said, “Insurance penetration is expected to move from the current rate of 0.4 per cent to 2.1 per cent by the year 2033 and which will substantially improve the rating of the Nigerian insurance market in the global insurance map.

“With respect to the performance and potential of the insurance sector, the sector has over the years experienced an average steady year on year growth of 15.1 per cent in premium income, however this is far below the opportunities provided by the Nigeria economy.”

 


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